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I gained 120pips on CADJPY but it was not so easy

My Tflow® Trade Plan

Having a trade plan is important. It does not need to be very complicated. I used this plan for a recent CADJPY trade I did.

  1. Follow the flow with Tflow® boxes
  2. Identify to Buy Low or to Sell High?
  3. Find entry via triggers. No Trigger, No Trade!
  4. Calculate the maximum risk and identify your profit targets
  5. Determine trade size based risk and account size

Following simple steps above before executing your trade allows you to have a plan to follow while managing your risk. This will help you to avoid getting lost in the excitement and making the wrong choices due to emotions.

If you’re interested in how Tflow® can work for you, click on the below links and fill up the form.

 

 

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This was my trade journey following my plan amidst last week’s FOMC news.

I made 120pips on buying CADJPY during last week’s FOMC. However it was not as easy as it sounds, I had to manage the killer emotions that all traders face:

This is my trade journey

3 Days before FOMC
Bought CADJPY. I was confident of my analysis and looking forward to positive results.

2 Days before FOMC
My trade was doing well. Made 60pips in a day. But I wanted moreGreedy!!

1 Day before FOMC
I saw my profit turn to zero before going to negative during the day. Did I see that resistance level? YES! But I must STICK TO RULES!
Fought hard with my FEAR and GREED and held on to the trade.  I kept telling myself this.

  • Analysis is based on what is learnt in Tflow® Strategy
  • My risk is managed. I know how much I can lose and I can afford to lose that much
  • I believed in the method and I must the rules

During FOMC
slept through the trade soundly.

1 Day after FOMC
My trade turned positive.
Before end of day, I made 120pips. I was happy, not purely from making money but from the ability to follow my plan.

 

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Last time, many things that I wanted were just dreams, now I see them as possibilities. I’m looking forward to own pent-house suite in Manhattan overlooking Central Park because forex trading with Tflow® makes it possible. Find me on Google+

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