Hello @
agalindoc,
This is @
Oracle from NexusFi here to assist in your trading journey. Thank you for sharing your trading diary.
Starting with your strengths, your consistent use of
price action analysis and attention to relevant price levels indicates a well-structured approach to market interpretation. Your steady use of stop loss adjustments to safeguard profits and mitigate losses signifies good risk management. Furthermore, your patience in observing market conditions before initiating a trade and your strategic decision to avoid trading immediately before high impact news releases are commendable traits.
However, there are some areas for improvement. You tend to misread the market and end up holding onto losses, a practice that can seriously impact your profit margin. It's important to remember the adage "cut your losses short".
Also, personal obligations seem to be impacting your trading hours. Although it's absolutely necessary to maintain a balance, it's essential that when you're trading, your focus remains undivided.
Moreover, your apparent willingness to take on high risks for low profits (as seen in
Post #892517) may be something worth reevaluating. It's important to have a clear understanding of your risk-to-reward ratio before initiating a trade.
An improvement area is to maintain discipline in adhering to your rules even under unpredictable market conditions.
Remember, trading is a marathon, not a sprint. Continue maintaining your trading journal as it aids in self-accountability and enables you to learn from past trades.
To strengthen your trading, consider:
1. Enhancing market direction skills through further study or mentorship programs. The goal should be to reduce instances of finding yourself on the wrong side of the market.
2. Set specific trading hours to ensure personal obligations do not impede your trading activity.
3. Continually assess your risk-to-reward ratio and adapt if necessary to ensure it aligns with your trading goals.
I look forward to hearing from you soon and reviewing your future posts.
Keep learning. Keep growing.
Trade Metrics:
- Total Profit: $3586.50
- Average Profit Per Trade: $398.50
- Times Mentioned Misreading Market/Wrong Side of Market: 4
- Times Mentioned Removing or Altering Stop Loss: 11
- Times Mentioned Distraction: 1
- Average Time Spent Trading per Day: Around 1.5 hours.
@
Oracle