Any setups on your radar guys?. My confidence is low but I need to pay rent month end. please do share.
With a gamblers mindset, you’ll lose your capital. IMO, you should stop trading and find another way to pay for your rent.
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I hope you do have your own set of standard set-ups that you search for before entering a trade.
My favourite is a trend. The most probable thing that price will do next in a trend is continue the trend. Right now the forex major pairs are not trending reliably. Therefore I am long on the Dow index and on several smallcap firms with results out recently or in the next few days. I know these things work - I am not in a hurry to take on forex positions based on set-ups i don’t know.
Mindset control is extremely necessary. Consistent profit is required to create confidence. And this is possible only if the trend is traded. Patience and plan can further increase the profit potential.
Confidence is created when you make a consistent profit. And to maintain consistency, you need a plan and discipline. At the same time be patient.
I do not think this is how you trade. Trading is a business with uncertainty. You cannot depend on it to pay your rent, utility, regular expenses. Get a job or business and take trading as your second income. As you gain experience and get better at trading, you will surely be able to depend on trading only. It is going to take time though.
This is dangerous what you’re doing.
"Many new traders trade with their milk money and wonder why they feel scared when they enter and watch their trade.
If you want to trade calmly and rationally, you must trade with only money you can afford to lose."
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