I'm starting this journal mostly to improve execution discipline of my FX daytrades and maybe share views on EURUSD (the pair I trade) during European trading session when all my trading buddies from US see dreams in their beds. Usually I do 3-10 trades a day, risk ~2% of equity per single trade and shoot for 4-6% profit. Hard stop is in place at the same time entry order is submitted and only moved if trade goes in my favor, according to price action. Will try to post entries and exits as realtime as possible without harm to actual execution. I start my trading day @ 8AM CET and usually finish around 9PM CET, when CME currency pit closes, though it depends on price action in a given period, sometimes I finish earlier, sometimes if market is good, later.
Out B/E. It was just below 1.56 so I was quick in moving my stop, betting that it will either push above 1.56 fast or I'm out.
Price just have reached my 4% target. The cause of failure to hold is violation of my plan which is not move stop to b/e until price reaches at least 1:1 r/r. Will try to avoid this trading discipline violation in future trades. Hopefully this journal helps, cause that exactly is the problem which costs me at least half of profits.
Shorted @ 1.5594, stopped out -1% (stop was moved to this level), then reversed @1.5608 up, this time with success, now stop trailed to +6% and holding... News helped this trade for sure.
And of course Euro continuing to the moon... Patience, patience and again patience... Thats where success in trading...