AUD/JPY trade that went wrong

Had a chance to break my losing streak but the trade ended up break even. Shorted GBP/USD at GMT6:01 and exited at GMT6:58 with no win. The trade had went to over 20 pips at one point and I thought to myself, lets just take this but I never listen. Adjusted the SL to BE and let it run and it hit BE less than an hour later. Later in the day, longed AUD/JPY even though all technical indicators are still very bearish. I was anticipating a reversal after seeing the pairs dropping since early morning. I think I have lost all common sense to trading. I was too emotional and I need a break.

Bad Monday

Suffered another big loss on Monday. Total of 3 trades with 2 of them closed with small profit while the third trade ended with 6% loss. Felt like the longest losing streak. Longed EUR/USD before the signals are clear enough. I was assuming the reversal would happen as what happen few times last two week at around GMT7:00 but what happen last time is not necessarily repeat in the same way. Felt like every trade I entered turn against me. Felt like the market is suffocating me. Felt helpless. HELP!!

Week 93: Not so good week

Had a not so good week where most of my trades ended up in losses. Thought of quitting trading. After one year of being in the real estate industry, the income has been inconsistent though the time has been flexible. And my trading has been inconsistent too. Lost 3% from my portfolio this week, leaving me with only 45% from my initial capital. Total of 7 trades this week, 1 break even, 3 wins and 3 losses. The magnitude of the losses are bigger than the winnings, hence the negative outcome.

GBP/USD: 5 pips

Shorted both EUR/USD and GBP/USD today. EUR/USD was forced out at BE while the later closed manually with 5 pips. Was not in form lately.

Week 92: Losing week.

Suffered major setback this week. Failed to notice the changes in the trend. Was too focused on the smaller time frames that I totally ignored the long term trend developing. Lost 12.5% this week from my portfolio. Very frustrating result. When I thought I have developed the consistency in my trading, boom, bad week happen, knock the wind out of my sails.

EUR/USD: Lost 47 pips

Shorted EUR/USD at GMT 7:38 yesterday and lost 47 pips in approximately 2 hour. Effectively reduced my portfolio by 4.2% from this loss alone. Trade diagnosis: entered too early, did not wait for the confirming signal, the signal came much later than usual.

GBP/USD: 85 pips

Long GBP/USD at GMT8:23 after the signals confirmed the uptrend. Profit target is 85 pips which were achieved approximately slightly more than an hour later. This win translated into 6% growth in equity. Right on track.
Initially resisted the temptation to move the PT higher although it could translate into better gain as the trend is still in its early move. Probably could move another 50 pips higher. But satisfied with today's gain.

Week 91: Gained 9.8%

Managed to gain 9.8% wow to my portfolio. Now it is at -47% of my initial capital. Laid out a plan and strategy to break even in two weeks time and to achieve positive growth by end of the month. I can do it as long as I maintain my focus and conform to my strategy. Ended week 91 with 9.8% growth only, way short of my goal. There are some mistakes that need to be corrected and currently working on it. Last Friday had two trades with two different result that canceled out each other. EUR/USD signal is mixed while GBP/USD signal is bearish, shorted both and ended with one loss and one profit.

Some pairs are not for trade

Some pairs are not for trade, only to be used as benchmark. Shorted EUR/GBP and had to wait for more than 2 hours to break even. And it went up after that, lucky escape. Earlier shorted AUD/USD at GMT5:10, my bad, wrong timing, ended the trade with 34 pips loss. Had to wait about 4 hours later to enter new trade, long GBP/USD and EUR/USD and ended with only 37 pips gain from the two trades. Managed to grow one more percentage to my portfolio today. Closed the trade too early, should have let it run a bit longer as the trend is still intact at the moment of writing. GBP/USD and EUR/USD is 40 and 50 pips higher than the closing price respectively. Signals are all still intact. Maybe the long wait earlier exhausted my patience.

Learned what is credit default swap today. Credit default swap pay the buyer face value in exchange for the underlying securities or the cash equivalent should a borrower fails to adhere to its debts agreement. A basis point on a contract protecting 10 million euros of debt from default for five years is equivalent to 1000 euros a year.

GBP/USD: 70 pips

Shorted GBP/USD at GMT8:38 today with target of 70 pips which were achieved in less than an hour later. This relative fast movement was caused by news of debt concern after Fitch warned about the "formidable" challenge UK is facing and advised Prime Minister Cameron to accelerate its plans to reduce the country's budget deficit.

Later also shorted EUR/USD however only closed the trade with 4 pips gain after it showed resilient at the support area. That's all for today. Hope to maintain the winning form.

GBP/USD: 60 pips

Entered long GBP/USD yesterday at GMT9:41 for a target of 60 pips . Closed in less than an hour later with full profit for a 3.9% portfolio growth. Entered with smaller lot size as the general outlook remain bearish and bigger time frame also indicated bearish trend. However the short term outlook indicates pull back and thus the trade. Other similar pairs also indicates pull back from the month's low. Besides the indicator signals are quite solid.

Week 90: Same Same

Ended the week 90th of trading unchanged from the previous week. Tremendous lessons learned from the past week trades both technically and emotionally. Six wins, six losses and two break evens. Total pips gained is 10.

The 900

Traded only one pair today prior to NFP announcement, GBP/USD, longed at GMT8:35 which is too early. Closed with 13 pips loss after realizing my mistake. I am still trying to refine my own strategy. Right now the result were still mixed but I am getting there. Stay tuned for more positive result.

Learn fast, make bucks.

Yesterday...entered 4 trades of different pairs. Hoping to strike it all but only ended up with 2 full PT, one small win and one break even. One lesson learned from the trades 2 days ago is to wait for the second candle to confirm the direction. Four concurrent trades is too much for me to stomach, have to constantly monitor the price movement. The ideal is two open trades at a time. And one can only be entered after the first trade is headed in the right direction. Closed two of the trade early as I need to go for a badminton game with friends while leaving the other two to run. However my mind were still occupied while playing badminton, have to check the price in between games. Luckily both trades hit full PT just before my game ended.

A 15% Lesson: Congruence

Two days ago...suffered 4 consecutive losses in a single day. For the past few weeks, there has been a spike in price before it break out to the opposite direction. I have been careful to avoid being caught in the false signals but were fooled this time by the late spike in EUR/USD. It was about an hour later than usual. And GBP/USD were also moving in the different direction from the four major pairs I followed. The other two were in a ranging trend. First trade was a early bird trade which did not turn out to be correct and ended up with 50 pips loss. While GBP/USD were closed with 20 pips loss although the indicators were still intact. Made a wrong judgement call there.

After closed both early trades, longed EUR/USD and shorted USD/CHF to recoup the earlier losses. But has not noticed that the day's signal were later than usual. Exited both trades with full stop loss in less than 2 hours later. This lesson cost me 15% of my portfolio.

Shorted EUR/USD for 80 pips

Shorted EUR/USD at GMT8:18 at 1.2197 with target of 80 pips. It was realized approximately one and half hour later. Gained 6.2% from this trade alone. EUR were hit by news of ECB warning that European banks face additional write-offs estimated at €195bln, EU April employment rose to its highest level since June of 1998 at 10.1%, May manufacturing PMI falls to 55.8 from 57.6.

Also shorted GBP/USD and GBP/JPY but closed early after seeing it did not move much and report of improving UK PMI later helps the pair to outperform. Glad to got out with break even.