WEEKLY
DAILY
30MIN
1MIN
Mistake # 1: BAD ENTRY
- I was late to the reversal at 144.7, which gave me less conviction due to terrible R/R for staying in the trade
- Mentally, I just wanted to be in something and disregarded the R/R. I had accepted the risks but was it a FAVOURABLE one comparing to profit potential? The most conservative target was the point which I got out. Price was at VWAP, it was also close to where the buyers dropped in the morning. Essentially the R/R was 1 to 1, a risky one.
- I shouldn't have entered the position in the first place for the reasons above. Sure I came out a winner, but I was clearly lucky with respect to the fact that buyers were pushing my back. And a bad entry reduced my ability to focus clearly. Emotions got in the way.
- Again, due to the bad entry I couldn't think clearly with respect to "FOLLOWING THE PRICE".
- I got shaken out and didn't let the MARKET stop me out. I was focused too much on booking the profit, than giving it a chance to run. If I had given it the chance to run, I would have been stopped out at around 147 when the steep trendline broke. I left $1 of profit on the table.
- Again, emotions got in the way: 1) I was multitasking which reduced my focus on the market. 2) I was putting too much emphasis on protecting the profits I had just made, therefore forgoing other potentials to make more $$.
- Days like these you could easily risk 50 cents and making $3, a 6:1 R/R. KEEP THAT IN MIND AND NEVER DWELL ON THE LAST TRADE SINCE THE PROBABILITIES OF YOUR NEXT TRADE IS INDEPENDENT OF THE TRADE YOU'D JUST MADE.
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