One Trade Can Make a Session

 

Not every session trades as you wish it would have traded.

Not every opportunity will be caught.

Not every trade will work.

But remain patient.

Sometimes all it takes is one trade to make a session.

Let's look at one session that with hindsight MASSIVELY underperforms what was available; but still provided a positive result when I finally caught one decent trade.

And that's ok.

That's trading.

You can't catch every move.

Review all sessions to see how you could have traded them better. Learn from the experience. And move on to the next session.

One trade can make a session

One trade can make a session

One trade can make a session

One trade can make a session

One trade can make a session

One trade can make a session

One trade can make a session

One trade can make a session

One trade can make a session

Two trade sequences only.

The first positioned in the wrong direction, although still providing a small profit to compensate for the risk.

The second worked well.

When I was a newbie I would have been disappointed with this result. What I achieved was MUCH LESS than what hindsight would suggest was available.

Now, I'm happy with this result. In fact, I'm happy with any session that ends with a profit.

Sure, I'll review it again and replay sequences to see where I can improve.

But the obvious lesson for me here was… PATIENCE… all you need is one good trade to make a session!

Happy Trading,

Lance Beggs

One trade can make a session

One trade can make a session


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YourTradingCoach - Admin

10 Comments to “One Trade Can Make a Session”

  1. Vimal says:

    Well explained. Appreciate your nice effort. Thanks.

  2. Kevin Mackenzie (AKA Mack 10) says:

    Awesome review of a good trading session. I appreciate your honesty. I like the breakdown of your active management. Its one of the things I have to work out in my own trading. All in time….

    I also agree with your assessment of the day. Any positive day is a good day.

    • Lance Beggs says:

      Thanks Kevin,

      I’m glad you enjoyed the article. Yes… active management decision making is something we will always be working to improve. Given that we can never master it though, forgiveness for suboptimal decision making is an essential component of our trading process (IMHO). Any positive day is a good day!

  3. Chris says:

    How do you feel about the short on the pinbar 4 bars from the end on the final TTF chart? It looks like a false break trapping some longs as well as testing prior support at the pinbar 14 bars before that. The bias is still to the downside, though projection was weakening on the prior swing down and you’d be trading into support but TTF LWP R:R is about 1:1 to the swing low.

    • Lance Beggs says:

      Chris,

      I can’t say whether I would or would not have taken that one. The fact is that I wasn’t looking for a new trade at all beyond this last one. I was simply managing that last trade till it’s conclusion with the plan to then end for the night. My intent was to only trade the first hour and hopefully get to bed by 1am, as the first World Cup semi-final kicked off only four hours later (Germany vs Brazil). World Cup > Trading! 🙂

      Hindsight analysis is always suspect as you can’t really know what you would have felt at the time.

      But certainly this one would have worked out well.

      Pros, as you’ve identified, are a good trap in a generally good location, within the context of a “so far” reliable downtrend.

      Cons, are (1) the trap coming off support prior to this (where part 2 was exited)… but then the pin bar does offer a second chance entry short (L2) showing lack of bullish follow through.

      And (2) the poor R:R into an area that just rejected its last break.

      The R:R might have led to passing the trade. I don’t know. An alternative might have been a partial position for entry with smaller risk?

  4. Jason Jiang says:

    Hi, Lance,

    I’m now working on improving my trade management skills. I have some difficulty to understand how you exited P1 for your first entry around 00:19 (the last chart). Why didn’t you exit P1 around the first swing low (the low just after 00:19) after entry? Based on what I learnt from your ebook, that should have been a good location. Also when you were managing this P1’s exit, did you mainly use 1 min chart, or 2-range chart?

    Many thanks,
    Jason

    • Lance Beggs says:

      Hi Jason,

      Target locations are made on the 1 min TTF, only fine-tuned by the lower timeframe data. (Or at least that’s how it should be – from time to time I do get caught up in the lower timeframe action!)

      In this case the decision was made off the 1 min chart. If you look to the 1 min you’ll see a long lower-tail doji at approximately 00:16. This is the first swing low after entry. I was expecting support in that area. The target would usually be placed within that candle, with the exact location chosen by the lower timeframe (at any LTF stall or reversal pattern).

  5. Peter says:

    Hi Lance

    I’ve had days like this but without the wins. With trading being such a solitary pursuit, sessions like this can be very discouraging. These feelings build to frustration, feelings of failure, and finally giving up.

    Thank you for showing us this session because it helps put things in perspective.

    Many thanks
    Peter

    • Lance Beggs says:

      Hi Peter,
      Thanks. I’m glad you enjoyed that article.
      The key, I think, or at least part of it, is to be completely comfortable in going a whole session with no trades. If there is no NEED to trade, then patience is not as much of a problem.
      Cheers,
      Lance

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