Cable Update (GBPUSD)

the market is in a coma

Trading is more about probabilities than predictions.

When trading, we never try to predict what the market is going to do next; We just create scenarios that state if the market does "A" then we will do "B," based an reoccurring patterns that we have witnessed countless times within the market.

Yes, waiting for the market requires patience and can be very boring.
New traders are often too eager to trade and they take entries that aren't in agreement with their rules and/or system either because they are
(a) wanting to "practice" their skill
(b) experience the excitement of being in a trade or
(c) hoping to profit from a gamble.

The fact is, the act of entering the market can be very exciting.
After years of trading, I still feel a psychophysiological arousal when my orders are triggered.
This is why a detailed trading/business plan is needed because during those times of high arousal its more difficult to think quickly and rationally.
A plan keeps us from having to make those decisions in the heat of the moment.
Everything is decided beforehand, and all we have to do is execute what has already been premeditated.


Good luck in your trading successes, and best of luck in the future.

Tell him to SHOW YOU THE MONEY... LOL

''Show me the money''

Very funny clip. LOL!!!

Thanks for sharing

As someone who suffers from FOMO and revenge trading...Thanks.

I'm reading some trading psychology books at the moment as I'm always jumping in because I'm constantly seeing "the market's turning" moments when it's not.

This is very true. Thank you for reminding us man

A critical moment for me, looking to lock in profits before weak shorts (like me) are taken out.
If price passes the 20ema though it could drop hard, but have to respect the bulls in the house.

Some bounce is possible here

It’s really a grind today. I’ve actually made my money for the day however as always I’m ready for more action with tight SL levels

Fomc really will get some big move today. Price hang up for some reason

Good for you to read those books to have strong mental in trading.

At the same time a trade got to have an idea how a market works, and how to construct a logical argument.

One has to be creative and that requires we to think for ourselves not just learn when to trade but why to place a trade for a reason that is deeper than squiggly lines on a technical indicator.

Regards to FOMO/Revenge Trade :
When a market is in a down trend everyone (I'm included) always want to catch the bottom find the reversal but we are designed to be impatient.
All an institution has to do is support a bottom and the impatient traders do the rest the keep buying until they run out of steam in which case the market collapses.
The same is for bull markets everybody want to short to find that perfect top to short but get forced out as it makes new highs.

And Last, but certainly not least. The tough lessons are the ones that teach the most. You have just learned the toughest.
NEVER try to take revenge on the Market. You will lose. Period. End. Finito.

Have a great day and keep the book alive in you.

If FOMC hints at tapering the rate, cable should go down a long way. Otherwise short time fly for cable.

will exit my long if this trend line is broken

can u give me this indecator plz

Daily and weekly candle will close bear for sure , price have complete the structure. For last topping for the cake fondation. Lets swing this to lowest and break today

Apologies for how long this post is. I used to blow up account after account (demo thankfully) and spent a lot of time researching this issue.
This is from the psychology section of my trading plan:

Knowing when to trade is just as important as knowing how.

Executing a trade following the plan should make you feel confident. If you don’t feel confident about putting on a trade don’t trade. Wait until you do. Trades should never be based on gut instinct alone, but once the trading plan has been internalised, with enough successful trades under your belt from using it, how you feel about a trade is important. Especially if you’re having bad feelings about a trade; take the time to figure out why, what’s missing? Delay putting on trades until you’re satisfied that they meet enough criteria and there are no significant contradictory factors; and never hesitate to make yourself wrong and close mistakes early.

It is best to do everything as slowly and carefully as possible, paying careful attention to precise details, and in a relaxed manner. As relaxed as possible.

To stay relaxed I find it helpful to think of the market as a friend and colleague; thinking of the market as a bitter twisted enemy sets the wrong tone. Tense and fearful. I do not want to spend long periods of time feeling tense and fearful, looking on as my enemy taunts me and tries to trick me into making a wrong move; stealing my money; taking my profits; I would much rather think of the market as a friend, drawing my attention to lots of wonderful opportunities and sometimes giving a little tough love when I act stupidly.

Why be rude? Why be abrasive? Be nice to the market, be polite; don’t fight with it. Executing trades with-trend should never feel abrasive.

Thinking of the market as an adversary is a mistake. One abrasive trade can affect trading performance for an entire day because of Fixation Error which fogs the processing of new information, ignoring signs which might point to a different problem, or highlight mistakes, or new opportunities. Trading abrasively is like trading drunk. It is drunk driving. It is trading with the Monkey mind. It influences working memory and disrupts cognition, which leads to mistakes in execution. Listen to your inner mammal, but don't trade with it.

This does not mean being naive, ignoring the trap moves set up by the market makers etc., but choosing to see all information as helpful and useful. In a positive light.

Execution is a script, a scripted behaviour, so it pays (literally) to learn the script well. It helps to respect the script, and helps even more to actually enjoy it and execute trades with a positive expectancy, from a positive frame of mind.

You must train your brain to execute positively.

Another reason for being ‘nice’ to the market during execution is that it keeps us out of conflict, which can escalate catastrophically. The Market is bigger and tougher and will always win.
Conflict moves through stages, in this case they are all internal but the mammal brain is a master of projection and easily confuses the market with a personality - never think the market is being a jerk! We can feel social pain when trading because our mammal pathways are so old and influence us very strongly, feeling betrayed by the market and revenge trading can have dire consequences, so it’s more than an amusing quirk of our evolutionary biology.

“Now in our daily lives we always feel like the social pain is unjust rather than a useful reminder. But remember that it's unjust in the monkey world too because the stronger individual defines who is "a jerk." In the modern human world, you are stronger in one moment and weaker in the next, so we are constantly negotiating to meet more of our needs in a world full of other people trying to meet their needs. So it always seems like the other individual is the jerk and our pain is an injustice. The problem is that we are so strongly influenced by old pathways. The social pain of your past is such a huge circuit that the slightest thing can trigger a big response.
Social pain can motivate you in either direction- to assert or to restrain yourself- depending on the situation and the stored experience you bring to it. It can motivate you to build new social alliances when the old ones are not meeting your needs. But it can motivate you to restrain your impulses in order to retain the protection of the group.
We could loosely group these two options into: "it's their fault" and "it's my fault." A person who always says "it's their fault" may act like a jerk and end up with pain. A person who always says "it's my fault" will not assert and end up with pain. So there's no simple answer that's always right. Our only choice is to try to see the situation from their perspective and yours, and meet your needs in a way that is good for your long run bonds as well as your short run bonds.” Loretta Breuning.

Rather than blame the market, asserting yourself rudely, it is better to blame yourself and restrain your impulses - whilst trying to see the whole situation from a distance. Impersonally. Feel the pain of being wrong and being small, it is important to take responsibility for all the trades you put on and remember the market is always the stronger ‘individual’ and therefore you will always experience ‘injustice’ - until you train yourself to think differently and feel indifferent about the market, depersonalising it. Even so, it is easy to be triggered by the market into a state of conflict which deeply affects your ability to execute trades according to the values of simplicity, directness and efficiency. Conflict gets in the way of logic, planning and profit, so it is good to study it and learn to recognise and de-escalate conflict as soon as it arises.

Levels of Conflict:

1. Nice - no conflict! This is the most satisfying and pleasant way to trade; it keeps us in our heads too, we do not lose our humanity trading. Follow the plan. It’s all good!
2. Manipulation - mental gymnastics, distorting information, ignoring obvious facts and warnings, changing the plan, wishful thinking, pleading, trying to outsmart the market. The monkey dance.
3. Assertion - saying NO to sub-par trade setups and sub-optimum trading conditions. This is the correct way to stamp out manipulation and go back to a trading level that’s nice and honest. Reassert the trading plan. The ugly side of assertiveness is sliding back to manipulation by blaming the market and making it wrong. IT IS GOING UP!!! NO!! Stop Trading.
4. Aggressive - trading abrasively. This is a state of mind, trying to force trades etc. Revenge trading, feeling wound up and frustrated, trying to recoup losses. Shouting and swearing. At this point the plan, all nice and civil, is disregarded for a brute, anything-goes approach. Not good. Stop Trading.
5. Assault - Beast mode: increasing position size, taking huge risks, ends up seriously damaging your trading account. Stop Trading.
6. Lethal force - removing stops and maxing positions, trading out of control with the power to kill your account. Avoid at all costs. Stop Trading.

If we project the idea that the market is being aggressive onto the price action we see in front of us we may be so foolish as to ‘get back’ at the market by becoming aggressive ourselves. When we lose, the key is to get smarter, not get even. Learn to trade more precisely. Get better.

When is the FOMC new coming in? Or I am sleeping it already is out?

3 hours

hi i am new to trading,pls which trading platform is best for me to trade with