I was watching GBP/JPY when the actual figure on the manufacturing production news came out, and I also noticed that it didn’t really move the pair much at all, despite the figure coming out positive. Why that was, I’m not too sure. I guess, as you mentioned, federal fund rates are more likely to move the pair “properly”.
Yeah, I understand. I do sometimes publish my analysis on tradingview.com to see what people think, so I’m not entirely secluded from other peoples’ opinions - it’s just that I generally work better when someone is not watching my work as opposed to having someone over my shoulder all the time. Then again, you might very well be right. It might be a step in the right direction, to start a journal on here again. I’ll consider it.
I don’t really read much on psychology, I don’t find it too necessary. I’m more focused on learning how the market moves, because the whole thing about trading in the beginning (as a newbie, if you will) is about nothing other than that - learning how the market moves. I don’t obsessively watch my P&L as I’m in a trade. I remove the “accounts” window on my trading station platform to avoid watching my account equity and the only thing I leave on my charts are stop-losses and potentially at what price I entered the market & the limit order. I hide the P&L label to further ensure I don’t obsess over it. I just let the trade run, quite simply. It’s worked well for me from a psychological aspect. Currently I’m reading through “Day trading and swing trading the currency market” by Kathy Lien. So far it’s quite interesting. The first portion of the book is somewhat tedious however, because it’s just a general introduction to the forex market. I’m anticipating the rest of the 2/3’s of the book I have left to be good - I’m already getting into the part of the book that I’m unfamiliar with.
Honestly, I don’t really have a set stop-loss like “50 pips on every trade” because to tell you the truth, it varies a lot depending on the pair I’m trading. I adjust my stop-losses & TP areas accordingly to each setup, so it varies quite a bit. However, I mostly look for a 2:1 risk-to-reward ratio on short term swing trades, and a 4:1 risk-to-reward ratio on long term swing trades.
I mostly trade GBP/JPY and USD/JPY, but sometimes I’ll move over to pairs like EUR/USD, GBP/USD, USD/CHF and USD/CAD if I spot some nice setups.
This is currently what I’m looking at on GBP/JPY and USD/JPY.