Trading Consistency

More trades has been done after the previous post. Based on the log below, as can be seen, the results are no as impressive as before. Many more trades were added but the profit was not as good.



More losses compared to the previous results. Now, let me reflect on what has happened since then:

1. A few hasty trades were put in. Over confidence, greed.

2. After meeting with a friend who does Forex trading for some time, new ideas were added. Testing of new ideas resulted in some loses.

3. New ideas adds to new dimensions to the trades also creates distortions to the existing trading strategy and confidence. Sometimes confusion arise out of new ideas.

4. Psychologically, some complacency might have crept in.

5. Possible Market condition changed. But by re-looking at the charts, this should not have been a main contributing factor. The currency still moves in the same trend on the daily basis and more or less similar pattern on hourly basis.

Conclusion:

1. Do not discuss strategy with anybody. Other traders' ideas may not be suitable for you. Monitor for yourself and feel it for yourself.

2. Keep focus on your strategy that works and do not tweak it if it is still working fine. Doing minor tweak to improve its result is OK but not major switch.

3. Patience is still the king. Do not take any trades that are half chances only. Feel the rhythm of the price movements and always check for margin of error. Only take trades that allows larger margin of error.

4. Avoid counter trend trades unless the movement is clearly a sufficiently deep correction.