Yes, that’t the point. However, many traders focus on temporary gains or the few trades they make money without working on the rules and system that form the basis of building long-term profitable trading edge over the market. Trade safe.
Does having a profitable trading edge over the market mean that a trader will not experience some losing streaks? If you were to apply what you learnt recently for better trading, which aspects of your trading would you focus upon?
If a bearish rejection candle forms at the USDCAD monthly pivot, that should be a significant signal for a bearish trade. That location is also in confluence with the 50 Fib level. Trade safe.
Once you develop a functional trading system, much of what is required for successful trading is about discipline.
The GU is potentially northward-moving for about 120 pips to the next resistance on the weekly chart around the 1.49 area unless fundamentals cause an upset. But I’m not trading GU today as I have a number of positions I am monitoring. Trade safe.
When your trade goes awry, rather than going nuts steel yourself for brighter and better trading.
Now watching GBPNZD. A retracement to the WP, which is in confluence with the next weekly resistance zone, seems to have a good potential for a southward trade. Same can be said of GBPJPY, which is also in confluence with the 62 Fib level. Trade safe.
What did you learn regarding FX trading last week, particularly from the UK referendum on the EU? For me, I learnt to remain calm and focused. In fact, this is critical to trapping the market. Trade safe.
UCAD currently testing the 200 EMA on daily chart and in the region of a weekly resistance. It should be interesting how price action pans out. Likely potential for a southward push. Trade safe.
Talking about the EURUSD, if the price action on the 4 hour chart rejects the weekly S/R zone being currently tested, then a reversal is much likely in the cards. Otherwise the bearish disposition persists.
Bearish tone persists on the EURUSD but timing is key. If the price action re-tests and bounces off the 4-H resistance zone (1.1100 to 1.11260), which is also aligned with a weekly resistance zone, the potential for a successful bearish trade will be greater. Trade safe.
All FX majors and GBP crosses are currently testing the gap created last Friday. So watch the major market outlook before you commit to long-term positions. Trade safe.
Trading can be made easy by long, adequate and focused preparation. All you need is to be disciplined in executing what you came up with during your preparation.
The hard part really is the preparation and to be disciplined. Put simply: you need solid preparation and disciplined execution.
Do you hedge? What about using a Martingale method? If you would like to share your opinion or experience, drop a word. Trade safe.
I blew a few trading accounts five years ago trading on Martingale. Did I learn my lesson? Not on your life. In fact, I nearly blew another account early this year but now I have learnt to never touch Martingale with a long pole.
Hedging is a defeatist strategy. When you set your reasonable/affordable stop loss and get hit, you have another opportunity to reassess/stalk the market for better positioning and trade. Trading with a stop loss gives you confidence in your trading ability and forces you to become a better trader if you manage your trading capital well. Although hedging can make you money, it doesn’t help you build a profitable trading edge.
EURUSD and some other pairs on my watch list are ranging/sideways at the moment. A probable pair that worths attention seems to be USDJPY; looking to going long upon retracement.
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A top-down analysis of the pairs on your watch list will be facilitated by using a combination of RSI and ADX on the weekly chart. Trade safe.
EURUSD outlook at the moment? There is potential for a southward push upon bouncing off the hourly 200 EMA which is near both the MP and WP. Trade safe.