This week I worked on being patient in my trades. When I entered a trade based on my trading plan criteria and it began to move in the direction I hoped for, I was disciplined to let it continue until it either hit my limit or stopped me out. Not moving my stops up so quickly allowed the trade to fluctuate and eventually move into profit. I made 7 trades from the time of my last post until now and was profitable on 5 of them.
In this trade, I noticed the tails below the bearish bars that were showing support and had a feeling that it was ready to break to the upside. As soon as that first bullish bar finished, I went long and made 50 pips.
On this trade, the USD was already weak and I assumed it would keep falling so when I got that large bearish bar I knew the trend wasn’t reversing and I shorted to get 40 pips.
The above trade was my huge mistake this week. I saw a lot of bearish indicators and shorted the GBP/CHF. I was watching the trade carefully for the first few hours and was worried that it wasn’t going to fall like I had hoped. I closed out the trade down 3 or 4 pips to make sure that it didn’t go against me and walked away. You can see from the chart what happened in the following hours. If I had stayed in, it would have been my best trade since starting out.
This week I feel that I have learned a lot about patience while trading and I’m hoping that disciplining myself to be more patient will lead to more profitable weeks of trading. Thanks everyone for following along! Please follow me on twitter as well.
Winner’s Edge Trading, as seen on: