Hey, forex fellas! I thought I’d write something a little different today and come up with a quick rundown on the lessons learned and latest trading resolutions of my fellow FX-men.
Before reading on though, make sure you check out these Q2 2014 trading performance reviews:
One thing common about these reviews is the issue of missing trades, as opportunities weren’t taken because of the desire to enter at much better prices or sheer lack of trading confidence. As Pipcrawler suggested, this could be remedied by being on the lookout for other entry areas on breakouts or by trying to scale in.
Another common area that can be improved on is that of trade management. As I often mention, coming up with a trade idea is half the battle as proper execution also plays a crucial role in allowing one to minimize exposure or to maximize the profit potential. As Cyclopip pointed out, it can be challenging to adapt to real-time market changes and figure out what kind of adjustments you need to make every now and then.
Huck also brought up the importance of coming up with contingency plans in case some fundamental or technical factors invalidate the original trade plan. As you’ve probably experienced, there are some unforeseen events that could mess up the Fib levels or inflection points you’re watching, but that doesn’t necessarily mean that the bigger picture has changed completely and that your bias is totally off.
For Happy Pip, some of these entry and execution issues can be tackled by improving one’s trading confidence. You’ve probably had a few instances when you had second thoughts about implementing a trade decision that would’ve turned out to be a good one, as you didn’t trust your gut at that time. As I often prescribe, deliberate practice and reviewing one’s trade journal can help in this aspect.
How about you? Are there any trading lessons and resolutions you’ve made from your performance review for Q2?