This is certainly a factor in my frustration, I must admit. But I think most of my frustration comes with battling my inner demons and telling the difference between an entry signal and a set of candles that I WANT to be an entry.
But you know what? After studying charts, I realise that just because I get stopped out, that doesn’t mean my strategy is wrong.
There are times that a pair will hit resistance and continue bullish, and then 3 days later retest resistance and turn bearish.
So, being wrong once doesn’t mean, give up on that pair for the rest of the week.
Because if you don’t pay attention you’ll miss out on the move you were expecting.
But you could lose 3x in a row with that pair. Just be patient and keep watching closely.
My problem was watching so many pairs that I couldn’t see those kinds of details. I miss a move, on to the next pair.
This is why it’s good to watch fewer pairs.
My thought process was (and kinda still is) more pairs=more opportunities to trade.
That COULD be the case, but it takes a lot of time to go through that many pairs. You’d have to be sure not to burn yourself out before getting to proper setups.
Also, you’d have to have a system keeping track of that many pairs. I use an excel spreadsheet.
I’m trading less pairs and I’m getting to know my spreadsheet system. Following up on my own notes is important. I’m using notes and a color-coding system to remind me which trades are most important to keep an eye on.
Building the habit is difficult. There are times I go thru my spreadsheet and I forget some elements, only to remember later what I forgot to do.
It’s a process.
I want to be a better trader in some aspect by the of this month. I don’t think I’m doing a good job. I can do better.
I have just a few setups I’m watching. I think I need to keep studying charts. That’s pretty helpful.
Btw, I hope @dxbtrader comes back. I liked his thread.