Not a bad week for trading, primarily because of string of lucky trades that I won on Thursday. I made nearly 1% with a bunch of day trades, which I was pretty pleased about. Of course, I pretty much pissed away a ton of those gains when I took a big hit on a short GBP/JPY "swing" trade (that got stopped out Friday morning).
The loss made me realized that if there was one thing that held back my trading last week, it was the reward/risk ratio that I ended up with on most of my wins. None of them were greater than 1:1, with some of them even less than 1:1. While I was being "flexible" and adjusting my trades ahead of more data coming out (which turned out to be a good idea), I didn't make as much progress as I would have thought on the bottom line of my account, just because the losers were big and the winners not as big.
In the long run, this can't work out and is something I've been working on every week. Some weeks it's good, some weeks not so good and last week wasn't so good.
The one good thing is that I stuck to my goal of trying to take as many valid setups as possible. It doesnt matter if I won or lost the previous trade, I took whatever setup I saw. So that's one good step in the right direction.
Lastly, I'm glad I've been keeping a trading journal. No, it's not as sophisticated as it was before, but at the very least, I write down the premise of each trade before I put up the position, then I write a trade review and note down both what happend and what I was feeling and thinking during and after the trade. I think at this stage of my development, this is far more important than the statistical figures that I write down, especially since I'm pretty much a discretionary trader.
Shorter week for me so I'll have to work harder to reach my goals for the week! Good luck trading everybody.
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