Archive for November, 2011
The difference between consistently profitable traders and those who are not is the subject of this post "sometimes the best trade is no trade". Successful traders understand this, it is about being patient and ensuring that the conditions are exactly right for a trade, ie a valid signal to take an entry. Traders who are not so successful feel that they need to be in a trade all the time to be successful and will think that a setup is 'almost right' and therefore happy to jump in early.
B
November 29, 2011
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Today, I look at the charts as usual but didn't see any longer timeframe trades felt as though I was able to read the markets with the GBPUSD pair. I shorted at 15510 as you can see with a stop at 15540 and it wasn't long before my stop was hit.
I had no signal to enter, just felt as though I knew what was happening. This sometimes happens when you have had some success lately, the confidence gets to you and then you get over confident with your abilities. The market then humbles you.
November 29, 2011
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Obviously not content with my paltry 6 pips from my EURUSD scalp, I thought I'd try my luck with a more volatile beast, the Crude Oil futures. The trade was a very simple on and off support at 9865. You can't see it from the 5 minute chart but the support line was actually last weeks highest point. I expected a bounce from here so took the long trade and got out with 39 points.
The market soon collapse after this and if I had taken a short, I would have been laughing.. as
November 28, 2011
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