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FinoptUSA
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  • Lots of US news coming out today: FOMC Economic Projections, FOMC Statement and FOMC Press Conference
    Back testing strategy with the help of my son (13 years old). Got to teach him young. I learn and he learns. #FatherandSon
    Focusing on trades with a minimum of 3:1 R&R ratio. Unfortunately, It can make my stop tighter than I am use to.
    News:

    Yesterday AUD/USD, shows me why it important to not trade during news events. Exit all trades and re-enter once the market settles down. Major repricing.

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    My Drill:

    My Drill for this week 3/15/21 - 3/19/2021- Cut trades immediately when they show the trade does meet my thesis. Do not hold. Do not try to rationalize, just cut the trade. Get comfortable with cutting the trade (cuttings losses) and protecting account.
    A note to myself:

    Do not be stubborn. It is okay to be wrong. Cut the trade and look for a re-entry. Remember- protect my account not my ego.
    A note to myself:

    When you are starting out as a new trader: “Trade small because that’s when you are as bad as you are ever going to be. Learn from your mistakes.” – Richard Dennis
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