This sums it up. I don’t care about news or anything of that nature and I don’t sit there and wait for the perfect entry.
A lot of my trades are executed within 60 seconds of opening the pair, looking at the bigger picture, determining the potential support and resistance levels and I’m in.
Now this is going to get my big mouth moving.
I was just having more or less the exact same convo with a good friend of mine, who just sucks at trading.
Can’t stick with any strategy for more than a week.
Why is it that people buy stocks with the aim to hold for a very long time, 5+ years and are perfectly happy when their portfolio of stocks are down 20%, 30%, sometimes over 40% - you’ll see it on YouTube all the time, just buy companies you like, believe in and think that will do well in the future.
That gut feeling.
Is that it?
But with Forex you need to cut losses or should I say realise losses quickly and move on. If that’s part of your game plan then yes, do it.
All it boils down to is, are you trading or are you investing.