A losing trade and a trading mistake are not the same thing.
A planned trade can lose. An unplanned trade can win. Start the review before the profit-and-loss column: was the setup present, did the ticket match the plan, did total risk stay inside its cap, and did execution follow the written trigger? Only then inspect the result.
Level, timeframe, candle state, structure and target room.
Symbol, side, order type, volume, stop, target and expiry.
Cash at stops, shared currencies, event exposure and margin.
Rule version, planned prices, costs, screenshot and decision time.
TRADEPROCESSNET R
01PASS−1.02R
02PASS+1.84R
03EARLY+0.72R
04PASS−0.98R
05NO TRADE—
Trade 03 made money, but its early entry still belongs in the deviation log.
The CFTC notes that OTC forex trading involves a dealer, margin, fees, spreads and financing charges. That is why a chart-only review is incomplete. Investor.gov makes the same broad point about costs: fees reduce what an investment keeps. [3][5]
Make the numbers agree before the order exists.
MetaTrader's symbol specification can show digits, spread, contract settings, sessions and margin information, while the order window exposes volume, order type and protective levels. Read the provider's current specification instead of assuming one pair or account behaves like another. [6][7][8]
SELL / BID1.08420
SPREAD0.8 pipBUY / ASK1.08428
VOLUME0.31 lotSTOP20 pipsCASH RISK£49.60*MARGINseparate check
*Fictional practice ticket.
The stop follows the trade idea. Position size adapts so the cash limit does not.
Reading one chart price as though buys and sells fill there
- What it looks like
- A long is planned from the visible bid chart, but the buy opens at the higher ask. The stop or target then appears to trigger a few points earlier than expected.
- Why it causes trouble
- The bid–ask spread is part of the trade. Ignoring which side opens and closes an order distorts entry, stop distance, target room and any screenshot review.
- Replacement rule
- Before submitting, say the four prices aloud: buy opens at ask and closes at bid; sell opens at bid and closes at ask. Record the spread shown at entry.
Mixing up pips, points and decimal places
- What it looks like
- A five-digit EUR/USD quote moves from 1.08420 to 1.08470 and the record calls it 50 pips instead of 5. A JPY pair is handled with the same decimal rule.
- Why it causes trouble
- A tenfold unit error flows straight into stop distance, pip value, position size and the reported result.
- Replacement rule
- Write the pip location for the chosen symbol before calculating anything. Check the platform's digits and contract specification; then verify one known price difference manually.
Treating lots, leverage, margin and stop risk as one number
- What it looks like
- A trader assumes that because a position uses little margin it also risks little, or chooses the largest volume the ticket will accept.
- Why it causes trouble
- Volume sets exposure, leverage changes the margin needed, and the loss at a stop depends on size, stop distance and pip value. Available margin is not a loss budget.
- Replacement rule
- Write four separate fields on every plan: lots, notional exposure, estimated margin and cash loss at the stop. Never use 'margin available' as the sizing rule.
Starting with a favourite lot size
- What it looks like
- Every trade uses 0.50 lots whether the stop is 8 pips or 45 pips. Risk expands and contracts without an intentional decision.
- Why it causes trouble
- The chart decides the stop distance, so a fixed volume creates a different cash loss on every setup. Wider stops quietly become larger bets.
- Replacement rule
- Mark entry and invalidation first. Choose the maximum cash loss second. Calculate volume last, then round down to the provider's permitted step.
Moving the stop when price gets close
- What it looks like
- The original market-structure failure point is crossed, but the stop is dragged farther away because the trade 'might come back.'
- Why it causes trouble
- The loss ceiling and the reason for the trade both change after entry. A planned 1R loss can turn into an unknown amount while the decision is under pressure.
- Replacement rule
- Permit only prewritten stop actions: leave it, trail by a named rule, or reduce risk. Never widen beyond the planned invalidation. If the structural stop is wider, recalculate size before entry.
Averaging into a loss without a complete rule
- What it looks like
- A second order is added because price is cheaper, even though the first trade is failing and the combined stop loss was never calculated.
- Why it causes trouble
- Adding changes average entry, volume, margin and total loss. Several small tickets can hide one large directional position.
- Replacement rule
- No add-on unless the number of entries, exact triggers, combined invalidation and total book risk were written before the first order. Otherwise the only permitted add is zero.
Decide what counts before the candle gives you an opinion.
TradingView documents that high, low, close and indicator values can change while a bar is building. It also offers once-per-bar-close alert behaviour for conditions that should wait. The key is not that every method must wait; it is that a touch and a completed close cannot be treated as the same trigger. [9]
14:29 / STILL FORMING
price above now
No decision yet when the rule says “closes above”.
