A fairly active day during the EURUSD overlap period (London and New York) with multiple trading opportunities using three day trading strategies:
I trade these strategies on the one-minute chart and only in the EURUSD.
Overall a profitable day, even with a few losing trades that didn’t reach the profit targets and hit the stop losses instead.
It is tempting to look at a few losing trades and think you should have bailed with a small profit. The problem with that is if you start bailing on what you think will be a losing trade, you will inevitably end up bailing on some winners. And that is far worse, because a winning trade is worth more than a losing trade.
For the most part, traders are better off just letting the price hit the stop loss or profit target. Let the reward:risk do the work, and just focus on keeping your win-rate at a decent level by analyzing your trading and making adjustments as needed.
Here are the trades from Sept. 29 along with some commentary on why certain trades were taking and others weren’t.
Want to improve your trading quickly? Start looking at and correcting the mistakes you are currently making. No need to learn something new, just start collecting the money your strategy owes you.
By Cory Mitchell, CMT. Join me on Twitter @corymitc.
Disclaimer: Nothing in this article is personal investment advice, or advice to buy or sell anything. Trading is risky and can result in substantial losses, even more than deposited if using leverage.