EUR/CAD, EUR/NZD, CAD/JPY and NZD/JPY on watch for me today.
Good morning one and all.
I hope you're doing well.
So I incurred another loss last night during swap hours, this time on EUR/GBP which I got long on the previous evening. Price was nowhere near my stop loss when I was tagged out, but the increased spread took me out. This loss means that I'm now experiencing my worst run of form from a results perspective since the day that I first started learning to trade.
However I'm still a profitable trader, trading is still and will continue to be one of my professions and one of the reasons that I'm able to trade professionally is because I've trained my mind to deal with the inevitable losing runs which happen to every professional trader. If I hadn't then I'd be susceptible to all of the fear based decisions making which causes retail traders to lose much of their money and I'd be more likely to deviate from my trading plan. But because I've been trading for two and half years now I know from the testing that I've done that the way that I trade has proven profitable for several decades and that it will continue to do so because of how others trade. I also know from the testing that I've done that losing runs have and will continue to occur, which is why I only ever risk 1% of my account per trade.
We as traders just need to keep rolling that dice and over a large enough sample size of trades our edges will play out, just as the casino's edge plays out consistently over a large enough sample size of spins or hands.
So I'll be documenting and jornalling my EUR/GBP trade immediately after this video and ASRing (Advanced Self Reviewing) it on Saturday morning, but where today's trading is concerned we move on safe in the knowledge that we have an edge over the market and we use this to keep our confidence level high.
Trading will knock you to the floor, then kick sand over your face and then it will spit on it. But once you've trained your psychology to deal with this then the world from a financial perspective really does become your oyster.
💪💪💪
Pasted below is my forecast for today.
Have a super smashing day folks! ✌
EUR/CAD:
• If price pushes up above our lower rayline, it does so impulsively and in a convincing manner and a subsequent tight flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
EUR/NZD:
• If price pushes up above our lower rayline, it does so impulsively and in a convincing manner and a subsequent tight flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
CAD/JPY:
• If price pushes down below our upper rayline, it does so impulsively and in a convincing manner and a subsequent tight flag forms, then I'll be looking to get short with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
NZD/JPY:
• If price pushes down below our upper rayline, it does so impulsively and in a convincing manner and a subsequent tight flag forms, then I'll be looking to get short with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
I hope you're doing well.
So I incurred another loss last night during swap hours, this time on EUR/GBP which I got long on the previous evening. Price was nowhere near my stop loss when I was tagged out, but the increased spread took me out. This loss means that I'm now experiencing my worst run of form from a results perspective since the day that I first started learning to trade.
However I'm still a profitable trader, trading is still and will continue to be one of my professions and one of the reasons that I'm able to trade professionally is because I've trained my mind to deal with the inevitable losing runs which happen to every professional trader. If I hadn't then I'd be susceptible to all of the fear based decisions making which causes retail traders to lose much of their money and I'd be more likely to deviate from my trading plan. But because I've been trading for two and half years now I know from the testing that I've done that the way that I trade has proven profitable for several decades and that it will continue to do so because of how others trade. I also know from the testing that I've done that losing runs have and will continue to occur, which is why I only ever risk 1% of my account per trade.
We as traders just need to keep rolling that dice and over a large enough sample size of trades our edges will play out, just as the casino's edge plays out consistently over a large enough sample size of spins or hands.
So I'll be documenting and jornalling my EUR/GBP trade immediately after this video and ASRing (Advanced Self Reviewing) it on Saturday morning, but where today's trading is concerned we move on safe in the knowledge that we have an edge over the market and we use this to keep our confidence level high.
Trading will knock you to the floor, then kick sand over your face and then it will spit on it. But once you've trained your psychology to deal with this then the world from a financial perspective really does become your oyster.
💪💪💪
Pasted below is my forecast for today.
Have a super smashing day folks! ✌
EUR/CAD:
• If price pushes up above our lower rayline, it does so impulsively and in a convincing manner and a subsequent tight flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
EUR/NZD:
• If price pushes up above our lower rayline, it does so impulsively and in a convincing manner and a subsequent tight flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
CAD/JPY:
• If price pushes down below our upper rayline, it does so impulsively and in a convincing manner and a subsequent tight flag forms, then I'll be looking to get short with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
NZD/JPY:
• If price pushes down below our upper rayline, it does so impulsively and in a convincing manner and a subsequent tight flag forms, then I'll be looking to get short with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.