A Day in My Finance Side Hustle: Two Trades, Two Losses
This morning started like most: scanning the markets for familiar patterns. I was looking for specific setups, or “Waves,” that signal a potential move after a recent breakout. I quickly flagged three currency pairs that looked promising: the AUD/USD, USD/JPY, and EUR/JPY. For any swing trades, I needed to see a clear trend already in place before I’d even consider looking for an entry.
My first move was on the AUD/USD. It was in a slight downtrend, which was close enough to the pattern I was looking for. My MACD indicator, a tool I use for confirmation, had been below the zero line for nearly a day, reinforcing my bearish outlook. The market was already primed; it was just waiting for a trigger. That trigger came when the price broke the 0.7372 level, and I entered a short position. My plan was simple: the trade was valid as long as the price stayed below the 0.7383-0.7387 range, with an initial profit target at 0.7353.
Sticking to the Plan When News Hits
As the morning wore on, Fed Chairman Bernanke was preparing for his second day of testimony. This is the kind of event that can throw a wrench in the works. Even though economic data from the week, like housing starts, had been surprisingly strong, the US dollar’s reaction was lukewarm at best. This is exactly why I don’t base my trades on fundamental news—the market’s reaction is never guaranteed. I braced myself for volatility, knowing Bernanke's words could send the dollar bouncing around.
Despite the potential for news-driven chaos, my own chart analysis suggested the dollar still had strength. On the 30-minute chart, prices were holding above my Wave indicator, which I interpret as a sign of support. My bias for the day hinged on the US dollar continuing its upward move. This is a key part of my strategy as a ; I have to be aware of how my positions relate to each other. For example, I avoid taking contradictory positions at the same time, like being short both the USD/CHF and the EUR/USD on the same time frame.
The Second Trade and a Tough Outcome
With that in mind, I turned to the USD/JPY. The pair was trading just above the key psychological level of 118.00. After seeing it establish itself a few pips above that mark, I entered a long position at 118.05. For this trade to work, I needed to see it hold above 118.00. My stop-loss was determined by a few key support levels below, including the low of a recent breakout candle and a Fibonacci level at 117.70. Proper is critical, and stop placement is a huge part of that. My first target was the 118.34 resistance level.
After passing on the EUR/JPY setup, I was left with my two open positions. The AUD/USD trade was a grind, hovering right around my entry price before it finally pushed up and hit my stop at 0.7387, handing me a 15-pip loss.
Later that afternoon, the USD/JPY trade met a similar fate. The price dropped and triggered my stop-loss below 117.70, resulting in a 35-pip loss. I was now flat for the day, with two losses on the books.
Why a Losing Day Can Still Be a Success
Looking back, it was a minefield. The price action just didn’t go my way. But here’s the thing: I walked away with my confidence intact because I followed my trading plan to the letter. This day, and any day you stick to your rules, is a success. This is what makes a viable over the long run.
The real test is how I bounce back tomorrow. I’ve been doing this long enough to have seen these setups work time and time again. But if you’re new to this, I get it. Just because I say it works doesn’t mean your brain will automatically trust the process. Building that confidence takes time. It’s about training your eyes, reinforcing what you learn, and developing unshakable trust in your ability to manage a trade no matter where the price goes. That discipline is what separates a hobby from a potential .
