[Hassam]

Last week I opened USDJPY long trade with a 10 pip stop loss. The stop loss got hit with 0.2 pip and then USDJPY rallied more than 400 pips. I could have easily gotten into the trade again when the stop loss got it. My placement of limit order was not good. I should place the stop loss at least 5-10 pips below the recent low so that the chances of it getting hit are reduced. I am thinking about making the stop loss 15 pip or even 20 pips. I will experiment more this week. Then I opened two quick revenge trades one on GBPUSD and the other on EURUSD and again lost 10 pips. I have now this trading plan I just need to win 4 trades out of 10 trades. The stop loss will be 12 pips and take profit will be 110 pips. This week we have GBP GDP m/m on Monday and USD CPI m/m on Tuesday two very important economic indicators. On Wednesday we have CPI y/y for GBP and PPI m/m for USD. So there can be a lot of movement in the market. I should overcome my anxiety and FOMO if I want to succeed as a forex trader and consistently start making pips. On Thursday we have NZD GDP q/q, AUD unemployment rate and USD core retail sales m/m. On Friday we have USD UoM prelim consumer sentiment. I think EURUSD, GBPUSD, AUDUSD, NZDUSD are long on Monday and USDJPY, USDCAD, USDCHF, AUDJPY, CADJPY, CHFJPY etc are short on Monday. GBPCHF is also short on Monday.

This week opened with a lot of opportunity. As usual I missed three good trades on Monday. These trades were EURUSD and GBPUSD long and USDCHF long. I would have easily made 300 pips by the end of Monday. I just kept on looking and couldn't figure it out but when EURUSD moved 100 pips and USDCHF moved 100 pips things became crystal clear in hindsight. I need to understand what is happening in real time. Later on in frustration I opened a long trade on EURUSD and lost it. Opened a long trade on USDJPY and recovered 10 pips loss on EURUSD. Then I opened two impulsive trades, one on GBPUSD short and lost it and then AUDUSD short and lost it. Early morning Tuesday I opened a GBPUSD long trade. with a 10 pips SL and then went to sleep. When I checked after 3 hours, the trade was on and price was going down. I closed it for 6 pips profit. Then placed a sell limit order on GBPUSD and cancelled it in time. If I had not closed the GBPUSD long trade it could have made 50 pips. I have to improve a lot. Just a reminder my target is 300 pips every week.

I was just watching USD CPI m/m release. EURUSD and GBPUSD both had fallen around 150 pips. I could have taken the trade as I was anticipating a big down move. It was evident from EURUSD chart. But after yesterday fiasco I was a bit shaky. In future I will have more experience. Now I should wait for a opportunity to go short on EURUSD, GBPUSD and long on USDJPY and USDCHF. All the pair have almost moved 200 pips now. I opened a USDJPY long trade with a 10 pip stop loss. The stop loss got hit. I could have easily taken a 10 pip trade on EURUSD or GBPUSD and made 150-200 pips. But I lack experience. I kept on looking at the charts when the bearish candle got made on EURUSD and GBPUSD. Once price fell 200 pips and went up 200 pips on USDJPY I tried to make an entry and lost. I should not be late in future.

Today I again opened a short trade on GBPUSD and got clobbered. I think I am losing because of FOMO. I should avoid trading M30 and H1 charts as they are unreliable and focus more on H12, H8, H6 and H4. I just need 3 trades with 10 SL and 100 pip TP to make my weekly target of 300 pips. I can make 10 trades and lose 6 trades and win only 4 trades and still make more than 300 pips per weekly. I could have easily covered my 300 pip target on USDCHF, EURUSD, GBPNZD, CADJPY, CHFJPY, NZDCHF. I should now focus more on the setup stop FOMO when it comes to trading. I think my main cause of losing is FOMO which is forcing me to open subpar trades. This week I made a total of 7 trades and lost 4. Two were breakeven. Dismal performance. The trades were EURUSD lost, USDJPY 10 pips, GBPUSD lost, AUDUSD lost, GBPUSD 5 pips, USDJPY lost, GBPUSD lost.

This is what I have done this week and what I did the previous weeks. I watch the chart and find a very good trade setup. I think of entering a trade. Then I become double minded and decided to skip it as I am not sure. When price moves and I find the trade that I did not take making more than 100 pips, Ii curse myself, lose my nerve and panic thinking of my weekly target of 300 pips I immediately open an impulsive trade thinking I am going to get back into the trade. I lose it. This unnerves me more.I open another trade and lose it again. I am always opening trade late when price have already moved a lot. I should overcome this habit of my mind. If I do I will be able to reduce my losing trades a lot. Instead of waiting, I should open the trade when I find a good trade setup. After all even if I lose it will be same like when I make a late entry.

[Hassam]

This is a big week. We have FOMC Meeting this week. It is expected that a big rate hike will take place in this FOMC Meeting. Recent CPI m/m report released last week moved the market alot as actual inflation figures were higher than expected. GBPUSD and EURUSD fell more than 200 pips on that single report release. In the morning a opened a GBPUSD short trade with a SL of 10 pips. After a few hours it closed it for 15 pips as it turned out to be not more than 50 pip move. I think GBPUSD and EURUSD will be long soon. I am waiting for the confirmation signal. In the today trade I could have taken 20 pips more profit but I got emotional and closed the trade thinking that it is better to close it in profit than let the stop loss get hit. I need to improve.

Tomorrow is FOMC. After that the very next day we have host of economic releases like JPY Monetary Policy Statement, CHF Monetary Policy Statement and GBP Monetary Policy Statement. Right now all pairs are not moving much. Most probably every one is waiting for the FOMC Meeting Minutes release and then the next day economic news releases. FOMC Meeting is taking the toll on the market. Everyone is anxiously waiting for the FOMC Meeting news release later late this day. Yesterday I again missed a very good GBPUSD short trade with 10 pip stop loss. As usual after missing this trade, I started feeling frustrated and saw a bearish candle on USDJPY and placed a sell limit order on it. After 10 hours today when I checked the sell limit order was not triggered yet. So I deleted it. Now I see USDJPY moving past the stop loss so it would have been a losing trade. I should focus on trading psychology more and practice more. I should open 5 star trades. I had just placed a sell limit order on GBPUSD just now but then deleted it as GBPUSD is showing a triple bottom pattern forming. Let's see what happens on this FOMC Meeting.

