Week 2: stick to the plan

Result: -6%
Two losing alternative trades
One missed opportunity

Last week I saw some large bullish pin bars on the Cable and Spot Gold. I decided to trade long based of of these pin bars. Both trades failed, although I was right! Let's have a look.

My long order on Gold got tagged by a few points and then I got stopped by a few points just before price shot up to hit my target. So my analysis was right, but that doesn't matter, now does it, as I lost money instead of making any.

More or less the same happened at the cable trade. So both trades ended up in the direction I predicted. I just needed bigger stops. This will require more practice, experience and fine tuning. So here is what I will do. For live account trading I will stick to the plan, which is basically with trend inside bar trading. If I see any other opportunities, then I will trade these on a demo account and I will document these trades on this blog.

Reason for doing so is that I want to extend my trade abilities so I can act upon more opportunities, but I need to train this without the pressure of live money at stake, because this will interfere with my live trading. This interference caused me to miss the following trade that I had already in place according to my method.

USDJPY - Monday
This is how I placed a long order on the USDJPY on Monday. Then after the two losing trades I canceled the long order as I lost all risk appetite. Here is how that played out.
USDJPY - End of the week

So here too, I should have stuck to the plan in order to make money. And that is why I trade.

OK, I will repeat it again to my self: