I’ve just gone over all the trades this week to see where I’ve gone wrong to correct myself going forward.
EURUSD: First trade today, is according to my rules. No problem.
EURJPY: First trade on the morning of 8th. Anticipated long signal, before close of candle. Turned out that the signal was not validated. Stopped out. Recovered and went short, in sync with system. But entry late into the move doesn’t work well for me, so this trade ended in a loss. The exit for this came at ~ 5am, difficult time for me. I did enter long but it cost me 20 pips extra loss in the short and a 20 pip poorer entry in the long. Now in sync with rules.
USDJPY: First long trade on 6th was correct. But while exiting I anticipated the close of the candle and got out too early, missing 80 pips eventually. The next trades was an attempt to catch the continuing move down, then changed my mind. Followed by a completely wrong trade long. Finally got in sync by going short, but similar to EJ the late entry was not helpful. Stopped out this morning (late NY session). The current trade long is as per the rules, hope it turns out profitable and confirms the validity of my rules.
GBPUSD: First entry short was correct but SL was wrongly placed ahead of 1.54. When I got stopped out by a spike I followed my rules and flipped long. But since the SL was wrong this long was also wrong. Finally got short again, but got stopped out in the whipsaw around Carney’s speech. Finally got a correct entry after the speech and recovered most of earlier losses. Now short as per the rules.
AUDUSD: First trade going short at 0.8901 doesn’t make sense to me now. Was totally against my rules, I don’t remember why I entered short. The second trade was long, and correct but I made an error at the exit, basically set my mental stop too close and exit too soon. Got stopped out of this second trade and entered long correctly which is doing very well right now, still open.
So overall, I probably built this up too much mentally and so got a bit impatient, anticipating trades in the yen pairs which have led to poor results there. Been reasonably good otherwise. The whipsaw in cable around Carney’s speech was unavoidable.
I notice that I’ve started watching the screen too much again, which often leads me to think too much and anticipate signals. I’ve got to try to relax, not get apprehensive.
I started out risking a bit more than I was used to in each trade, but have dropped it back to my comfort level.
At the moment I’m running about 8% down for the week; hopefully it improves before the end of today and gets +ve next week!