MeetPips.com

Best Trade:

Trade 2) http://www.meetpips.com/members/RazorX/journal/4035

This was the first buy trade on the NZDUSD. It was off the daily support line and after entry the price pretty much moved in my favour from the get go indicating good entry timing. Both stop and targets were 20 pips giving a 1 for 1 ratio. In the future as I develop a trading plan I will look at incorporating 3:1 ratios which this trade would have easily made.

What could have I done better? - Having a 3:1 reward risk ratio. Apart from that the stop position, entry timing, and reason for entry were all valid and hard to improve upon.

Worst Trade

Trade 6 http://www.meetpips.com/members/RazorX/journal/4039 

Strangely enough the trade I have picked for worst trade of the week was  winner. However upon reflection there are several issues that need addressing, as this wasn't just a case of I picked the wrong direction and got stopped.

Issue 1) Entry timing. I took a short off daily resistance, but you can see in the screenshot that I actually shoted when the price was some 15 pips away so not an ideal entry.

Issue 2) The trade ranged for sometime before finally hitting the target whihc is indicative of a poor entry.

Issue 3) The target got hit by only 11 pips. Had this been a 3:1 ratio trade that I want to aim for I would have been stopped out.

In conclusion I need to better time my entries so that I get in closer to S/R. As far as the 3:1 goes, we never know as traers which ones are going to hit the 3:1 and which aren't - thats why we have stops so I'm not going to beat my self up about that as that part of the trade is out of my control.

That's my best and worst trade of Meetpips Traders Contest week 1.