FOMC Meeting is still 5 hours away. High volatility is expected on FOMC Meeting news release. It is expected that Federal Reserve is going to raise interest rates by 0.75% or 75 basis points. I have missed 4 very good trades. EURUSD short, GBPUSD short, GBPJPY short, EURJPY short. I could have easily made my weekly target of 300 points with these 4 trades. All currency pairs are correlated. When EURUSD falls, EURJPY most of the time follows. Similarly when GBPUSD falls, GBPJPY follows. If I miss the GBPUSD trade, I could take the GBPJPY trade. I should remember this. I should also remember that missing a trade is the same as losing. So in fact I have lost 4 trades this week. I need to master trading psychology as I think this is the key to the success in trading.

Another week of missing great trades. Yesterday FOMC Meeting caused volatility and whipsaw. Today SNB announced rate hike of 75 basis points which caused USDCHF to shoot up 200 pips. It could have been a every easy 10 pip SL trade. BOJ has intervened heavily and USDJPY is falling sharply. BOJ intervention is pretty common now. USDJPY was going close to 146 level when BOJ decided to intervene. I look at the trade setup and then ignore it. Later when the price has moved a lot I start feeling frustrated and try to open impulsive trades. I need to overcome this psychological problem. Instead of losing later on suboptimal trades when I see a good trade setup I should open a trade and don't fear losing.

Now SNB hiked the interest rate by 50 basis points. The market wanted 75 basis points. USDCHF is shooting up as CHF is losing value the exact opposite of what SNB wanted. Just look at the chart and trade the trade setup. Don't make the mistake of thinking that the rate hike is going to appreciate the currency.Same thing happened with GBP. BOE raised the rate by 50 basis point. Market wants more. So GBP is going down as before. BOE has failed also. In the morning, BOJ said no rate hike things will stay the same but then after a few hours suddenly decided to intervene in a big way and buy JPY. This was sudden and market was shocked. Just focus on the chart and trade the chart pattern. Never forget to put the stop loss before you enter the trade.

This week was full of wonderful trading opportunities. As usual I missed all of them. Yesterday I decided to call it a day and trade next week. Today GBPUSD has fallen more than 300 pips in a single day. EURUSD has fallen 200 pips and there are still some six hours before the Friday close takes place. This week was great. FOMC Meeting set the stage followed by BOJ, SNB and then BOE. Almost all the major central banks had their monetary meetings this week. I need to improve a lot in trading if I want to succeed as a trader. In hindsight these trades look so easy. But in real time when I try to trade I lose all the trades. There is something missing in my trading process. I need to figure that out. Afterwards it looks so easy but you try it to you lose. What's the problem? GBPUSD is falling like a stone. Now I have always thought of sticking with 10 pip SL and 100 pip TP. Even if I had the trade, I would have missed 300 pips and only taken 100 pips profit. How to solve this problem?

[Hassam]

Today is Sunday. Next week starts tomorrow. EURUSD, GBPUSD are bearish. I will be looking for short trade on EURUSD and GBPUSD on Monday. Regarding my question if the market moves 300 pips in a day. I think I should stick with my trading plan of 100 pips profit. Market does not move 300 pip often. It can happen once in six month. I should just stick with my trading plan of making 300 pips per week. Each trade will have 10 pip SL and 100 pip TP. If I can anticipate that the market is about to move more than 200 pips, I can use a TP of 200 pip. Otherwise I should stick with 100 pip TP. I should focus on making 300 pips and then if I believe that the price can move more than 200 pips, I can put a 200 pip TP. Now as said before, 200-400 pip movements are not common. These type of movements happen in months. I should not look for these type of movements everyday. Nothing hurts me more than a trading opportunity recognized but missed because of self doubt.

This is Monday. Today the week started with a big bang. EURUSD fell 200 pips in 2 hours and then recovered the next hour. GBPUSD fell more than 400 pips and then has recovered. I was not able to take advantage of this move. When in the morning I checked the charts, EURUSD and GBPUSD were about to make this big move. But I was just in half sleep mode and didn't pay much attention. This is another good tradiing opportunity that I have missed as usual. I need to get serious now. Yesterday was a great day and I missed it completely. Today I opened a NZDUSD short trade on a bearish H4 candle. When the trade was 6 pips in loss, I closed it and opened a EURUSD buy trade with a 10 pip SL. Take profit is 110 pips. I have checked EURUSD volume chart on NinjaTrader and I think it is going to go up. But nothing is certain in trading. I should go for 60-70 trades as well as 100-120 trades and complete my weekly 300 pips profit target. I should also close half the position when the 100 pip profit target is achieved and let the other half go for 150-250 pips profit.

EURUSD stop loss has been hit. I could have closed the trade for 20-30 pip profit but I had closed the computer. I have two losing trades now NZDUSD and EURUSD. According to my trading plan I can make 10 trades in a week. I just need to win 4 trades. Stop loss is 10 pips and take profit is 100 pips. Let's see if I can implement my trading plan.

Today Bank of England intervened heavily and tried to drive up GBP. But it seems to have not worked. Today is Wednesday. BOE was concerned on margin calls for bond investors most of them being pension funds. So it intervened heavily. GBPUSD shot up 1.08 and then fell down to 1.055. So the intervention is being questioned. I didn't have any idea that BOE plans to make an intervention today. Later when I saw the big candle with big wicks, I checked forex news blogs and came to know about it. Today I again missed a very good 150+ USDCHF short trade with 10 pip SL and a EURUSD 100 pip long trade with 10 pip SL. Then there is a very good AUDUSD long trade with 120 pip profit and 10 pip SL. I have again missed very good trading opportunities. There was another good NZDUSD long trade with 100 pips profit and 10 pip SL. Yesterday I opened a bad NZDUSD trade and then closed it. After that I opened a bad EURUSD long trade and again lost. Today I missed very good trading opportunities. I need to focus more on trading on daily basis. There was two good long trades on AUDJPY and NZDJPY.

Today is Thursday. Another EURUSD long trade lost. Now I have 3 losing trades in this week. But there is good news too. I have been thinking and thinking hard how to improve my entry techniques. This is what I have experienced. The trade goes off and I keep watching not knowing how to make an entry. Now I think I have figured out how I am going to make an entry and even if I did not enter the trade initially, I will be able to make an entry and don't miss a good trade. I will be using lower timeframes to make the entry. This is what I had been observing. The close of H4, H6 can be a good entry as I have seen many times when price goes only 1-5 pips below/above the close and then the momentum takes the price in the direction that it had been moving earlier. So hopefully with this new method I can overcome FOMO and avoid making a premature entry when things are not clear. Instead now I am make an entry when the things have become more clear. The good thing this time on losing the trade, I didn't get unnerved and didn't tried to open an impulsive trade soon. I should plan a trade and if I lose it I shouldn't look for revenge trades. The first two trades this week were bad trades. First trade was a bad impulsive trade. When I lose NZDUSD trade, I immediately opened a EURUSD long trade in revenge and lost that too. This time when I lost EURUSD long trade, I didn't try to open a revenge trade.

[Hassam]

Today is the start of the new week. In the morning I got up at 2:30 AM in the morning and half sleepily looked at the charts. Around 10 AM I opened a GBPUSD short trade and lost 10 pips. This was the time when the UK Chancellor of the Exchequer announced the scrapping of tax cut program. GBPUSD was going up. But I had no idea that this is the time when UK Chancellor Kwasi Kwarteng has scrapped the tax cut mini budget. GBPUSD shot up 250 pips in the next 4 hours and then fell down. So I completely missed that trade. I should look for a good live forex news squawk. But I have made 30 pips on NZDUSD buy trade. I closed it when I looked at the chart and saw a reversal pattOepern forming. It is always a good idea to take profit and wait for the next chance.

Today in the evening have ISM Manufacturing PMI. Tomorrow we have AUD rate announcement and USD Jolt Opeings. CHF CPI m/m didn't made CHF move much as the report was good. On Wednesday we have NZD rate announcement and USD ISM Services PMI and on Friday we have NFP report.Now regarding my GBPUSD lost trade. This is what I should do in the future. I should look at GBPJPY, GBPCHF, GBPCAD, GBPAUD and GBPNZD all GBP pairs and decide if I should have a long trade or a short trade. I closed NZDUSD trade prematurely. I could have taken 70 pips profit. I should now focus on profit taking also. I have missed trades on GBPUSD, GBPCAD, GBPJPY, GBPCHF, GBPAUD, GBPNZD. II should focus on GBPJPY, GBPCAD, GBPAUD and GBPNZD as they have $6-7 for 1 lot 1 pip value. This way I will be able to reduce trading risk more. After 30 minutes we have ISM Manufacturing PMI. I have missed many good trades today. I closed NZDUSD trade prematurely and missed the 100 pip target. There were 2 very good long trades on GBPUSD and GBPCHF. There was a good short trade on USDCAD. I could have taken a very good long trade on GBPJPY. I should focus on my 300 pip target per week with low risk. EURCHF also had a very good 100 pip trade. So in nutshell it could have been a 1000 pips day.

Yesterday on Monday if I had opened long trades on AUDUSD, NZDUSD, GBPCHF and a short trade on USDCAD, I would have easily made 400 pips and my weekly target of 300 pips would have been achieved. Yesterday CADCHF and CADJPY would also have given two good trades. Today on Tuesday I again missed trade on GBPUSD and GBPCHF. As usual when the trading opportunity comes I am just looking at it and doing nothing. I need to overcome it. The solution I have thought is to check the charts after 2 hours especially before 30 minutes of each 4 hour candle close. This way I will be able to stop missing the trade setups. I should look for price hitting SMA50 on the different charts.

Today on Wednesday, I missed good trades on NZDUSD, USDCAD and USDCHF. Today morning NZD rate statement was scheduled. I could have taken this NZDUSD buy trade and made 140 pips profit easily. Now I am saying with hindsight because if RBNZ had made rate increase less than anticipated, it would have been a bad trade. I need to focus more and avoid missing trades. Missing trades is just like losing trades according to my thinking. I opened a EURUSD sell trade on the close of H4, H6 and H12 candle. The stop loss was 10 pips. I closed this EURUSD short trade on 40 pips profit which looks like an early take profit habit that I have also developed due to losing a lot of trades. As I reduce my losing trades, I will be focusing more on letting the profits run and taking good profit. I could have closed this trade for 70 pips profit easily. If I had taken GBPUSD trade, I could have easily made 100 pips profit. I am now focusing more on losing less and less. As I reduce my losing trades I will also focus on taking at least 100 pips profit according to my trading plan. EURUSD and USDCHF move in opposite direction. If USDCHF is trying to move up, it means EURUSD will move down. I should take currency correlations into account when looking at the charts. GBPUSD has fallen more than 200 pips. I could have easily taken GBPCHF trade as well with a 10 pip SL. This week my both trades NZDUSD long and EURUSD short could have made 120 pips profit easily. But I closed them very early. I need to focus on entry as well as exit.

Today is Thursday. Tomorrow is Friday and NFP day. Today I had to go and visit my sister. She is admitted in a hospital. I missed a good GBPUSD short trade with 10 pip SL. Yesterday also I had missed good short trades on GBPAUD and GBPNZD. I have to overcome my missing. I had been missing the big moves. In front of my eyes, price will start moving and I had no clue how to make entry. Now I have refined my entry methods and I think I will be able to make entry even if I miss the trade initially. GBPUSD has again fallen 200 pips today. I could have taken this trade. I was looking the chart. Price was facing resistance on SMA50 H1 chart. But on H2 it looked like price had found support on SMA50 a few candles before. So I procrastinated and didn't take this trade.

