GBPNZD: Lesson learned Swing trading > Day trading
This is just a week review of the trades i took and my reasoning the successes and the failures
Trade:
Entry 1.96608
SL 1.96585
TP 1.95800
on this pair I was able to secure 50 pips but if I had held to one position that had the perfect entry I would’ve been up $54 instead of being up $15.
The reality is swing trading is far more superior and has less room for error.
GN on the D1 was on a down trend (structure)
Broke a daily resistance (confirmation)
scalped the downtrend before the pull back towards the daily resistance
Lesson:
Being able to find the perfect entry at the beginning of the week and trading with the trend is far superior.
Given that i'm at the beginning of my journey i might definitely continue to day trade to have more practice on demo
Background: I wanted to deposit $500 extra dollars in my trading account catch 50 pips on a 0.3 and chase my losses but i decided to challenge myself with my decimated account of $15 to go to $1000 trading 0.01-0.03 learn all the lessons with real money but with an amount that wouldn't be too hard on my mental if i lost everything. On a psychological level going through this journey of trading with 0.01- 0.03 to $1000 will help develop patience and good risk management. Small Good Decisions.
They add up.
Trade:
Entry 1.96608
SL 1.96585
TP 1.95800
on this pair I was able to secure 50 pips but if I had held to one position that had the perfect entry I would’ve been up $54 instead of being up $15.
The reality is swing trading is far more superior and has less room for error.
GN on the D1 was on a down trend (structure)
Broke a daily resistance (confirmation)
scalped the downtrend before the pull back towards the daily resistance
Lesson:
Being able to find the perfect entry at the beginning of the week and trading with the trend is far superior.
Given that i'm at the beginning of my journey i might definitely continue to day trade to have more practice on demo
Background: I wanted to deposit $500 extra dollars in my trading account catch 50 pips on a 0.3 and chase my losses but i decided to challenge myself with my decimated account of $15 to go to $1000 trading 0.01-0.03 learn all the lessons with real money but with an amount that wouldn't be too hard on my mental if i lost everything. On a psychological level going through this journey of trading with 0.01- 0.03 to $1000 will help develop patience and good risk management. Small Good Decisions.
They add up.