There’s a reason I wanted to put this trade up in public today and that wasn’t to try and look Billy big bollocks
The GBPUSD trade today could have just as easily gone bad. What I wanted to show was the process and trade management that we teach and encourage to a lot of the traders in our room. The best way to do that is to do it live, so that folks see it happening in real time, not 5/10/15/60 minutes after when it’s all over.
The execution of trades should be robotic and boring. It’s about getting over the emotion and accepting the possible loss before a trade, so you can press the button and manage it with a clear head. That’s what I wanted to show with this one. How to manage a trade and react to the price as it’s moving. Here’s the timelime:
It may seem terribly easy when you read it all back in one go but anyone who’s put their money on the line knows that’s not the case. We live every pip move for and against us. What many don’t learn is how to control that and not let it influence their decisions. Not to get scared out or panic, leading to shutting winners too early and loses not early enough.
This trade was just a headline grab so I didn’t have time to think about it much. ‘Read headline – React’. Maybe 10/15 seconds between the two. No real time to think but the many years of doing this means my risk and management discipline kicked in automatically. That, I didn’t have to think about. I knew where my stop needed to be and when I wanted to take some profit. At no time did I even remotely think about a target. It was get my risk to zero asap, then think about the possible profit. This time it went my way. I’ve now got profit in the bank and the rest locked in the green. No fear, no emotion, from this point on. Another time it might not be like that and I’ll lose but I’ll lose my way by being fully in control.
If you are struggling to do the simple things above then you are going to struggle with every aspect of trading. I don’t run this trading room for it to be “The Ryan Littlestone Show”. It’s not about me, it’s about you. I run this room so that those of you who do struggle have somewhere, and someone (myself and other traders), you can turn to and get help from, just like I and others had when we were learning the trade. If that is you, then maybe it’s time to reach out and get the help you need and deserve. Just click the picture below.