toughest call as a trader is having a bias and watching the price go against you .....all you do is scream to reverse you r bias and chase the new direction ....watching pips missed
but thats trading.....if you reduce your bias criteria each time price moves its not long befroe you are just chasing the price mindlessly
this morning i happily took pips buying euro and gbp and selling usd and yen
i cant complain if i see all those prices reverse 100% back down .....i just have to sit and suffer it happening
N
realistically i could have decided to start selling from 2720 levels this morning ...but for various reasons on my strengthmeter work i have decided to wait ....such is life
if you tell yourself you have missed 15 pips of selling then you would never survive for long as a tradser ....such psychological mindsets destroy your emotions .....the battle is hard enough without letting such weakness inside your mindset armour
N
ok back later ......more pips to make
i hope that last period gives an insight into how to trade your plan with 100% focus
DO NOT BE SWAYED BY THE MARKET
PLAN YOUR TRADE and TRADE YOUR PLAN - 24/7 365
today has been pretty light on any decent currencies to sell ....even when usd finally got bulllish i have been struggling to find my GBP or Euro to sell .....im not to fussed about the other currencies especially london mornings ....i like playing gbp or euro in pairs
ej was finally borderline around the 126 level for selling today .......125.68 now and perhaps 2-3 decent scalps were possible from 11.30 bst ...but i was tied up elsewhere
cad is the thumping sell more recently so UCAD buys would have been ok ...i can see decent opportunities up from the 3090 to now 3109 levels from around 10.50 BST
N
well its one hell of a swingy morning so far ......currrencies are certainly moving
euro has actually been bear for most of london morning so far ...my efforts have focused on selling it against USD and Yen .....i have also sold cable at times so far later part of morning
I talk about DIRECTIONAL BIAS a lot to traders learning the ropes ...it is very very important and key to your trading success...no hesitation or doubt.......
even if you are wrong ...it doesnt matter .....with practice and a robust method you will eventually be right enough most of the time to make consistent money in the markets
N
recap ...
i have been recently selling EU below the 1380 levels ...its been down to 1364
i have been recently selling EJ below the 126.10 levels ...its been down to 125.93
i have been recently selling GU below the 2716 levels ...its been down to 2698
mixed bag and a lot of tricks during this phase...messy and an inexperienced trader could be losing money ......nothing clean really or easy to spot ...obvious levels of support now on these pairs so expect some chop
N
FXCorrelator - Scalping system
