Check out last week's recap: Review of TFT Royal Pro 25k Phase 1 – Week 1
In Week 2, I made a total of 19 trades. Again, these were across the same 5 instruments:
- EURUSD
- GPBUSD
- XAGUSD
- USDJPY
- WTIOIL
The week concluded with a further loss of $6.97 (-0.03%). The 5-day win rate was 37.5%, and the cumulative win rate is 37.1%. There is no progress.
Conclusion of Week 4
Monday and Tuesday were uneventful, ending barely at break-even.
Wednesday showed some improvement, but Thursday completely gave back all the gains. Friday only managed a slight profit.
What I did well:
- Most of my trades were based on sound reasoning.
- I avoided emotional trading.
- I implemented risk management. I closed positions early in response to the London Session Close and Friday."
Follow-up on previous improvements:
- Avoid adding positions - Achieved
- Pay close attention to High Impact News - Achieved
- Respect Trading Sessions — Partially achieved
- Complete the Trading Journal - Achieved
Areas for Improvement:
- One day, I took 6 trades. While the first two hit stop-losses, I managed to take profit on the later setups. Still, this was too many trades in a single day, even though I didn’t let emotions take over.
- Once, I entered a trade without proper pre-trade analysis.
- I closed two trades early out of fear while staring at the charts. One of these trades skyrocketed just a minute after I exited.
- I entered a trade during the New York afternoon session, a time when FX markets tend to have low volatility, making it harder to execute successfully.
** This is a repeat mistake from Week 1. - I entered two trades at unfavorable levels - going long at a premium and short at a discount.
Week 3 Goals:
Continue with 0.1% risk per trade and focus on gradually recovering the account to its starting balance of $25k.
- Emphasize Trading Sessions: Only open charts during the NY AM session.
- Set a daily limit of 3 trades.
- Temporarily set the take profit (TP) to a Reward-Risk-Ratio of 1:1.
- Step away from the charts after entering a trade.