Yesterday was Friday and NFP day. GBPUSD fell around 150 pips. I didn't take the trade. As usual I just kept looking on the charts with a view to educate myself for future NFP Trading. I could have entered into a trade with a 10 pip SL and made 120-130 pips easily. It looks easily in hindsight. On Thursday I had missed a very good GBPUSD short trade that could have made 240 pips with 10 pip SL. USDJPY is again inching towards 146 level. Let's see if BOJ again intervenes when it gets close to 146. In the last few months USDJPY had been giving very good trades but last week and this week that just ended I didn't trade JPY pairs as they have started ranging due to BOJ intervention threats. This week has ended. My performance has not been very good. But at least I won two trades and recovered my losses. For the last two weeks. I was too quick to close the trade and didn't let the trades run. Both trades could have easily made 100 pip profit each. Instead I made 30 pips profit each. I have to focus on letting the trades run and not close profitable trades too quickly. On Friday EURCAD could also have given a low risk 70 pip trade.

I am thinking about using the Plateau Money Management System as suggested by John Carter in his book Master the Trade. This is what I will do. I start with $100. Each week I make 300 pips. 10 trades per week out of which at least 4 should be winner. I will risk 2% per trade. Every two week I will double to amount. So in one month I should have $400. In second month it should be $1600. I withdraw $1000 and start again with $600. In one month I have $2400. I withdraw $1200 and start again with $1200. In one month, I have $4800. I withdraw $2400 and start again with $2400. In one month I have $9600. I withdraw $4800 and start again with $4800. I one month I have $19600. I withdraw $9600 and start again with $9600. In one month I have $38,400 and I withdraw $9600 and so on. This way I can make a living on my forex trading income.

[Hassam]

Today is Monday start of a new week. I am looking at the charts. Today there is no important economic news release. On Tuesday also there is no important economic news release. On Wednesday we have GBP GDP m/m and USD PPI m/m and FOMC Meeting Minutes. On Thursday we have CPI m/m USD and on Friday we have USD Retail Sales m/m and UoM Prelim Consumer Sentiment. Right now EURUSD and GBPUSD are ranging and there is no clear signal. Today once again I have missed a couple of trades. There was a good USDCHF long trade that could have made 50 pips by now. Then there was a good GBPUSD short trade with a limit order that could have made 70 pips and there was a good AUDUSD short trade that could have made 90 pips by now. EURUSD short trade could also have given 50 pips. So I could have made 250 pip today. I should not wait for 100-200 pips move. Waiting for 100-200 pips move can take a few days. I should go for 50-100 pips and 100-200 pips whatever works. Making 50 pips per trade with a 10 pip stop loss should be acceptable to me. Of course making 100 pips with 10 pips is better.

I opened a EURUSD short trade late night. Today I checked it and the stop loss has been hit. I looked at the charts and EURUSD looks like short again so I have again opened a short EURUSD trade. This is the first trade I am losing this week. I have to make 300 pips this week. Yesterday I missed 100 pips AUDUSD trade. I usually avoid trading USDCAD, USDCHF, NZDUSD and AUDUSD and focus more on EURUSD and GBPUSD. I should trade all the major pairs and remove my shyness trading AUDUSD and NZDUSD. I opened another EURUSD short trade and closed it for 7 pips loss. After that I was tempted to open another EURUSD short trade and the stop loss got hit. So I have lost 3 EURUSD short trades by now. I should avoid opening a new trade. I need to avoid revenge trading. The three short EURUSD trades that I made were bad trades. In the morning I missed AUDUSD and GBPUSD short trades. I started feeling frustrated and that compelled me to open a EURUSD short trade. When that trade hit stop loss. I again opened a EURUSD short trade thinking that a breakout in the down direction is imminent. I lost it and the third trade was also in anticipation of a breakout in the down direction. Now it seems EURUSD is planning to go up. I just need to make 300 pips per week. As said, even if I have 50 pips profit I should accept it as a good trade. I can make 10 trades in one week. I only need to win 4 trades to make more than 300 pips with a 10:1 reward/risk ratio.

Last night I saw a chart pattern on H1 GBPUSD that indicated that after gaining around 150 pips GBPUSD is about to move down. I didn't pay attention to Economic Calendar where Bank of England Governor was supposed to make an important speech after one hour. I had already exhausted my mental capital in making three very bad EURUSD short trades. I had made these EURUSD short trades without any planning and in haste out of frustration. So I decided to let go the GBPUSD short trade. Today I checked and GBPUSD had fallen more than 250 pips on aggressive statement made by BOE Governor. Today was GBP GDP m/m. I again ignored it and there was a good long signal on GBP pairs. I could have again made 100-150 pips. This was a market knee jerk reaction to Financial Times report that BOE is extending its bond purchase program. As usual I again missed it. The lesson is making bad trades and losing them drains your mental capital and when the good trading opportunity comes, you simply decide to miss it as you have lost 3-4 trades in a row. I should avoid losing trades as much as possible. In the evening we have USD PPI m/m and FOMC Meeting Minutes. I just need to make 10 trades per week out of which 4 should be winners. But I should try to win at least 5-6 trades out of 10 trades. GBPJPY has moved a lot. It could have given a good 250 pips trade with a small stop loss. I missed it as usual. USD PPI m/m didn't move the market much as the actual and the forecast data were exactly the same. After few hours we have the FOMC Meeting Minutes and then tomorrow is the day of USD CPI m/m. The thing missing was the catalyst. These chart patterns only only work when there is a catalyst behind them that moves the market. I need to focus on the catalyst more now. This was the missing link due to which I was losing trades. I hope I have found the missing thing.

Last night, FOMC Meeting message was clear. Inflation is rising and FED will do everything to tame it. So everything depended on today USD CPI m/m and as usual core CPI was way above the forecast. All USD pairs fell more than 100 pips. Just a few hours before the USD CPI economic release, GBPUSD had started rising on British Government announcement that it will rethink the mini budget. So today there were very good trades on GBPUSD, GBPCHF and GBPJPY. I missed them all as usual. Losing three trades on Tuesday just has drained my mental capital. I need to learn how to keep trading despite taking a few losses. First USD pairs fall and then they recover and move up bang. Amazing. I should avoid using market orders. Instead I should use limit orders. I have been using market orders despite the fact that I want to stop using them and use limit orders. I should only use limit orders. The last three trades that I had lost were entered using market orders. Market orders encourage impulsive trading which always results in bad trades.