14:30 / COMPLETED
close below
The completed candle did not confirm the setup.
Discovering an economic event after entering
- What it looks like
- A technically valid trade is opened minutes before CPI, payrolls or a central-bank decision because the calendar and timezone were not checked.
- Why it causes trouble
- Fast repricing can alter spread, available prices and fills. Without a written event rule, the decision is improvised when the market is least forgiving.
- Replacement rule
- Before the session, note the event, affected currencies, published time and timezone. Define a no-new-entry window or use a separate, tested event playbook.
Changing method after the latest losses
- What it looks like
- A moving-average filter is added after three losses, removed after the next missed winner, and old charts are relabelled using the newest rules.
- Why it causes trouble
- Results from different versions are blended, so neither version has a fair forward sample. The latest outcome chooses the rules.
- Replacement rule
- Give the rule card a version number and a preselected review size. Keep it unchanged inside that sample. Any change starts a new dated version and future sample.
Stacking indicators that repeat the same information
- What it looks like
- RSI, stochastic and CCI are all counted as three confirmations even though each is responding to similar recent price behaviour.
- Why it causes trouble
- The chart looks more certain without adding three independent reasons. Conflicting settings also make it easy to pick whichever reading supports the desired trade.
- Replacement rule
- Give each indicator one job in one sentence: context, trigger, volatility or risk. Remove any indicator whose decision cannot be distinguished from another's.
Entering before the candle-close rule is complete
- What it looks like
- Price briefly closes above a moving average or level during the candle, the order is placed, and the candle finishes back below it.
- Why it causes trouble
- A forming candle can change its high, low, close and indicator readings. A live touch and a completed close are different events.
- Replacement rule
- Write the timeframe and trigger verb exactly: touches, wicks through, closes beyond, or opens after. If the rule says closes, act only after that bar is complete.
Drawing perfect levels and patterns after the move
- What it looks like
- A support zone is adjusted to capture every wick, or a triangle is named only after the breakout made the intended direction obvious.
- Why it causes trouble
- The rule absorbs information that was unavailable at the decision point. Historical recognition then looks much easier than live recognition.
- Replacement rule
- Save a before screenshot with timestamp, zone boundaries and invalidation. Do not move the drawing after reveal; mark any revised interpretation separately.
Changing timeframe until the chart agrees
- What it looks like
- A daily downtrend is used to justify a short, then a five-minute uptrend is used to keep the same trade open. No timeframe owns the decision.
- Why it causes trouble
- Every chart can tell a different part of the story. Without fixed jobs, timeframe switching becomes a way to avoid invalidation.
- Replacement rule
- Assign one job to each chart before entry: context timeframe, setup timeframe and trigger timeframe. The invalidation belongs to one named timeframe and cannot migrate.
Several ordinary choices can quietly become one large risk.
EUR / USDLONGshort USD
GBP / USDLONGshort USD
USD / CHFSHORTshort USD
LOOK-THROUGH EXPOSUREUSD SHORT × 3
Diversification is not guaranteed simply because several lines appear in an account. Look through each FX pair to its currency directions, then cap combined exposure. Also check costs and account terms directly: MetaTrader specifications are set per symbol and provider, not by the familiar look of the platform. [5][6]
Letting FOMO, revenge or boredom add trades
- What it looks like
- A missed move creates a late entry, a loss creates a larger immediate retry, or a quiet session creates a setup that was not in the plan.
- Why it causes trouble
- The strategy sample becomes mixed with emotional or entertainment trades, while extra spread and commission accumulate with every order.
- Replacement rule
- Set a session window, maximum new entries, cash or R loss cap and one automatic pause trigger. A missed move is logged as 'no entry', not chased.
Counting correlated trades as separate ideas
- What it looks like
- EUR/USD long, GBP/USD long and USD/CHF short are each sized at the full single-trade limit without noticing the shared short-USD theme.
- Why it causes trouble
- Different symbols can respond to the same currency move. Three tickets may concentrate the book rather than diversify it.
- Replacement rule
- Translate every position into base- and quote-currency direction. Cap combined open risk and shared-currency exposure before approving another order.
Reviewing gross chart movement instead of net result
- What it looks like
- The journal records +1R from entry to exit but leaves spread, commission, slippage and overnight swap blank.
- Why it causes trouble
- Costs can turn a small gross edge into a weaker or negative net result, especially for frequent trades or tight targets.
- Replacement rule
- Record planned and actual entry, exit, spread, commission and signed swap. Calculate net cash and net R using the same cost convention across the sample.
Using demo as a high-score game
- What it looks like
- The account is oversized, leverage is unrealistic, risk changes after every result and the balance is reset whenever the history becomes uncomfortable.
