Hello Traders!
I Hope you have had a great week.
This week was a test of patience with a few missed wins annoyingly! But nothing we can’t learn from and apply in the future.
Let’s take a look.
(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 – Avoided a loss, missed a win
The loss that I avoided was a pretty textbook one to avoid, so I had no issues with FOMO or desperation to trade. I just waited for the price action to evolve and price did not respect the POI that this trade idea appeared at, so my patience and level-headedness saved me from a loss.
The missed win was a bit frustrating. The reason I missed it was because I was not focused on the charts – I was too busy watching YouTube.
I knew the POI existed but I guess my focus just faded away at the wrong time.
However, when writing my post-session analysis, I concluded that this POI wasn’t really the greatest anyway. I questioned if even if I was focused, would I have taken the trade? Weighing up the confluences I answered no.
It can be tricky to not let hindsight bias sway an objective view of a POI, just because it worked out doesn’t mean, at the time, you should have taken the trade.
Tuesday – No trades
No ideal POIs were mitigated for this session, so no trades.
Wednesday – USD Core PPI, Fed Interest Rate Decision = no trade day
High impact news later which has shown to not be an ideal trading day, so I didn’t.
Thursday – Invalid trade idea
After the Fed’s interest rate decision on Wednesday, there was a lot of volatility in the market for the London session.
A trade idea did appear but since there was so much volatility it rendered the trade idea invalid.
Situations like this have happened before in backtesting, which is where the invalid trade rule comes from in these moments.
Had I taken the trade, it would have been a loss. Data rules!
Friday – Did not trade (missed a potential win)
I did not trade this day as I had plans for the weekend.
Annoyingly, looking back at the session, there was a pretty strong trade idea which would have resulted in a nice win.
However, there is a chance I might not have been tagged in and it depends on where I put my pending order for that trade idea – so I’m not 100% sure if I can say I missed a win.
Key Takeaway for the Week
Overall, no trades executed this week. At least I am practicing the art of waiting for the right trades, and not executing everything like I was.
Of course, it’s a shame I missed those 2 potential winners but they do have an equal argument that I would have never taken them or not been tagged. A slight tune of my focus muscle is needed but it is improving week on week for sure.
Hopefully next week provides some clean trading opportunities!
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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!
