Week of Feb 1st – 7th, 2021

Starting Balance: $371.70

Results: $-179.43 for the week.

Current Balance: $192.27

Lessons: Trust your analysis, trade what you see, stick to 2% max risk, and focus on the quality of the trade you’re about to take. I had two well executed entries this week, risking 1.5%, rode them down to my targeted exits with stop loss orders.

Ideally, I would have stopped after gaining those 54 pips. I noticed that economic news was reporting major events on Friday. I entered short on GBP/USD yesterday (Friday) against my better judgement, wiping away my gains, plus more for the week. Trading is simple when you stick to your plan.

Next Steps: Prepare for next week by reevaluating last this week’s price action and identifying key entries and exits points for my limit buy/sell orders.

Goal: Capture 50-100 pips from 1 to 2 trades.