Currently I'm continuing my journal at www.forexfornoobs.com

Currently I'm continuing my journal at www.forexfornoobs.com

This is subject to change in far future. Until then, I'll keep it there.

Sunday, February 10, 2008

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.

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