Life happens, and it sure has for me. However, some important lessons can be taken from this week. Firstly, trading makes you overly confident if you are not careful. I placed way to may risky trades in my $1000 account and I was down to $883, but after two successful trades in a row, I’m up to $894. My investment amounts should never alter until my capital DOUBLES. Period. $5-10 trades only. Secondly, consistency is the key. Whenever I am out of the market, I’ve noticed that it takes a while for my “instinct” to kick in. I need to trade everyday to become profitable. Thirdly, a major mistake is not following strategy. I can trade naked price action; however, I need definitive entry and exit points to stay consistent. This is will especially help me for whenever I trade by pips instead of options.
Going forward, my battle plan for trading is:
- Commit my trading strategy to memory
- Trade two options a day.
- Finish two tasks in Apiary a day
I shall use the currency strength meter as well, and also take advantage of longer term expiry on Porter Finance.com