Hello Traders!
I hope you’ve had a great week.
I had another tricky week with my psychology and further extended my drawdown streak.
Let’s dig deeper.
(Tools I have used this week will be featured at the bottom of the blog – including discounts!)
Live Trading Info
EURUSD
London Session
FTMO funded account start balance = $50,000
Risk per trade = 0.5% of account balance (x)
Take profit target = 3.3x risk per trade (y)
Risk:Reward ratio = x:y
Trading Performance
Monday – no trades
Nothing to report, simple session where I am patient.
Tuesday – no trades
Same story as Monday.
Wednesday – USD Core CPI = no trade day
A high impact news day which my data shows is better to avoid than to take trades, so I avoided this day.
Thursday – 2 losses
These losses were from a blip of bad psychology.
I’m not sure what caused this blip since I felt mentally fine going into the session with a good night’s sleep too.
The first loss was from a poor trade idea that shouldn’t have been taken, not because it ended as a loss but it was also a re-entry trade I took since the valid entry happened 10 mins before I started the session.
I justified getting the trade since I thought: “well, if it goes any higher then the actual position would lose and I would be fine, and if it tags me in then great since it will likely head lower.”
One thing I didn’t consider in the heat of the moment was if price tags me in and then goes the wrong direction – which is exactly what it did.
I have done this once in the past and it was a winner but it’s something I should refrain from doing regardless. I missed the trade, just wait for the next (especially if it’s a trade idea that formed as we start the session!)
The second loss was a lot more valid since it had good confluences. One thing it was missing, which is quite major, is a strong liquidity sweep.
I was trading from a correct demand zone which did end up holding, but since no strong liquidity was present for the trade, my position was used, therefore stopping me out before going in the right direction.
Unfortunately, there was no option for a 2nd trade at this zone before price took off in the right direction. I was also heavily burdened by my poor psychology and rage at this point so entering more trades would have made it worse.
These 2 losses now take my funded account down to -7%…
Friday – no trades
I found my groove again after yesterday’s craziness. The session was much more relaxed and I patiently waited for a trade to appear, which it did not.
Key Takeaway for the Week
I know what I need to do, but these blips in my psychology are holding me back and pushing me further into drawdown.
I believe that mostly they stem from a place of desperation and wanting to make money now that I am funded.
It’s almost like my subconscious brain is saying, “I am a funded trader now, I deserve profits!” which results in the odd day where it takes over, and we have days like Thursday.
I should come up with a system or question I can ask myself when I start trading for the day to see who is in control; the professional trader, or the desperate one?
If it’s anything other than the former, then I should not trade that day (or at least delay my session to gather my thoughts and the right mindset).
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As promised, here are the tools I have used this week and a discount code for Magic Keys:
- Magic Keys (for 25% off, use code: MKMETEORTRADINGFX)
- TradingView
- FTMO (funded account challenge)
Check out the Tools page for more info
Thank you for taking the time to read this blog post, it means a lot to me.
See you next week and happy trading!
