Live Trading 4: XLM - Losing trade

This is my first trade after I made the decision to give 20$ challenge a go. After seeing XLM breaking through the 4260 sat level of resistance which was previously tested several times (in place since 21st of April) I decided to go long on XLM. I had set my stop at 4020 to limit my losses in case my call was incorrect.

XLM took a plunge down and activated my stop as shown on the graph below. This signifies the importance of identifying stop points, setting your stops as soon as the trade is opened and sticking to them.

Looking back at this trade, it was a rushed decision and even though it ended up being a losing trade I am happy with the outcome because I stuck to my plan. Result is a losing trade with just over 5% loss.

So far, I have had 2 profitable trades (12% and 15% profit) and 1 losing trade (5%). I have a position open in BNB which is taking a bit of time so keep an eye open for an update on that!

Stats: P/L = 2.7, Winning trades = 66%

20$ challenge: https://steemit.com/cryptocurrency/@andrius1/20usd-challenge-week-0-introduction - want to join me and give this challenge a go? Let me know and we can partner up!