[Hassam]

This week I have missed a lot of good trades. I just kept on looking at the charts. But there is no FOMO in me now. I want good risk/reward trades and should only open a trade when I have the conviction.I should focus more on H12 and use limit orders from now on. I could have a very nice 150 pip trade on GBPUSD with 5 pip SL if I had seriously checked H12 chart on 12th October. The trade took 2 days. Similarly NZDUSD on daily would have a below 10 pip SL 100 pip TP trade. GBPJPY has moved a lot. It has moved almost 400 pips. I could have made 300 pips. If I had 3 lots I would have had made 100%. So did EURJPY, AUDJPY and NZDJPY. Why? USDJPY has moved so these pairs also move with it as JPY was the currency that was getting weak. I have to perform better next week. I should avoid suboptimal and marginal trades.

[Hassam]

Yesterday I opened a long trade on EURJPY. The stop loss was 10 pips. I made entry at 130.51 and the stop loss was 130.41. Take profit that I had put was 132.0.Yes I was looking for a 150 pip take profit target. Reason for making the trade is I developed a Currency Strength Meter that is based on moving averages. It was showing EUR highly weak and JPY highly strong on H12. Then I closed the computer and went for jogging. In the evening one hour before the H4 and H8 candle close, I started the computer and looked at the charts. EURJPY long trade was in profit of 60 pips. I closed it since I had lost the last six trades. So I wanted to lock in the profit and recover the previous loss.

This is my trade analysis. Once I closed the computer price went down as far back as 130.42. I should have placed a limit buy order instead of using a market order. The limit buy order should have been 130.48. It would have given me a 7 pip stop loss. When I had found the trade with 60 pip profit, I looked at the chart and feared as if EURJPY is reversing. So I closed the trade and took 60 pip profit. Instead I should have reduced the stop loss to 80 pips. If I had placed the limit buy order and take profit was 100 pips meaning 131.48, it would have been a 100 pip trade instead of a 60 pip trade.

[Hassam]

Last week I missed three great trades. One was EURUSD long. The stop loss would have been 6 pips and the take profit would have been easily 150-200 pips. The other trade was USDJPY long. USDJPY last week made an awesome bullish rally and moved around 500 pips. The stop loss would have been less than 100 pips. The third great trade would have been GBPUSD short trade. The stop loss would have been around 5 pips and the take profit 120 pips. I just missed these three great trades. Rather I have missed a lot of great trades this month. Russian attack on Ukraine made the market very volatile and many currency pairs fell more than 200 pips. I just missed these great trades. I should remove all distractions and focus on my trading more.

[Hassam]

EURUSD and GBPUSD will start the next week as sell. EURUSD and GBPUSD can provide good short trades on Monday. USDJPY can provide a good long trade on Monday. GBPJPY, EURJPY, AUDJPY, NZDJPY, CADJPY and CHFJPY are in strong uptrend and it would be good to look for long trades on them next week. Last week EURJPY gave a very good 200 pips long trade. Last week I made 5 trades. One was profitable. I lost three trades and closed one trade at breakeven. I am looking to the coming week for great performance.

[Hassam]

Last week I changed my trading strategy completely. I have a new trading plan. Every week I will make 6 trades. The stop loss will be 10 pips and take profit will be 100-120 pips. I tested this new trading plan. I lost all six trades. One trade was painful. The stop loss got hit by 1 pip otherwise it would have been a winning trade with 100 pip profit. Since I am trading 28 currency pairs. There is a lot of trading signals. I just need to practice this trading plan and make sure that I win at least 2-3 trades every week. Winning 2 trades means making 240 pips and losing 40 pips if the take profit is 120 pips. So I will make net 200 pips. I remember those days when I learned how to play squash and tennis. I would lose a lot in the first few months. But then my game improved as I practiced a lot and played with good players. Then I started winning and became a very good player of squash and tennis. Now I think I can do the same thing here in currency trading with practice. I need to practice a lot. I can even win 3-4 trades with practice.

I am also exploring Commitments of Traders Report to see if I can use it in my trading. The problem is the Tuesday day is released on Friday so this means we are using three days old data. Whatever I will make a conclusion about it in the next few days. When you are trading intraday using weekly COT report data may not be helpful. I need to explore it more. Downloading COT Report is easy. I can write a python script that will do it.

[Hassam]

I have already lost 3 trades in a row this week. One on USDJPY and two on GBPUSD. I have now lost 11 trades in a row. I need to focus more. I had decided that I would go long on USDJPY on Monday but I couldn't open the trade on Monday and on Monday night I went short. I need to focus more on the daily and 2 daily charts. 4 hour charts are now that accurate when it comes to giving market direction. Daily ,2 daily and weekly chart can give a better idea. I just need 1-2 trades every week making 100-150 pips per trade for my trading plan to start working. I also should daily check Economic Calendar on Forex Factory. Economic news is what moves USD and other currencies. Trading solely based on technical analysis is not working at least on h4 and lower charts. After having lost 11 trades in a row, I need a good 150 pip trade to recover my losses. I should  focus more and win this time. Right now I have been impulsively opening trades. I had opened the GBPUSD long trade impulsively as well as the USDJPY short trade last night impulsively. I need to overcome this problem.

I need to properly plan a trade and then execute it instead of impulsively opening new trades and then losing them. Losing 11 trades in a row should be a matter of shame for me now. Very poor performance. I should focus on reading the charts more and in future I should plan my trades better. My losing streak is continuing. I lost three trades today that makes the total 6 losing trades in a row for this week and a total of 14 losing trades in the last three weeks without a single winner. I have been opening trades impulsively which is not a good thing. I should open a trade only using a limit order and not a market order. This will put a stop to my opening impulsive trades.

