What would you do differently today for better trading results?

Just Sharing

‘Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets.’ - Michael Carr

Trade safe and prosper.

That is a great quote and an advice a trader should always follow, I think.

Today I reminded myself how important it is to trade well-rested. Sometimes one may see a good trading signal in the middle of the night, but if they’re half-asleep they may not be able to make full use of it. It is better to get a good night’s sleep and then trade.

As I thought, the results of trading after getting a good night’s sleep are much more positive than when I stayed up all night watching the charts.

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I can very much agree with you.

Trade safe and prosper.

Ever heard of the 2618 trading strategy? It’s a simple strategy but requires patience. Watch this video on how to trade it.

Trade safe and prosper.

Just Sharing

One of the factors a swing trader can adopt to gain a profitable edge in the markets is using the analysis of the relative strengths of major currencies. The trader who adopts the principle of trading strongest currency or asset against the weakest would gain the edge if they know what to look for and what to do. For example, if a trader simply goes long on GBPUSD having seen that GBP is the strongest of the majors and USD is the weakest would fail if they do not wait for the right setup and the right location.

What do you think about this? Any experience about trading this principle? What did you learn recently about trading better that you would like to share with fellow traders? Share it here!

Trade safe and prosper.

I had never seen that principle formulated, but I think I have been doing so, or at least I have been trying to so subconsciously for years, with varying succes.

Good to hear about your experience. It will require doing a simple analysis, e.g. based on location of price action in relation to an SMA maybe on daily or weekly time frame depending on your trading span; I use weekly because I swing trade and I do a weekly analysis of pairs on my watch list.

Trade safe and prosper.

For better trading, I think continuous study and chart analysis is the best option. This is what I do. I do not depend on indicators. I watch charts a lot. I do it to figure out different characteristics of a certain pair. Every pair has some unique characteristics. I try to find them.

Agreed, traders need to understand the uniqueness of each pair they trade.

Trade safe and prosper.

I agree. Currency pairs can be very similar in the way they develop, but there are always some marked differences which may not be obvious right away when one first starts trading them. Sometimes some observation is required to see those differences.

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Yes every pair also has various average movement, usually I am often trading on gold, although this instrument trading has high spread broker but I like with high average movement, if can follow the trend this instrument trading is profitable

That’s what the ATR measures. Could you tell us what you learned differently recently that could make you a better trader?

Trade safe and prosper.

ATR is only tool as one indicator to measure average movement on certain timeframe, each pair has own risk and characteristic, like as usdjpy, although not always usually this pair will active on asian session, but sometime also influenced by news its reason on newyork session may occur this pair move high volatile

I admit it has never occurred to me to use ATR. Just how practical is it?

Hey bro! I don’t use ATR. I was only responding to @bearish post. I try to minimize the use of indicators on my charts; not that they are bad if you know what you are doing and what you are using them for. I only want to keep things as simple as I can.

Trade safe and prosper.

Oh, I see. I do use some indicators occasionally, so I was curious.Thanks.

Today I was reminded once again how important it is to close one’s positions on time. Being impatient and closing too early is a bad idea, but closing too late is just as bad.

Stop focusing on the demo. I was always wondering why I am losing money live when I am so good on my demo account!

Closing positions on time is also crucial, yeah.