I can't say I'm satisfied with my performance in Trader Contest. But not because I (again) halved my account in the first contest week. That would be OK if I would have followed my plan, or even better - if I would have one, rather than just half-baked trading ideas.
Nevertheless, I started out with a good plan. I bought GBP/USD (2.5M) with the intention to hold it for at least 200 pips, but it didn't work as expected and I was soon out. Then I bet that RBA will cut rates, but that also didn't materialize, so I was stopped out of my EUR/AUD and GBP/AUD longs (both 2.5M). I then entered AUD/CHF long (5M) which I exited prematurely for around 30 pips (my target was easily reached later in the week and would have gained around 100 pips) and AUD/USD long (2M) which was also stopped in the second part of the week.
Here's when I should have stepped back and reassessed. But I proceeded to make various unplanned impulse driven trades (most of them counter-trend) and I consider myself lucky to still have enough equity for a possible recovery next week.
Lessons for the week:
1. If you are not sure, stand aside.
2. For each and every trade, have a plan as to how do you intend to carry it out: entries, risk, SL management, targets, re-entries, adding.
3. Allocate more time for planning.
Nevertheless, I started out with a good plan. I bought GBP/USD (2.5M) with the intention to hold it for at least 200 pips, but it didn't work as expected and I was soon out. Then I bet that RBA will cut rates, but that also didn't materialize, so I was stopped out of my EUR/AUD and GBP/AUD longs (both 2.5M). I then entered AUD/CHF long (5M) which I exited prematurely for around 30 pips (my target was easily reached later in the week and would have gained around 100 pips) and AUD/USD long (2M) which was also stopped in the second part of the week.
Here's when I should have stepped back and reassessed. But I proceeded to make various unplanned impulse driven trades (most of them counter-trend) and I consider myself lucky to still have enough equity for a possible recovery next week.
Lessons for the week:
1. If you are not sure, stand aside.
2. For each and every trade, have a plan as to how do you intend to carry it out: entries, risk, SL management, targets, re-entries, adding.
3. Allocate more time for planning.