The last short GBPUSD trade was really painful. I had opened the trade corrected but was shocked to find the stop loss get hit when it reached the same level 1.2210. If I had placed the limit order at 1.2205 and the stop loss at 1.2215, I could have easily made 100 pips. So I need to focus more on placing correct limit orders. This is the third time that this has happened to me and the stop loss has been hit when I could have easily placed the stop loss 2-4 pips higher/lower. One more losing trade on EURUSD. I again misread the charts and opened a long EURUSD trade when I should have opened a short EURUSD trade. I think I will be able to overcome this problem with more problem as I have set a target of 5-6 trades per week and winning all the trades. I have made 7 trades this week. I should now end this week and look forward to the new week. This week was dismal. Next week I should perform better.

[Hassam]

I have lost now 19 trades in a row. I have been opening trades impulsively. This is what is causing my losing streak. I should avoid fear of missing out FOMO and instead wait for 5 star trade. I just need one 150 pip trade to recover my loss. Will I be able to do it? I will try hard this time. I am missing most of the good trading opportunities even when I can identify them in real time I skip them. When I see the market moving then I panic and try to open a trade and lose that trade. This should stop now. Trading is game of controlling your emotions. If you can master the art of controlling your emotions you can win the trading game. I think I need more practice. Just like when I started trading tennis, I had no idea how to return the ball and I could even serve properly. I thought tennis is a difficult game. But with practice I became a good player. Of course it took many months of practice. I think the same thing will happen here. I need to develop my edge.

Yesterday I opened a EURUSD sell trade and lost that too. So now I have a tally of 20 losing trades in a row. I should think slow instead I am thinking fast and opening trades without doing good chart analysis. Will I be able to overcome my impulsive trading and start making money? I am facing a test that I should pass. I need determination and effort.

[Hassam]

Losing streak continues unrelentingly. I have now 21 losing trades in a row. What I need is just 200 pips per week. Now I am monitoring 18 currency pairs this includes EURUSD, GBPUSD, USDCAD, USDCHF, USDJPY, NZDUSD, AUDUSD, GBPJPY, EURJPY, NZDJPY, AUDJPY, GBPCAD, GBPAUD, GBPNZD, EURCHF, CADCHF, CADJPY, CHFJPY and GBPCHF. 18 currency pairs means at least 18 trading signals in a week which translates to at least 3 trading signals in a day. There can be more than one trading signal on a currency pair in a week. So I expect at least 4 trading signals daily. This should remove FOMO from my mind. I have been the victim of FOMO. Now if I can make 2 winning trades out of three in a week it would mean making 220 pips and losing 10 pips so making 210 pips. This is what I am thinking daily I can make 2 trades. If I lose both 2 trades this means end of trading for that day. I have to come out of my losing streak and start making pips. It looks so easily when you think but it has become really difficult practically.

[Hassam]

My first trade of this week was GBPUSD. I opened the trade correctly. Identified that 1.21480 is a important support level for today. Placed a limit order 5 pips below 1.21480 and the stop loss 5 pips above it. The trade was in 20 pips profit when I saw a inside bar on H1 and closed the trade. Price went down to 1.20500. I could have easily taken 80 pips profit. I think I should focus on profit taking as well as correct entry. I am a little disappointed now for closing the trade very early. I should have make the trade breakeven and let it continue. But I have take profit target of 1.20000 which I think was too much. I should look for take profit in the range 80-120. I should also focus on making a correct entry using a limit order and avoid losing as much as possible. I again and again got opportunities for 100-200 pips trades on EURUSD, GBPUSD, USDJPY, NZDUSD, AUDUSD, GBPCAD, GBPCHF, AUDJPY and NZDJPY but I failed. Now I have started reading Trading in the Zone by Mark Douglas. I think this book can help me overcoming my mental problems when trading. After all trading is a psychological game.

[Hassam]

Last week was a carnage for me. I lost 10 trades. My losing streak is not coming to an end. What did I do wrong? Do I have a good trading strategy? I want to make 100 pips with 10 pips stop loss. Do I need to increase the stop loss to 20 pips as I have lost a number of trades with a small margin of 1-2 pips. I am thinking about this. I think my trading strategy is sound. My gut feeling tells me this. It is my emotions that are making me make wrong entries. What I need to do is make a through analysis of the 28 pairs on the weekend and decide which pairs I will trade. I just need to make 300 pips per week. I could have easily made 300 pips last Monday and enjoyed the rest of the week. I could have again made 300 pips on Tuesday last week.

I should do a thorough market analysis on Saturday and Sunday. This is what I am doing now. GBPUSD is sell. The resistance level to watch is 1.1758. EURUSD is also sell and the resistance level to watch is 0.9983. USDCAD is buy with support level 1.3016 to watch. USDJPY is also buy with support level 137.29 to watch. USDCHF is buy with support level 0.9649 to watch. NZDUSD is sell with resistance level 0.6149 to watch. AUDUSD is sell with resistance level 0.6908. GBPJPY is buy with 161.23 support level to watch. EURJPY is buy with 136.77 support level to watch. AUDJPY is buy with 94.62 support level to watch. NZDJPY is buy with 84. 24 support level to watch.

I have been thinking what is the reason why I am losing when I think I have a good method that can lead me to success. In my opinion I am losing because FOMO. Yes fear of missing out a good trade is making me enter into hasty trades. I should avoid FOMO. I have 28 currency pairs to trade and I just need 3 100 pip trades to reach my weekly target. I should be able to do it if I keep my nerves steady. Next week I only should look for 100-200 pip target as I have depleted my trading account to it lowest level and I don't want my trading account blown.