Friday also had a few good trades especially GBPUSD short trade with small SL and 100 pips profit. I missed this trade as usual. Today UK Chancellor of Exchequer got sacked. GBP didn't react much. US Core Retail Sales were good and UoM Prelim Consumer Sentiment is also good. USDJPY is back in action and trading above 148 level. BOJ had intervened last month when USDJPY tried to go above 146. But this time there is no intervention from BOJ. Maybe BOJ will again intervene suddenly. There were good trades on NZDUSD and AUDUSD as well as AUDCHF and NZDCHF. As usual I missed them. Next week I should be more focused and avoid distractions like reading websites and watching videos. I just need to focus on the charts.

[Hassam]

New week has started with a GBPUSD short trade hitting stop loss. Today GBPUSD opened with a big gap of almost 70 pips. A bearish candle formed on H4 and I placed a sell limit order 5 pips below the high of that candle. Stop loss got hit. If I had placed the sell limit order just 1 pip below the high of H4 candle, most probably the stop loss would never have had been hit. Now I have opened a EURUSD short trade with a market order. Let's see if it survives. EURUSD short trade stop loss hit. So I have started this week with two losing trades in a row. Both these losing trades are examples of C-Game errors. C-Game errors are caused by strong emotions. Today we have USD Empire State Manufacturing Index in the evening. Tomorrow early morning we have NZD CPI q/q and AUD Monetary Policy Statement. On Wednesday we have GBP CPI y/y and CAD CPI y/y. As usual both these short trades were impulsive trades. I didn't think much and just opened the trade by looking at H4 timeframe. I should at least give a trade setup 10 minutes from now on before I decide to open a trade. I should look at all the different timeframes not just one before I open a trade. I should look if the price is above SMA50 on M15, M20, M30 then I should not open a short trade. I should wait for the price to go below SMA50 first before I open a short trade. If the price is above SMA50 then logically I should open a long trade. I should from now on meticulously follow this rule. Before opening a trade I should analyze the different charts from M5, M10, M20, M30, H1, H2, H3, H4, H6, H8, H12 and D1 on that pair for at least 10 minutes and only then feel convinced to open the trade. Both EURUSD and GBPUSD were long. I need to analyze the charts for at least 10 minutes before I enter a trade. It could have been an easy GBPUSD long trade with 10 pip SL and 120 TP. GBPUSD has climbed more than 200 pips on the news that the new UK Chancellor of Exchequer has a new plan that includes reversing the previous plan this means scrarpping all planned tax cuts. Another losing day for me.

Yesterday, we had NZD CPI q/q and AUD Monetary Policy Statement. I didn't trade yesterday. Instead I spend my time in developing an Auto Regressive Long Short Term Neural Network that can predict the next 24 candles. I think if this DNN can give good predictions over the next few hours, I can reduce my losing trades. Today there was GBP CPI y/y and in the evening we have CAD CPI m/m. GBPUSD has again fallen around 100 pips. Yesterday also it had fallen around 100 pips. Today I opened a NZDUSD short trade and as usual closed it early for a profit of 10 pips. What of talk of taking 100 pips profit. Trades where I make 10-20-30-40 pips profit, I can use to fund my A-game trades that make 100-150 pips. So I wont count this trade for the week. I still have 2 lost trades with me. I need to improve my game. Before I only wanted to take 100-150 pip trades. I should take whatever trade comes even if I mae 10-20-30-40-50-60-70 pips. You never know how much the price moves. I can use these trades to fund A-game trades that make 100-200 pips. As usual I ignored A-game trades on GBPUSD and GBPJPY and instead chose a subpar trade on NZDUSD. I need to improve on this as this habit is repeating week after week and I have been writing about it in the trading journal for the last few weeks. I am focused on EURUSD and GBPUSD more and avoid USDCAD, USDCHF, USDJPY, NZDUSD and AUDUSD. I need to trade these pairs as well.

Yesterday on Tuesday I was obsessed with with building a deep learning neural network thinking maybe it might improve my trading. I missed very good trades on EURUSD, USDCHF. Whenever EURUSD buy, USDCHF will be sell and when EURUSD is sell and USDCHF will be buy. Now EURUSD is sell and USDCHF is buy. I find it difficult many times to find in which direction EURUSD will move. I should check USDCHF if it is moving down, it means EURUSD will move up. I should make 10 trades each week and win at least 5 out of those 10 trades. I should forget thinking about DNN and instead focus on the way I am trading and improve upon it. NZDUSD was a poor trade. The pattern continues I ignore good trade setups and when I miss them I feel frustrated. Then I open subpar G-game trades like the NZDUSD short trade that I opened today. I was lucky the stop loss didn't get hit. Most of the time I ignore good trade setups and hesitate in opening a trade. I need to overcome this habit. Decision to close this subpar NZDUSD short trade was correct. I have yet to make a A-game trade in the many weeks. I should focus more on making an A-game trade. Every H2, H4, H6, H8 and H12 bar is a potential signal. I should focus on looking at the charts and avoid distractions.

As usual I have missed a very good trade setup on EURUSD. It could have been a EURUSD long trade with a 10 pip stop loss. The problem that I am facing is I am unable to identify trade setups in real time. Later on when the price has moved and I look at the charts, I find the trade setup very clearly. But in real time even if I find the trade setup, I become a victim of self doubt and ignore the trade setup. There was also a good trade setup on NZDUSD and AUDUSD. Both had good long trade setups. I just missed these three trade setups. Right now the profit is 50 pips. Just 30 minutes back USD Philly Fed Manufacturing Index was released and all the USD pairs showed violent reaction. EURUSD, AUDUSD NZDUSD and GBPUSD are now retracing. Looks like retracement to me. I need to focus on making 10 trades in a week. I should win at least 4 trades out of these 10 trades in a week. This is my trading plan. Monday, Tuesday and Wednesday are days that have many trading opportunities. There are trading opportunities on Thursday and Friday as well, but I can achieve my target of 300 pips in the first three days of the week.

