Saturday, March 5, 2016
Failed: Long USDZAR, Long USDPLN
On Monday 29/02/16 morning, I took 3 trades and all failed. The first one was stop out very fast within a day and I shared it here. On the weekly chart it was obviously a weekly bullish reversal but something happened to USD, some news or what which I didnt know caused the 2 pairs i long to reverse back down again. As mentioned in my failed long EURZAR trade, I placed my stop loss quite big as I dont want to get stop out unnecessary and doesnt think it will get hit as the weekly TF should have a more reliable price action.
These 3 trades really caused me to lose back all my profits earned from the previous trades and shaken my confidence. (-580 pips) and (-130 pips i manual cut loss early) :( . Consolation is that lucky i cut loss early. if i didnt cut loss, the 3 trades went against me even more and will lose even more!
i am going to risk 100 pips for each trade from now on!
1. Trade with the trend
2. Trade when there is a price action reversal with the trend continuation
3. Place SL on previous high/low candle or 100 pips max (Limit my loss)
4. No TP. Let market decide when to exit (Let my profit run)