In the first two thirds of this month I was really depressed about my trading performance. Normally I make mistakes and say to myself that you are learning all the time and that it will come, just be patient. Every mistake learnt from is another step towards consistency. However, this month I just really thought I was never going to get this and that it’s one thing knowing the theory but if you can’t walk the walk then it will never work. I hit rock bottom and, although I won’t give up, the thought did enter my mind of what will I do if I can’t do this?
The minus on my cumulative points balance was in front of an ever increasing number. Even the trades that did work didn’t stem the flow downwards.
My mum went into hospital so I didn’t trade that week . The following week I got back into my routine and two lovely Key Reversal candles formed on the eur/nzd and the eur/aud (both on the daily chart). This was my opportunity to enter a nice risk/reward trade and hopefully place my first add -on trades as well if the market moved enough.
For the last 9 days I have been in these trades and have watched the Euro fall nicely against the two comdolls. Although I entered the trades on the daily I monitored them using the 4 hour chart and when both pairs pulled back nicely I set orders to trade the break of the Ross hook (I was being cautious so went for the break rather than further up the pull back).
The eur/nzd trade hit its 2R target today plus the add-on trade so that made a nice bonus and it also helped me secure the best net points gain at the end of the month….ever! The other trade has a 3R target and is still ongoing.
What a good feeling to know that I have put practice and learning into action and pulled it off. So the next time I feel really down I just need to look back at that trade and have belief in myself. I WILL come through all the hard testing times to be a consistent trader.
Alex Trader Blog 