Thursday and Friday had a lot of movement. GBPUSD first went up. As usual I missed it. Then it went down 250 pips. I again missed it. I found that USD Index is very helpful in predicting USD pairs. In future I plan to look at USD Index, EUR Index and JPY index more. If I had looked at USD Index, I would have taken the GBPUSD short trade. On Friday, BOJ finally intervened and USDJPY fell more than 500 pips. It could have been a great trade as well after the close of H1 candle. This week has ended once again with dismal performance. I made three subpar trades without much thinking and planning. I am unable to identify the trade setup in real time. Once price has moved a lot then I am able to spot the trade setup. This is the problem that I am facing and I have not learned how to spot the trade setup in real time. I need to focus more and avoid distractions during trading as I think this can be one of the causes. Next week I should perform better. I will make 10 trades next week and I should win at least 4 trades that make 100+ pips. This is what I should repeat every week from now on. From next week daily I should write premarket and postmarket analysis. This is my main problem. Most of the time I fail to recognize a good trade setup in real time. Once price has moved I spot the trade setup but it is often late. When I have opened a trade and it is going in profit I close the trade early and take profit for something like 20-30 pips. Later on I find price moved 100-200 pips. I need to focus on my these two major weaknesses. Before opening a trade, I should analyze the charts for at least 10 minutes.

[Hassam]

Monday morning started with USDJPY going up 200 pips then going down 400 pips and then again up 300 pips. BOJ has intervened again to punish the speculators. But BOJ is refusing to accept or deny a intervention. I am looking at the charts. GBPUSD has opened up with a huge gap and retracing. BOJ intervention didn't help. I missed good trades on AUDUSD and NZDUSD both could have given 70 pips. GBPAUD could have given 200 pips trade. Now as usual I have missed these trades. One reason is last week I had opened NZDUSUD short trade but price didn't fall much. So this week I thought why waste my trade on NZDUSD and AUDUSD. Another good trade that I missed is USDCAD. But I was sleeping at that time when the trade setup appeared. I need to open a trade when there is a good trade setup. If the price doesn't move much I should close the trade but I should not miss the trade. My mistakes so far. I cannot identify trade setups in real time. I am afraid of losing all the time. This causes me to hesitate opening a trade. I should focus and stick with my weekly trading plan of 300 pips per week meaning 10 trades out of which at least 4 should be winners. Each trade should have a 10 pip SL and 100+ pip TP.

Last night I opened a USDCHF short trade. Today morning I closed it for 20 pips profit as I thought the price will go up. Then I got double minded and again opened a short trade on USDCHF. I closed it for 8 pips loss. Now I have opened a EURUSD short trade. Again a dud trade. I closed it for 15 pips profit as price is going up. You never know how much price is going to move if price doesn't move in 4-8 hours than it is wise to close the trade and look for a new trade. USDCHF trade I lost because I opened it earlier. I should have waited for the close of H4 candle at least. EURUSD long trade stop loss hit and then EURUSD starts moving up. I could have made a better entry on EURUSD. I have opened a NZDUSD long trade now. This trade made 30 pips. I was late in making an entry. Making a late entry shaved 30-40 pips. I also missed a very good GBPUSD trade that could have made 200 pips. I have made 5 trades by now. I have lost 2 trades and three trades had profit less than 50 pips. As I had said earlier I wont count trades that had profit less than 50 pips. So I have lost 2 trades and I need to make a few good trades that have 100+ pips profit. Today I could have made 200 pips profit with GBPUSD but I missed it completely. EURUSD could have given 100 pips and USDCAD could have given 80 pips. I missed them. But at least I have not lost all 5 trades. I lost only 2 trades.

Yesterday I managed to make a few pips but missed all the big moves. I missed a big GBPUSD long trade that could have made 200 pips. I missed EURUSD long trade. USDCAD short trade. I also missed GBPJPY long trade that could have given 200 pips and USDCHF short trade that could have given 80 pips. So I missed all the big moves but managed to make 30 pips. I need to focus on capturing the big moves with 100+ pips per trade.I have missed all the big moves. Today also GBPUSD, EURUSD, AUDUSD, USDCHF, NZDUSD and USDCAD have made 100+ pips move. I missed them all as usual. I was just not focusing on the charts that much. I need to focus more and avoid distractions. On Monday I missed all the big trades. On Tuesday I made 5 trades but missed all the big trades. On Wednesday I once again missed all the big trades. I should make 4 trades daily from now and try to catch the big trades. This way I will be forced to find trade setup in real time. Tomorrow is a big day. Tomorrow we have ECB Monetary Policy Statement day. EURUSD and other pairs can be volatile tomorrow. Just 30 minutes later we have BOC monetary policy statement. A rate hike is expected. USDCAD is expected to fall.

Today nothing happened. ECB monetary policy statement was as expected. I didn't open a new trade. I have to open 4 trades daily. I missed EURUSD and GBPUSD short trade and USDCHF long trade. I also missed AUDUSD and NZDUSD short trades. So I missed all 4 trades. I have changed the original trading plan of 10 trades in a week. Now it is 4 trades daily. Why I changed it? I should trade daily. Even if a trade makes 50 pips and I win 3 trades it means I make 140 pips. This is better because we cannot predict how much the market is going to move when we open a trade. There were good short trades on EURJPY and EURCAD. I should focus and daily make upto 2-4 trades. Today is Friday and once again I have missed good trades on EURUSD, GBPUSD, NZDUSD and AUDUSD. Whenever we have a long trade on AUDUSD we should check for a short trade on GBPAUD and whenever we have long trade on NZDUSD we should check for a short trade on GBPNZD. This week has ended with poor performance. Next week I should do better. I need to make 3-4 trades daily and only focus on trading.

[Hassam]

Today is Sunday. Tomorrow a new week start. What is my trading plan for the next week? My trading plan is simple. I will make between 3-4 trades daily. Monday is an important day and I hope to get good trade setups tomorrow. Today is Monday. There is no major economic news release. There is EUR CPI Flash Estimate y/y and Prelim GDP q/q. I opened a EURUSD short trade with 10 pip SL and closed it for 40 pip profit as I thought price is now planning to go up. As I said I should make 3-4 trades daily. I am thinking about opening a GBPUSD short trade. I didn't open it. I missed this easy GBPUSD short trade and instead took EURUSD short trade and closed it early. I could have easily made 100 pips with GBPUSD short trade. Tomorrow we have AUD Rate Statement. In the evening we have ISM Manufacturing PMI and JOLTS Job Openings. I missed a good trade today. Tomorrow I need to be more vigilant.

