Happy August everyone, 7 months of the year gone by already. 7 months closer to making a living from trading. I took a trade on Cable today which ended with a small loss. I closed it out on a rejection of an even number and because i had to go out. It didn't do a whole lot since, just moving sideways. It's probably not the best example of a No Supply but i'm trying to get some confidence back in taking trades.
My execution was fine and during the trade I didn't feel a great deal of anxiety. I hesitated a little in closing the trade but was happy to close out at the time and have a small loss instead of what could have been twice the amount. Only down side is that i'm now under my initial investment since the start of the year. With this in mind there are still some positives to be taken from it. My last 3 trades have been losing trades but one good trade will easily wipe out those losses. So not a terrible position to be in.
Not sure if anyone else thinks it, but it has been very tough to trade lately. Greece and US debt adding a lot of volatility to the markets. What do people think?
Cheers,
Liam
Trade 60 - GBP/USD - Buy @ 1.6294 Closed @ 1.62718 = -22.2
Cable 15min
P.S. Check out http://applesaucevsa.blogspot.com for another VSA based blog.
I think it was a solid trade, your analysis was spot on and your stop was in the right place. As of writing this you would be up 112pips. This is one of the problems of having low risk tolerance is that you close out good trades too early. To me it sounds like you are having problems with the confidence in your system because you are down in capital. Don't let It affect you, every trader experiences draw down once in a while. Try to focus on the fact that this is just one trade out of many.
ReplyDeleteIt probably would have got stopped out over night actually, or at least got very close. I'm quite confident with the system, it's my own personal confidence to leave a trade running during draw down and handling losses etc that is the main problem. I'm taking steps to improve on this so it's all part of the journey!
ReplyDeleteCheers,
Liam