Very much in agreement, mate! Moving on to the theme of this thread. What has any member of this forum learnt last week for better trading? For me, last week I learnt to incorporate another set of S/R levels to my levels, I called them minor S/R levels. They relate to my setup time frame rather than the bigger S/R levels based on the weekly time frame.
I think that one should analyze every situation on the market before opening a position. That way even unexpected movements do not necessarily become a bad thing.
Chasing the markets can be perilous. If you want to effectively trap the markets, you don’t wait until the markets open. You don’t do it during the markets. You do it in a disciplined way involving pre-market opening analysis and define clear conditions and criteria which price action must meet as you wait for the markets to meet them.
You have two ideas competing to be the solution to a particular problem or objective. Be explicit with what the deciding factors are. Backtest thoroughly for a conclusive result.
I am new to his forum but not new to Forex. Only one thread brought me here, but this seems to be a very nice forum for interaction. Today I have learned that when a Forex pair moves swiftly to a new high, it usually in most cases bounce back a little within 14 hours. How frequent does that happen and how do I take advantage of it? The tendency of a pair bouncing back depends on what caused it to spike in the first place and whether there is a news event scheduled to take place within the hour that would affect the pair. So I have learned to pay attention to multiple news events in one day.
Very good observation. However, beware of the time frame you are watching. If you are watching an intra-day or low time frame you may be sold a dummy. Yes, you can get good results with daily, weekly and monthly time frames.
A lot of hype has been made about screen time. That a trader needs a lot of screen time. Really? If a trader spends a load of screen time without being focused on specific things and without identifying and assessing how they are progressing, is that what screen time is about? Imho, the emphasis should be on quality and focused screen time demonstrated in improved competence as a trader. What do you think?
Yeah, it is better to know that when to have a short break and when your trades are not improving. Thus I have taken a short break to learn the Forex Trading and improve my trades.
Taking pauses destroying my trading completely because I get lost in traders sentiments (i.e. where the crowd goes and what expects), as every piece new data may drive the market literally in any direction. And its hard to catch up with latest news quickly it takes time, maybe several days of watch Hotforex calendar and analyzing events.
Good preparation, thorough market analysis, preparing a trading plan for each trade you intend to take and waiting for the right moment to strike will help you minimize the problem.