I opened EURUSD and GBPUSD short trades. I closed EURUSD short trade for 8 pips loss and GBPUSD for 3 pips loss. Now I have opened a GBPUSD long trade. GBPUSD long trade SL has been hit. First it went 50 pips in profit and then price fell and hit the stop loss and I was away from my computer jogging. The pattern continues. One winning trade and then a 3-4 losing trades. I need to come out of it. I lost these trades because I opened them earlier. I should have waited for the H4 candle to close before opening the trade. I missed a good USDCHF short trade. I need to stay focused. If I have a win, I should control myself and avoid making sloppy trades. I also missed a good USDJPY short trade that could have made 150 pips. Yesterday was a sloppy trading day.

Today is FOMC day. I had opened a EURUSD short trade but closed it when it got closed to stop loss. It was a sloppy trade. I have now opened a GBPUSD short trade. First I decided to use a limit order. But then decided to use a market order. Using a market order is a bad habit. I daily repeat that I should avoid using a market order. But when I see the price moving I have this tendency to open a market order. I need to overcome this habit. I have closed GBPUSD short trade for 1 pip profit. Both these EURUSD and GBPUSD short trades were sloppy. Once again I violated my rules and used market orders instead of limit orders. This week I have made 1+3+2=6 trades by now. I won the first trade and made 40 pips. However I had closed the trade earlier instead of letting it run and reach 100 pip profit. Then I lost 3 trades and today I have again lost EURUSD short trade and closed GBPUSD short trade for breakeven. My performance is very poor upto now. I will daily make at least 3 trades and my weekly target is at least 300 pips. This is my trading plan. Today we have ADP Non-Farm Employment Change and then late in the night we have FOMC and Federal Fund Rate. I made 2 trades and I can open another trade if I have a good trade setup.

Yesterday I was ambivalent so I closed all trades. I had closed GBPUSD trade when I found that it was 0 pip in profit. I panicked and closed it early. I could have made 60 pips profit. At the time of FOMC Meeting the market went up rapidly and would have hit the stop loss. Then it went down like a stone. Currency market is all emotions. In 30 minutes market goes up rapidly then you will find it dropping like a stone in the next 60 hours. I could have traded the FOMC meeting. Once the news it out it is always less risky to trade economic news. I could have used 15 and 5 minute charts for that. With experience I will do that. On FOMC day I should avoid trading USD pairs. GBPJPY gave a very good short trade and as usual I missed it. I opened a EURUSD short trade and closed it for 60 pips profit. As usual I think I have closed it early. I closed it early because I had lost the last 4 trades and didn't want to lose the profit. I missed the big GBPUSD short trade that could have made more than 150 pips. I need to improve my trading performance.

GBPUSD trade could have made 300 pips. I keep missing the big moves. I should focus more. I know it is difficult to predict how much price will ove. USDCHF also had a good 10 pip SL long trade that could have made 120 pips. Today is NFP report day. I think I should not trade today as the market can whipsaw at the time of NFP Report release. All USD pairs whipsawed on the release of NFP Report today even though the report was positive. First EURUSD went down then it started going up. I didn't trade NFP Report today. I missed a good USDCAD short NZDUSD and AUDUSD long trades today. GBPAUD, GBPNZD and GBPCAD also had very good trades that I missed. I have to overcome my habit of missing and avoid distractions during trading.

[Hassam]

Today is Monday a new week has started. Today and tomorrow there is no important economic news release. On Thursday we have USD CPI m/m which will determine FED rate increase in December. I opened GBPUSD long trade. The trade was correct but the stop loss got hit. Price went down 30 pips below the stop loss and then shot up more than 200 pips. I have to make 3 trades daily. Today I made one trade on GBPUSD long and lost it. I am not making more trades as tomorrow I have to travel and go to another city. I should have focused more today before making the trade. I need to practice more. Daily I should make 3 trades and win at least 8 trades which gives a winrate of 53%. As usual this trade was not well planned. Before opening a trade on a USD pair I should look at all the USD pairs. This will give a better picture of market movement. I should also wait for the close of the H2 candle. In this case the candle closed and there was a clear bearish signal on M30 and M20 but I ignored it. I should also look at USDX chart M5, M15, M30 and H1. After losing the first GBPUSD long trade, GBPUSD gave another 100 pip trade that I missed. GBPJPY also gave a good 200 pip trade that I missed. GBPJPY long trade stop loss had little chance to get hit.

Yesterday I was traveling so there was no trading. Today is Wednesday. I opened a EURUSD short trade. Direction was correct but stop loss got hit. Shorting GBPUSD would have made 150 pips. I have to show better performance this week. I have already lost two trades. I need to make the next two winning trades. I made both these trades without much thinking. I should always open a trade after careful thinking. Once I open a trade, I should watch the chart after each hour and if I think stop loss can get hit I should close the trade. This step might save 5 pips which I can use for another trade. I have missed many good trading opportunities this week that could have made me 300+ pips easily by now. There were very good trades on USDCAD, USDJPY, GBPCHF, GBPCAD etc. As usual I missed them all.

Today the CPI m/m report showed that October inflation figures have decreased. This was a huge rally in all USD pairs. I didn't open a trade. But when I saw the rally I entered a GBPUSD long trade on M1 and made 25 pips and recovered the loss of two trades that I had suffered. I could have made around 50 pips easily. But I was lacking experience and not confident. If I had traded this CPI m/m , I could have made more than 200 pips on GBPUSD. I missed the big move as usual. Now this is what I will do next week. I will make 3 trades daily. This makes 15 trades in a week. I need to win at least 8 trades out of which at least three trades should be 100+. From the start of this week, it was in financial media that USD CPI m/m would be very important this week as it determine the FED rate increase next month. I made two bad trades without much thought and lost them this made be cautious and I didn't trade USD CPI m/m. However, I was able to recover the 20 pips loss from the two trades.