- Why it causes trouble
- The exercise rewards lucky outcomes rather than platform skill, sizing accuracy and rule adherence. It rehearses behaviour that cannot be compared later.
- Replacement rule
- Match the exercise balance, currency and leverage; choose one practice goal; retain losses; and run one unchanged method over a preselected sample.
Keeping only a profit number—or no record at all
- What it looks like
- A result is remembered as a good or bad trade, but the original plan, screenshot, costs, rule version and deviations are missing.
- Why it causes trouble
- You cannot tell whether the method failed, execution drifted or memory rewrote the decision after seeing the outcome.
- Replacement rule
- Before entry save setup version, prices, size, cash risk and screenshot. After exit add actual fills, costs, net R and observable deviation tags.
Assuming every broker or prop programme works the same
- What it looks like
- A rule copied from a video is applied to another account without checking contract size, trading hours, swap, stop restrictions, daily-loss timing or prohibited practices.
- Why it causes trouble
- Platform labels can look familiar while the actual trading conditions and programme rules differ. An otherwise valid trade can breach an account-specific limit.
- Replacement rule
- Open the current official symbol specification, account terms and programme rulebook. Copy the exact limits, timezone and calculation method into the plan; recheck after any provider update.
VERSION 1.2Rules datedNo mid-sample edits
→30 QUALIFYING CASESRecord all outcomesInclude valid no-trades
→SCHEDULED REVIEWKeep, pause or changeState the reason
→VERSION 1.3New forward sampleOld records stay intact
A familiar app does not prove that a provider or programme is suitable. The FCA says UK consumers should check the firm and the permissions for the service, using the contact details shown by the regulator; it also warns about clone and unauthorised forex firms. The CFTC similarly recommends researching the dealer and disciplinary history before depositing. [1][2][3]
A repair should be visible in the next record.
These are invented demo-replay examples for learning the workflow. Prices, pip values, fills and costs are assumptions, not current market data.
RECORD A / EUR/USD DEMO LONG
20-PIP STRUCTURAL STOPRisk geometry repaired
- Plan
- “Buy the pullback.” No rule version or candle-close requirement.
- Ticket
- 0.50 lot because that was the usual size; stop added after entry.
- Risk
- Cash loss unknown. Stop later moved from 1.08300 to 1.08220.
- Review
- “Unlucky.” Gross chart movement recorded; spread and fill omitted.
- Plan
- Version 1.1; H1 close above the pullback high; entry 1.08500 only after close.
- Ticket
- Stop 1.08300; calculator assumption £8 per pip per lot; 0.31 lot after rounding down.
- Risk
- 20 pips × £8 × 0.31 = £49.60 before costs; no widening permitted.
- Review
- Actual entry, spread, exit and net R added. Rule adherence scored before outcome.
RECORD B / GBP/JPY DEMO SHORT
EVENT + BOOK CHECKTiming and exposure repaired
- Context
- Short because M15 looked weak; H4 and H1 jobs were not defined.
- Trigger
- Entered while the M15 candle was below support, before it closed.
- Book
- Two other JPY positions open; combined risk and shared exposure uncounted.
- Event
- Bank announcement discovered after entry; no event rule.
- Context
- H4 sets direction, H1 owns the setup, M15 supplies only the closed trigger.
- Trigger
- M15 had to close below the dated zone and leave target room; it closed back inside, so no trade.
- Book
- JPY exposure mapped before entry. New risk blocked when the currency cap was reached.
- Event
- Calendar checked in London time; written no-entry window added to the routine.
Repair the workflow before adding another strategy.
- DAY 1Ticket literacyOrder lab →
Choose two pairs. Write their pip position, quote side, spread and permitted volume step. Practise market, limit and stop orders without judging profit.
- DAY 2Risk geometryRisk quiz →
Mark five fictional entries and invalidations. Calculate size from the same cash limit, then compare notional exposure and margin separately.
- DAY 3Before-and-after chart recordZone lab →
Mark levels before reveal. State whether the rule needs a touch, wick, close or next open. Save the before image and do not redraw it afterward.
- DAY 4Events and costsCalendar guide →
Check tomorrow's events in one timezone. Write the no-entry window, then add spread, commission and swap fields to the record.
- DAY 5Whole-book riskPortfolio cockpit →
Translate every practice position into currency directions. Set caps for total cash risk and repeated currency exposure.
- DAY 6Blind replayGuided replay →
Run ten replay decisions with the same rule card. Record valid no-trades, missed moves and rule breaches—not just entries.
- DAY 7Review and change controlRoutine builder →
Score process before net R. Choose one repair, keep the current version, or start a clearly dated new version for future cases.
One page to catch the expensive little errors.
WICKATLAS / REPAIR CHECKLIST