Maybe a bit late because the trade has already been closed but I just like to keep a record. I would like to advise that you also keep a record of all your trades.
Yes I know that is a lot of work, but what will you do when every month you see that your account goes down the drain a bit more? Yes, you look up all your trades that you have written down, and do a bit of research where you went wrong. And maybe you see a pattern and can improve your trading.
With this trade I did ok and had a profit of 20.6% with a leverage between 3 and 4. But I could have waited just a bit longer and see if the trend line would break and when it did, stay in the trade a bit longer. I closed the position because I can’t trade 24 hours a day so when palladium would go down big time during the night, I would wake up and see halve or more of the profit gone up in flames. Well I also just could have looked at the ATR (Average true range) and calculated what on average I could loose during the night and then consider staying in or not.
I always analyze a trade afterwards and try to learn from it, you can ask the following questions:
- Was my entry to late or early?
- Was my exit to late or early?
- What are the indicators telling me like MACD, Stochatics, and so on?
- Can I do this trade again real soon?
When there is a correction to a trend line, and it bounces then you possibly can trade this position again.
- Are we near some resistance?
- When I look at Fibonacci how far are we in the decline or rise?