The first two trades this morning were easy and obvious: buy gap close and sell RES 1. I even used orders to trade them and got perfect entries (I have a prejudice against orders because Mark Austin doesn’t use them, but if I know the level I am looking for – then why not?)
The buy triggered first, hit 2:1 i.e. 1R with 50% off and was stopped at entry. Then the sell triggered and this was a 7:1 trade (3.5R profit using standard TP strategy).
Both these trades looked absolutely horrible immediately after then opened – but I wasn’t especially bothered if they didn’t work because they were valid setups with entries at the correct level.
But then this happened …. I react to mistakes
The 10:15 trade that got Stopped but then went on to make 2:1
And there was the 10:25 trade that was a short using Imp-Corr which also made 1:1 but only 1:1 and for some reason, it or I didn’t move STE.
System: 10:15 long 1R; 10:25 short BE so total = 1R
Me: 10:15 long 0R; 10:25 short -1R so total = -1R
At 10:30 I take a trade (sell 11181.3) that goes 5:1 but the entry is reactive and the trade is taken out at BE by a pip and a
I saw the Telegram message at 9:28 (10:28 Metatrader time) and was instantly upset – realising that I had excluded myself and that everyone else would continue the course together and without me. I was really upset by this.
At 10:43 I take a short on the PA above (— just a thought: imagine if I was in the original 10:30 trade with STE? I could have added to my short on the basis of level rejection/failed J-Lo and still have only 1R at risk). Late entry on this meant that it missed +50. I moved the TP to 128 but the order was missed – at 4:1 on 50% cost me 2R
All of this happens in trading — profits are missed by half a pip and bad trades are triggered by spikes that make no sense — it’s unavoidable (although from the above it’s clear that more skilful, patient entries). Reacting to it is hopeless – and leads to big losses