I just missed a big 300 pip move on GBPUSD last night when all USD pairs moved big time on USD CPI m/m economic figures. Today we have GBP GDP m/m and UoM Prelim Consumer Sentiment. I will most probably trade next week now. I had to travel this week due to which I think I didn't really focus on trading and missed very good moves. As usual I am missing the big moves. As long as I don't catch the big moves my account wont grow. This is my trading plan now. Each week I will make 3 trades daily which makes a total of 15 trades per week. I need to win at least 8 trades and out of these 8 trades at least 3 trades should catch 100-200 pip move. On Friday also we have a big move on USD pairs. As usual I missed the big move.

[Hassam]

I have started the new week by losing two trades. I opened a GBPUSD short trade and lost it. Then Ii opened a new GBPUSD short trade and lost it. Now I have opened a GBPUSD long trade. I lost that GBPUSD long trade. After that I opened a EURUSD short trade and lost that too. I have lost 4 trades in a row which is a very performance. Now I have opened a NZDUSD long trade. I used market order for the three trades that I lost. In the last two trades I have used limit order. I need to practice and make 4 trades daily. That makes 20 trades in a week. The stop loss should not get hit and I should make at least 50 pips. NZDUSD long trade stop loss also hit. I have now lost 5 trades in a row in a day. I have now opened a EURUSD short trade. I need to win this sixth trade and make at least 100 pips to recover the loss. I closed the EURUSD short trade for 7 pips loss and instead opened a USDCHF short trade. I have made a total of 7 trades. I lost 5 trades and 1 trade was breakeven. 1 trade is running. I have lost USDCHF short trade. Now I have opened a NZDUSD short trade. This makes it 9 losing trades in a row.

Yesterday I was on the path of self destruction. In the morning I lost 2 trades. This unnerved me. I opened 2 more trades and lost them too. After losing 4 trades I closed the computer and went away. In the evening I returned and started trading again violating my trading rule of making at most 4 trades in a day. I kept on opening trades and lost another 5 trades. It looks like self destruction to me. I opened EURUSD short trade but the stop loss got hit. So I have lost 10 trades in a row now. This pattern is repeating again and again. I make a few good trades and then I start losing and I lose more than 10 trades in a row and give back all the gains that I had made. I have now opened GBPUSD long trade. If the stop loss gets hit this should be the last or second last trade of the trade. I should not make more than 4 trades in a day. I should follow this rule strictly. Stop loss got hit on GBPUSD long trade. Then I opened a USDCHF short trade and again stop loss got hit. So I lost 3 trades today and I have lost 12 trades in a row this week. What I need to practice is making 4 trades daily out of which at least 3 should be winning. I need to slow down now as I am losing every trade. Losing 12 trades in a row is a serious thing. It means I am not mentally fit to make a good trade at this moment. Last week I made the mistake of removing MACD from my charts. I try to trade in the direction of MACD on H8, H12 and D1. I think this was the reason that made me make 12 losing trades in a row. I have MACD again on my charts now.

I am used to using MACD for finding the trade direction. By removing the MACD I made a terrible mistake. I was making short trades when the MACD was telling me the trade should be long. As I had removed the MACD, I kept on making the same mistake and lost 12 trades in a row which is a horrible thing that I did this week. Today I lost 3 trades in a row. After losing 12 trades in a row in the last two days I realized the mistake of removing MACD. MACD is back on the chart now. GBPUSD made a 300 pips move and I missed it. I am making mistakes because of FOMO. I should overcome it and just make 1-4 trades daily and achieve my target of 300 pips in a week. What I should do is make either a single trade that makes 100 pips or two trades that make 50 pips and recover all the loss that I have suffered this week. This will be my test on how well I can recoup from a drawdown.

This is the pattern that I am facing. Each week I make between 40-60 pips. If I try to make more I start losing. Most of the time I am staring at the charts. The trade setup is right in front of me but fear of losing makes me ignore the trade setup. I am suffering from FOMO. I enter into hasty trades. When I lose then I become cautious and stop trading. I have decided to daily make 1-4 trades. It can be 1 trade which is the minimum that I need to make and maximum is 4. So I must make at least 1 trade and I can go upto 4 trades and stop after 4 trades. I need to stop this pattern of losing more than 10 trades after winning a few trades if I want to become a successful trader. I should strictly follow this rule. If I lose 4 trades in a row in a day. I need to stop trading for that day. I need to analyze the trades and figure out why I lost. I can only trade next day. I should have followed this advice on Monday and stopped trading after losing 3 trades in a row. Maximum I can take 4 trades in a day but if I lose 3 trades I should stop trading for that day.

Today also I simply ignored a great GBPUSD short trade setup. I could have easily taken it but losing 12 trades this week has shaken my confidence and I decided to just skip the trade. Now I am regretting it. I should strictly follow my trading plan so that I avoid these feelings of regret on missing a trade. I can take maximum 4 trades but if I lose 3 trades I should stop trading for that day. On Monday I kept on opening impulsive trades and lost 9 trades. Then on Tuesday I lost 3 trades in a row but then I stopped. On Wednesday I didn't trade and now on Thursday also I haven't traded just ignored a very good GBPUSD short trade setup. I resisted the temptation to open a trade when GBPUSD has already fallen more than 150 pips. Price is rising now. Tomorrow I think I will again get a short trade setup on GBPUSD that I should take. The short trade didn't materialize.

This week I faced heavy drawdown when it allowed emotions to takever. Under FOMO I started opening implusive trades and lost 9 trades on Monday and 3 trades on Tuesday. Why I did it? Previously week I had a very good trading opportunities but didn't take them. I lost two trades and then recovered the loss of 20 pips when I could have easily made 70 pips. I missed all the 100-200 pips trade. So frustration had build up in me. On Monday I opened my first trade without any thought on seeing the GBPUSD bearish H4 candle close. When I stop loss got hit I immediately opened a GBPUSD long trade. I lost 4 trades in the morning. This made me feel very bad. I wanted to recover the loss. In evening I again started opening trades impulsively and lost 5 trades. On Tuesday I lose 3 trades. After that I didn't take a trade the whole week. The trading plan is making 1-4 trades daily. I can lose upto 3 trades. After that I quit. I can make 1-4 trades means some days I make only 1 trade, some days 2 trades and some days 3 trades. With correlated pairs it is possible to make 3 trades daily. My weekly target is 300+ pips. I can make more but I should make at least 300 pips.