Trading doesn't have to be complex. In fact, in all of my trading experience, almost all of the money I have made has come from the simplest market approaches. In this post, I'm going to share with you one of my best trades for the month of March, 2021, and the entry style I used to make almost 3 grand in just a few short days.
The month of March started out slow. I had some winners, some losers, but by the end of the month I was just slightly negative for the month. To anyone who's been trading for a while, you know negative months happen. But no matter how long you've been trading, they can still be quite frustrating - especially when you're sticking to the plan but nothing seems to be playing out right.
In the last week of the month however, a setup I had been waiting for on NZD/JPY finally started to poke its head up. This setup is one of my favorites, and often has the potential to produce some great risk to reward opportunities. So I took the trade...
My main reasons for taking the trade, as mentioned in the trade alert sent to members:
- Bought NZD/JPY at a key demand zone where buyers were strong historically
- Risked 50 pips initially on the trade in case I was wrong
- Bullish on NZDJPY due to a continued recovery environment, favoring the faster growing economy (NZD)
- Planned to trail stops if price went in my favor
At first the trade moved slow, but once it started running, it really kept going. From there I trailed my stop loss using price action and key zones to protect the trade from sudden reversals. Ultimately, price kept running and I ended up stopping out for a profit of over $2700.00!
So I have to add some context here. I'm trading with a larger trading account than most newer traders, so not everyone is going to be able to make those sort of gains. But - the point is that regardless of account size, some of the best gains come from the simplest approaches.
I had a plan in case I was wrong, I had a strong reason for entering long, and I had a plan to let the trade run if it went in my favor. Finally, keeping a journal is a key for holding yourself accountable!
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