The Market will play you out every now and then...
Updated
As seen on the chart, if you first short is after the breakdown, then likely you are stopped out unless your SL is above 109.391. However, if you move on like many traders to other pairs, then you would have missed the 2nd shorting opportunity.
In life, it is the same. It is how we take failure and learn from it and become better at it or we can give up and move to something else. Again, nothing wrong with moving to others, you could do well in that endeavour as well. That is the opportunity costs that you have to undertake. But, if you choose to stay in the heat, you discover that you were right after all in your analysis, just not the first time. So, you have to follow through in order to win some money from Mr Market.
He will play you out every now and then to see if you are really serious about taking money from him. He has the money ,lots of it and will be willing to give it to you if you know how.
Have a strategy. This is not easy as we are living in an information overload society where excessive information is thrown to us daily. Choose carefully what you read coz it can influence your mind. Give it time to come to fruition , adjust your strategy as you move along, customising to your needs.
For example, I was once drawn into trading in 5-15 mins chart. Sometimes, I can make 3 to 4 figures income within a short period of time. Wow, the draw much like cocaine is too great to resist and I placed bigger bet over time. Yeah, you know the ending, I lose it all back to Mr Market who knew right from the start. Did he drop hints ? Of course , dude.
I was easily frustrated, glued to the computer , swearing at it if I lose (luckily the laptop is still intact ) and getting too prideful when I win. Oh, those were the hell days I been through.....
Then, I discovered trend trading... And I realised holding the positions longer for days or weeks is not as scary as it thought. Initially, I would wake up in the middle of the night to check the prices, afraid I will be stopped out or taking too little profits. Over time, I learn to let go and trust myself more, trust in the system. The emotions control was the hardest part and by the Grace of God, my prayers is answered.
We tend to belittle ourselves and let others take the glory when we were already in the right track but too fearful to take sufficient actions. For example, I was right in certain pairs but failed to execute for fear of being wrong. And I missed many opportunities like that. Some trading opportunities can offer you 1 : 10 fold risk rewards ratio. It does not come often so when it does, you have to grab it .
SO, traders, trading is a learning journey and do not let anyone intimidate you that you are not good enough. It is one thing to be humble and another to be suppress your God-given talent. Your success is the best way to glorify Him and use this story to encourage and inspire more people.
In life, it is the same. It is how we take failure and learn from it and become better at it or we can give up and move to something else. Again, nothing wrong with moving to others, you could do well in that endeavour as well. That is the opportunity costs that you have to undertake. But, if you choose to stay in the heat, you discover that you were right after all in your analysis, just not the first time. So, you have to follow through in order to win some money from Mr Market.
He will play you out every now and then to see if you are really serious about taking money from him. He has the money ,lots of it and will be willing to give it to you if you know how.
Have a strategy. This is not easy as we are living in an information overload society where excessive information is thrown to us daily. Choose carefully what you read coz it can influence your mind. Give it time to come to fruition , adjust your strategy as you move along, customising to your needs.
For example, I was once drawn into trading in 5-15 mins chart. Sometimes, I can make 3 to 4 figures income within a short period of time. Wow, the draw much like cocaine is too great to resist and I placed bigger bet over time. Yeah, you know the ending, I lose it all back to Mr Market who knew right from the start. Did he drop hints ? Of course , dude.
I was easily frustrated, glued to the computer , swearing at it if I lose (luckily the laptop is still intact ) and getting too prideful when I win. Oh, those were the hell days I been through.....
Then, I discovered trend trading... And I realised holding the positions longer for days or weeks is not as scary as it thought. Initially, I would wake up in the middle of the night to check the prices, afraid I will be stopped out or taking too little profits. Over time, I learn to let go and trust myself more, trust in the system. The emotions control was the hardest part and by the Grace of God, my prayers is answered.
We tend to belittle ourselves and let others take the glory when we were already in the right track but too fearful to take sufficient actions. For example, I was right in certain pairs but failed to execute for fear of being wrong. And I missed many opportunities like that. Some trading opportunities can offer you 1 : 10 fold risk rewards ratio. It does not come often so when it does, you have to grab it .
SO, traders, trading is a learning journey and do not let anyone intimidate you that you are not good enough. It is one thing to be humble and another to be suppress your God-given talent. Your success is the best way to glorify Him and use this story to encourage and inspire more people.
Note
Praise Lord, moving to the downside.Note
support is at 107 level .It has now formed a inverse cup and handle pattern. You can short once it breaks down from the minor bullish trend line (draw your own from 107 to 108) or wait for the support level to be broken down as additional confirmation.
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