The Easter trading period had taken a toll on me for sure. I think I have learnt a lot during this 2 weeks. The main lesson is regardless of your strategy, if you lack confidence in your trade it aint going to work. Main reason is that when I am lacking confidence you end up failing on the execution side of the trade; like delaying your entry and exits, setting too tight or wide stops….all a mess. I tried different strategies, different timeframes, to turn a profit. Probably the result of taking other peoples strategies a little too literally.
By reading and listening to what others do I have tried to optimise my 1 min timeframe strategies :
> Optimise the filtering before deciding a possible setup is active – I am now using multiple ema’s on my chart representing 3 higher timeframes, which will set direction and help me not to get into trades that could whipsaw.
>Reduce the pairs I will trade intraday. My preference will be EURUSD and GBPUSD (due to spread and daily range), followed by EURJPY and GBPJPY and GBPCHF. The spreads here are wider so I will limit these pairs to trades that look like will be setting up for larger moves.
Also I have caught up on some admin that was overdue :
1) I have printed out the 4 possible setups I am looking for and have them on my wall above my monitors – to help with visualisation.
2) Completed my Trading Business Plan
3) Completed my accounts for the business to date on QuickBooks.
Feeling organised must have helped as I managed to net 2% today on EURUSD and EURJPY, offsetting the 1% loss yesterday. So up on the week. I have attached the Short trade on EURJPY for 27pips.