weekly review

2/15/2010 2
2/16/2010 36
2/17/2010 15
2/18/2010 36
2/19/2010 6

Total of 95 pips, not bad. The bad part is, I had 2 days of rule breaking, each of them result in 36 pips profit.
here is the thing, on the first one, I agree it's a totally rule breaking, because I moved my stop and average in, so it had -200 risk at one point, and I end up getting 10 or 20 pips in profit. This case need to be avoid next time.

The 2nd one, I was actually keeping my stop in place, so I get maybe 10 or 15 stops, that end up of -110 pips at the biggest, then I traded with much larger size (3.5x), and end up with 10 or 20 pips result. See, I don't have a daily trading limit, not a hard one, I use to set a 100 or 70 loss limit, but if I reach that point, I won't stop but keep on going, untill the market close or the active session is over. Is this really wrong? I mean I didn't move my stop and I'm just keep trading, it's like I lost continuesly in couple days.

I guess I was still wrong, with -110 pips in mind, I couldn't make the right decision, that I tend to take profit at my BE point, which happened in both days.


Goal for next week:
1: write a plan and follow the plan.
2: Take profit at 1R and let the rest run.
3: follow the trend in breakout and short the bounce or buy the dip.

lessons learned this week:
follow the trend is better.
Get out when you are wrong. Follow the trend is not easy after it stalls for a while. Market goes up in spike and range in turns.. When it's in range, it's better to buy low and sell high, in spike, it's better to follow the trend and buy pullback and short pop up.
again, follow the trend is better.
keep stop in place is the key, also as part of the plan.