Today’s Forex Trading Mistakes Journal

20-October-2015: Today has not been a profitable day however it has been productive. I was lost and today’s Forex market humbled me once again and reminded me of few trading mistakes that I made on my way.

For some reason I have been interpreting market signals in contradictory ways. Instead of following rules and patterns I was all over the place. Tried to take 5 positions on NZDJPY, AUDCAD, GBPUSD and AUDUSD. All of them were either cancelled or failed. So a lost a total of 122 pips loss. So approximately a total of 86 pips. This has set back my profit that I made last week by a bit. I am back to 350 pips of profit so far in October so far.

Reviewing today’s actions I found my trading mistakes:

  1. Several of my positions today were based on Advanced Patterns. Every time they were complete and I took a position, they started to go against me. I should have followed the plan and rule to let the market play. But I closed them prematurely only to see that that I was right and pattern did work.
  2. SMAs where all tangled up in few trades. I kept on confusing them with patterns and structures. Instead of following just one thing I tried to mix them.
  3. Did not use RSI as it should be used. Must use them for to read them overbought, oversold and divergences correctly.
  4. Paralysis by analysis created biases. Switched between time frames to justify biases. Must stick to one Trading time frame.
  5. Too much of screen time created emotions causing moving stops. Once trades are in, there should be minimal screen time.

Another day of mistakes and position losses but another day of great learning! Nothing lost only gained!

-TradeYodha

 

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