Forex Day Trading EURUSD Weekly Review – Lessons Learned And Things To Focus On

This is my forex day trading week in review. The weekly review is where I discuss things I need to work on, what I am doing well, my trading plan, and things I do each day and week to stay on top of my EURUSD day trading.

I follow a precise trading plan that includes a few reliable price patterns (there are typically one to three variations of each). I only day trade the EURUSD on the 1-minute chart, and I only trade between 830 and 11 AM EST.

In my weekly review this week I wrote down the trades I missed and how much profit I lost. I also wrote down how many trades I took that I shouldn’t have.

The trades I missed cost me 7.5R (10R if I took an optional “add-on” position). That is money I should have based on my plan, but missed out on because I either didn’t see the trade or opted not to take it. These are mistakes. If it is in the plan, I’m supposed to take the trade.

  • “R” is a standardized risk amount. It could be 1% of the account, 0.5% of the account, or any amount you choose based on your position sizing method.

The trades I took, that were not part of the plan, cost me -2r (actually -1.71).

In my case, not wanting to lose cost me -7.5R, but my actual erroneous losing trades only cost me -2R. Skipping trades to avoid losses is a sure way to miss out on making big returns. Luckily, there were other opportunities out there this week, but I definitely have preferred to be up the extra 9.5R if I followed my plan completely. That said, missing the winners is the biggest issue.

Therefore, in my weekly review, I also noted that I was trading slightly more cautiously than I need to be. I also noted that I need to be more focused. Being distracted can often result in skipping a trade because the due diligence wasn’t put in before and as the trade was setting up. On January 4, had I measured out the consolidation and recent price waves, I would have found that I could take that second snap-back strategy trade and could have easily added another 2.5R to my day and week.

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Disclaimer: Nothing in this article is personal investment advice, or advice to buy or sell anything. Trading is risky and can result in substantial losses, even more than deposited if using ...

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