Here is a quick update for last week. I am doing a lot of research so I do not have time to write too much but day after day, I am learning how to minimize loss.
Here are my trades for last week…
So here is what I have learned. I did it last week, the week before and also today (you will see in next weeks post) I have been making a mistake that I realized today and if I eliminate this mistake, it will reduce my losses dramatically.
If I take a trade and it is a loss, I have been trying to get back in later in the day. I took a nzdusd trade 3 times and got stopped out all 3 times. Had I taken my loss on the first one and stopped trading the nzdusd for the day, I would have saved myself a loss over 65 pips.
Today I took 3 trades on gbpcad and had 3 losses as well. Again, if i had taken my loss and forgot about it for the day, I would have saved myself from additional losses.
LESSON LEARNED. NEVER TAKE A TRADE AGAIN IN THE SAME DAY UNLESS IT BREAKS OUT FROM THE INTRADAY HIGH OR LOW AGAIN AND ONLY IF THE HEATMAP SAYS GO DURING THE HOURS OF 5AM-10:30AM EASTERN.