June 24 — a pathetic trade

This time, a pathetic trade.

The pathetic thing is that I entered too early. In the end, the first position got in the way, and it took a long time to close.

After all, waiting is important in FX, I reaffirmed...

This time it was a counter-trend scalping. I think even if the trend-following would be okay a bit early, entering early on a counter-trend is really dangerous...

Short on EURAUD. Because it breached the moving average and based on the strength/weakness of other currency pairs, I entered thinking it would rise.

It rose up to the moving average. Well, I expected that, though.

Here was a mistake: I was trading a currency pair I don't usually trade, EUR/AUD, so I hadn't calculated the lot sizes.

I entered first by myself, planned to add with an EA later, but it didn't activate, so manually reduced the position and entered...

A complete mistake.

Usually I apply martingale at ×1. Position limit is two. Ordinary martingale would win little by little, but losses become big.

The next mistake was that the first position was too early. Ultimately that position remained in the way until the end.

In the end I exited around when the first one was roughly at break-even.

If only the second position had been the only one, it would have been a clean trade.

By the way, I was considering cutting losses once the top 5-minute moving average was exceeded. That was close.