Mistakes of trading with moving average

Name of the strategy: Dancing with EMA (given by owner)
Strategy collected from: FF

Last 5-6 weeks, I followed this single strategy from Mr. Zebulon, the owner of this strategy....While following the strategy, I've made quite a few mistakes which forced me to suffer the consequences, that's loss in trade. After regularly communicating with Zebulon, I found that what I was missing was patience and discipline. These are integral part of forex trading. Without these a winning strategy can wipe out one's account.

Now, let me share my mistakes, so that you can skip these mistakes. Unfortunately I can't post images now. But I'll try to as elaborate and as simple as I can and I'll post the images as soon as possible I can.

One mistake I did is the entry point. Due to lack in discipline and time to monitor the chart, I missed several entry point. At one time, I missed a good entry point at price 100 pips beyond the 50 EMA line..... when I came to the chart, it was 19-20 pips over the original entry point. I entered straight way so the my S/L will be 19-20 pips above the S/L of main entry point. So when price moves opposite direction more than 80 pips but less than 100 pips, my S/L gets the execution but the legal entry escapes the S/L hitting. In this way I suffered loss in more than couple of entry position.

Another mistake I did was due to my over enthusiasm and lack of patience. When the price moved more than 200 pips, I should have move the S/L to BE according to the rules. But I moved 100 pips beyond my entry... But price again moved against my direction more than 100 pips and my S/L got hit. In this way, my trade were closed prematurely either with loss or less profit. This strategy is for riding the trend and get as much pips from the trend as possible.

I'm trying to learn from my mistakes and now I have two open trade in EUR/USD and GBP/USD pairs. I'm trying to be as patient as I can and trying to monitor as frequently as required. Let's see what happens.

Trading with moving average (week 3 & 4)

Last couple weeks was night mare for me.... My 10 months baby girl was admitted in hospital due to acute gastroenteritis.... She is now ok.... For this I could not monitor market condition and post here the updates.. now I'm posting some updates...

I was holding positions in 3 pairs- EUR/USD, GBP/USD, EUR/JPY.

EUR/JPY pair-- hit stop loss after I moved the S/L to break even (after price moving 200 pips from the entry point). So no gain virtually.

EUR/USD: When price moved 200 pips from the entry point I moved the S/L to the break even point.... price was moving up....At one point, price moved down and touched the 50 EMA....I've entered 2nd position as rules guided with S/L 100 pips and S/L of 1st entry should moved towards S/L of second entry as per rule of this system. I enthusiastically moved my S/L of first entry to the second entry level as price moved further up.... unfortunately S/L of my first entry got hit. Second entry is still in position and has 200 pips. If I would have followed the rules, I would have 200 pips more in position.... See the screenshot-

The green solid line was my S/L of first entry and Pink solid line was my first entry. The other two lines are my present position. If I could follow the rules... I should have almost 420 pips in this pair in one month.

GBP/USD: This pair had a good second entry point yesterday, but I've missed it as I was on duty and I couldn't monitor price action for more that 24 hours at a stretch....

GBP/USD

Now- Present status:

This pips count could reach almost 900+ if I could monitor it at least at 4 hours interval...... I think, I should change my strategy for monitoring the price action, otherwise, I'll loose pips on regular basis which is not good for my forex business.