Posts Tagged trading advice
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.
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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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What I mean by this is people who give you a tip to buy or sell something. It may work out (afterall, there's a 50% chance it will go up or down so there's half a chance you may make money) but in the long term you will lose money!
Why do I say this? I say this because as a trader or investor you need to be responsible for your own trading decisions. Should you lose, it's too easy to blame someone else for the loss. Psychologically, you've given yourself a way out and not taken responsibili
October 28, 2011
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