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I was thinking about what went wrong this month with my trading and I've come to a couple of conclusions. Unfortunately there are going to be months where I just don't perform as I did in the past because of market conditions but I still feel like the following factors contributed to my failure this month.
- I tried to balance my day to day life and my forex trading but unfortunately failed due to the overwhelming factors involved. It was hard enough performing my responsibilities at my full-time job. Like I said last week, if you find that you just cannot continue your trading routine, I personally would recommend putting it on hold until you can.
- I tried to incorporate the GBP/JPY and GBP/CHF into my everyday trading routine. I just feel like I may have been hasty in doing so because it took my focus off of my core trading pair, the GBP/USD.
- I lacked patience this month. Instead of forcing trades or forcing a system on a currency pair that wasn't fully backtested, I should have done my due diligence before going live.
- This could be a continuation of #3 but my performance over the last couple of months has forced my hand in doing things that maybe I shouldn't have. In November, December and January, I profited 295 pips. I felt the pressure of showing more profit so that my final goal of trading full-time could be realized quicker.
There are still a couple of trading days left in February but I've accepted the fact that my consecutive profitable month streak will end at 5. What am I going to do differently in March? I'm going to scrap my trading plans for February and go back to trading the GBP/USD only. I'll will continue to trade other pairs if I receive a signal from Lien Schlossberg. This leads me into talking a little bit about this trading signal service again. I don't feel like this service is benefiting me at all. They really haven't shown a bit of profit and the text messages come in at weird times when I'm not ready to trade. I find myself scrambling to either open or close a trade. I paid for 3 months of the service so I'll get my monies worth and continue until the end of April. I'll re-evaluate the entire service at that time.
I have not been concentrating on finding another trading system. Currently, I only have the h-system but I want to find more. I've been content with the performance of this system over the previous months but I'm putting all of my eggs in 1 basket. I also feel like I need to do more price action studies. It seems like I do nothing but enter orders based on my 1 set of rules, close my charts, and pretty much call it a day. While this sounds like the ideal job, with only 19 months of forex trading under my belt, I still haven't acquired the experience to perform long-term. I need to continue learning.
Lastly, I want to thank everyone who sent me emails and comments over the last couple of days. They are both inspiring and appreciative. Good trading...
Forex Trading
february 2007
forex
forex blog
I always wonder why do you or ussually many other traders try to find 2,3,5, 10 "trading system". I think that all what I need is tested system which is profitable if all rules are kept, (money management,stops discipline, patience, focus etc.) Every single "system" I would preffer to call it "rules set up" can be profitable. Most important things are: money management (stops, cutting loses fast) and psychology (fear of pulling the trigger becouse I could be wrong and greed becouse I have to pick up top/bottom). I will apreciatte discussion about how many system treders use. I use just 1. I try to find more trading system because of a couple of reasons: First, I like the challenge of finding a new system. Second, who knows how long my existing system will continue to be profitable. Why should I put all my eggs in one basket? You may be right though, maybe if I just concentrate on this one system, everything will be fine. The bottom line is that I like searching for new things... Thank you for an honest answer. |
