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.
- Follow the flow with Tflow® boxes
- Identify to Buy Low or to Sell High?
- Find entry via triggers. No Trigger, No Trade!
- Calculate the maximum risk and identify your profit targets
- 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.
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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:
- Trading Psychology
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 more! Greedy!!
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
I 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.