It has been a turn-around week for me. I've done as I wrote in last post. The result is that I think and do right decisions.

This week, I've done right decisions only. First trade ended up in loss though, because I wasn't at my computer and broker executed my pending order much earlier than I had set it - it was probably spread widening result due to the news that happened near my pending entry order. However I count it as right decision, with executing lesson - not to trust broker on entries and maybe set a bigger stop loss on scalp line trades.

The other two trades ended in profit. Targets were in right place, action was taken on the right time, execution was right, exiting was right. Really nothing more to say about those trades.

I haven't added any numbers nor pictures here in my journal lately. There is a reason for that. I feel like I owe too much to a person from whom I learn trading and most of the analysis is in sync with his. I don't want to be blamed on copying the analysis.

In the future, when I'm completely independent with my analysis and style, I will add those to this journal again. Until then, I'm continuing my journal at: www.forexfornoobs.com

It's been a few weeks now since I last took trades. One of the last trades that failed, is still open. I'm not going to close it and let it play out in whichever direction it finally decides to set on.

I've been learning and backtesting as I said. The results are mixed. What works on one pair doesn't necessarily work on another. The conclusion I've reached is that unfortunately I can't see any way to trade 10 different pairs and be successful on all of them using a method that works on one pair. So trading several pairs on daily charts is not an option.

I've analyzed my journal. What I see, is that I constantly try to find a method that gives me more trades and takes less time to pay attention to at the same time. This has lead to taking weak trades, doing no analysis and ignoring recommendations of experienced traders. It shows two aspects of my personality - one is impatience and the other is "have to try it myself, before I take your recommendations seriously". Well, while thinking for oneself is generally good, in this case, as being newbie, I'd better follow all the recommendations and make my own rules when I'm already successful at trading Forex.

I'm going to stop fooling around. I will take recommendations seriously and follow the analysis of experienced while thinking along to be able to analyze charts the same way. I will no more worry about profit or how much trades I get. If there is no trade, there is no trade.

Today I have set up my GBPJPY chart with proper SR and scalp lines. In the evening or in the next morning I will set limit orders since I can't be around during the day because of work. I will re-establish alarms during the times I'm near my computer (including nights).

In conclusion: no ignoring recommendations, no impatience, will do analysis before week start, stick to one pair and one method as recommended and forget about monetary results and concentrate on perfecting my trading.

Conclusion about 3 losing trades:

All were taken on trend analysis, not taken into account SR lines, only weekly chart as confirmation. I took trades that I thought could move after retracing on trend. Didn't pay attention to candlestick pattern, just if one candle was moving in the trend direction again after retrace.

Mistakes:

1. Not paying attention to patterns
2. Hindsight - no SR lines, no lines at all, even trend lines

Overall, I think the biggest mistake of all, that I've been doing over and over again, is not paying attention to patterns, just paying attention to overall movements. From here on, I will try and address this disability when taking trades. No trades in places I can't recognize clear pattern and CONFIRMATION candle (which may be optional, depending on the results of the statistics I'm about to make with testing platform).

I've taken a little time off because of making 3 consecutive losing trades. Overall, trading has not been profitable lately, so it's a problem that really needs attention. I've taken time to gather my thoughts, reanalyze my method(s).

As it's an off-job week and I have time, I'm learning again and planning to make trades with testing platform, writing down statistics about every single trade.

The statistics should include:

1. Currency pair traded
2. Candlestick pattern
3. Was the trade correct
4. Was SL in proper place statistically
5. Was TP in correct place statistically
6. Did the trade move in the right direction initially
7. Risk/reward ratio
8. Average right to wrong ratio
9. Average right initially to wrong initially ratio
   

I took 2 trades on the 17-th of January. Both resulted in losses -14,36 and -8,60. The first trade happened when I was asleep. The alarm woke me up at 3 a.m. The price didn't cross S/R line and after watching the graph for an hour I decided to set stop buy with stop loss of 50 pips and profit limit of 100 pips.

After 2 losing trades, I decided to take some time off. Didn't take any trades on Friday.

As of lately, I've come to an understanding, that I can't catch enough trades on normal hours because of work which takes most of my day leaving only 2 or 3 hours in the evenings. Waking up in the middle of night adds more stress.

Taking that all into consideration, I'm changing my time frame and add more currencies to trade. I will trade on 1 day chart and several non-exotic pairs. Although it's not advised to trade multiple pairs and change a strategy, once chosen, I really don't see any other way of doing this currently. Also this was the style that was working for me before I opened the real account.

This method means more risk as daily movements are bigger. However I try out and see what's reasonable. Risk level per trade should stay below 2%, having 3 trades at a time should be maximum.

I may start doing analysis with pictures for the pairs I plan to trade for the week in the beginning of the week. It all depends how much time it takes and if it helps me to keep track of my development or not.

GBPJPY
direction ------ long
time frame ----- 4h
account after -- 1445,27
entry ---------- 211.54
SL ------------- 210.85
TP ------------- -
exit ----------- 211.87
profit --------- 6,12
date ----------- 16 Jan
risk level ----- 0,90%
risk to reward - -

Reason for:
entry - Crossing of an S/R line plus a pivot point a little later with nice momentum.

Exited earlier than was my initial TP, because of price starting to stall near my initial target.

GBPJPY
direction ------ long
time frame ----- 4h
account after -- 1439,15
entry ---------- 209.36
SL ------------- 208.80
TP ------------- 209.68
profit --------- 6
date ----------- 16 Jan
risk level ----- 0,73%
risk to reward - 0,57

Reason for:
entry - Crossing of an S/R line.

This trade happened when I arrived home from work. Exited earlier due to irrational price behaviour near the targeted exit. The price reached the target later. Exit decision taken too early I think.