Busy month…I have followed the advice of my trading coach and have been doing a mechanical trade on the gbp/usd and eur/usd pairs. Each morning at 7am I have been placing an order to buy or sell the break of the 6am candle on the one hour chart. Whichever one triggers first cancels the other order for that pair. This has been good practice at filling out orders quickly (I am used to working off much longer time frames) and has also shown me some other ways to use my trading platform that I hadn’t known before.
Apart from that I have placed a few of my usual trades but haven’t finished up for the month.
I am a fear based trader, but I let that get to extremes and wait and wait and wait once price breaks out of a particular area, for a trend to appear. The problem is, that trend appears and I am so late getting into it I am invariably scrapping around at the tail end just as it is petering out rather than getting in early and riding it down. I have worked on that with my mentor on Thursday and feel much more confident I will address that going forward. When you are new, however, it is hard to trust your judgement because you haven’t built up a library of previous experience to call on.
This month I placed the worst trade I have ever done. It was an inside bar to nothing, it looked horrible at the time and still looks horrible every time I look at it. Needless to say the trade got stopped out. It is one to look back on and laugh….I don’t know what I was thinking!!
Anyway, looking forward to next month. I will try to enter trends earlier and definitely only use inside bars when I should do. Happy trading.
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