- Was not vigilant protecting Paper Gains. Must capture 50% or more
- Did not trust levels. Did not have patience w/ price action.
- 1 min chart not zoomed in enough. Need explicit candle plan for exits & entries.
Trade 1 Mistakes: I could have been more vigilant protecting paper gains, wanted to give trade room to work out but I missed 75% of potential profit I could have taken had I exited at the highest point while I was in the trade. Capturing 50% would have been a better success.
Trade 2 Mistakes: Did not have PATIENCE with price action. Did not trust my levels & did not have more explicit/precise plan for what criteria justified exiting. I did not have explicit plan laid out for how many candles I’d tolerate closing above stop level before exiting and I panicked, I didn’t have chart zoomed in enough to even SEE how many candles had closed above, & I also didn’t have exit levels well thought out based on imperfect entry, which is something I need to consider making contingencies for. I didn’t give the trade room to work out and as a result basically bought the top and sold the bottom. I was in a good trade. The likelihood that I’d bought the exact a reversal was low, but nevertheless I let the fear of that being the case get to me. Stop expecting you’ve entered the exact reversal point, especially when you have multiple confirmations in your favor. Be prepared to handle WIDER fluctuations, you are still getting psyched out by larger trade size, but this trade performed beautifully within the levels you’d set out. TRUST YOUR LEVELS!!!!
Trade 3 Mistakes: Selling out of the last position that was going in the same direction. I should have stayed in this move from earlier and saved the commission & slippage I shelled out getting back in.