The right thing to do long term often means taking some pain short term. I compounded my mistakes in this trade and almost wanted to lose after giving up control to the market.
Got in early (one of the reasons for that is my effort to keep risk constant- explained below) and price just continued to move against me, taking out the stop I had ready but not on the books (first mistake) couldn't accept the trade being over before it barely begun. Was aware that my stop area was where I should have actually entered and so held into profit. The move stalled at some support but, rather than exit as I would have with the correct entry I based my exit on my entry rather than the pattern's entry...one of my demons (second mistake) I had a stop above the prior pivot high (14 pips from my entry...4 pips more than intended stop)which, as luck would have it, got taken out with slippage for a 17.3 pip loss on 29K.
Entry 141.290 Exit 141.463
Although useful to eliminate the effect luck has on trading, trying to keep risk exactly the same isn't going to work with my way of trading. It puts too much pressure on achieving a certain price and adhering to a given stop. Catching momentum reversals is waaay too dynamic for that to work consistently. Entry and exit zones are the way to go....this is probably why I only found profitability with contracts. I didn't have to do as many on-the-fly calculations.
Will keep risk within a ballpark figure but got to do away with the idea of a fixed amount.
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