Welcome to my trading journal. This is where I post my analysis of the financial markets (primarily Forex, currently) and talk through the trades that I make. I made a bit of a mistake with this GBP/USD Forex trade, today, one that I’ve already made plans to clean up. Read on to see how it played out.
I debated this trade in my head for a bit, then remembered something one of my coaches said back at Maverick: The only missed trades are the ones where you do the work and don’t pull the trigger. I did the work, the numbers are there, I took the spread in to account, so I pulled the trigger. We’ll see if it works out!
Entry – 1.2162
Stop – 1.2155
Target – 1.2175
R:R – 1.86
Entry – 1.21624
Price slowly and steadily pushed up, making a somewhat base, but the highs were subtly higher. Then price made a decent spike that triggered me in to the trade. There was a slight pullback on the next candle, but price ultimately rallied and kept me in profit. Things looked good.
Exit – 1.2155
Over the next few minutes, though, price started to reverse. There was a pullback, and that pullback was enough to stop me out of the trade for a full loss. The only bright spot in this trade, really, was the fact that I recognized this as a breakout trade and realized it’s not something I think I want to be trading anymore. I took a much smaller position size in this trade because of it. And, it just puts another feather in the cap of no longer trading breakouts, which will help in the long run.
Thanks for reading! This was a shorter entry today since I knew I messed up from the beginning. That’s trading, and that’s life. Ease my pain a bit by letting me know in the comments about a time where you made a glaring mistake and it cost you. And, as always, stay tuned for more market analysis and trades!