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Learn to Take Losses. Trading Psychology Basics Hey traders, In this post, we will discuss a typical psychological mistake that a lot of traders frequently make, facing a losing streak. 🤑 Analyzing different charts, we may spot a decent trading setup. Being 100% sure in our predictions, we open a trading position. After some time, we are stopped out. Instead of admitting that we were wrong, we are looking for a reason why it is not our fault: market manipulation, stop hunting, news. Instead of reevaluation of our analysis, we start forcing our previous predictions. 🧠 We open a position again, being sure that it is a perfect moment for us to recover the loss. And we are wrong one more time. What the hell is going on? Who to blame? Of course, that is not us. These ugly hedge fund managers again sunk our trade. 😢 But we stay strong, we have a big trading account, so we decide to show this schmo who is a real pro here. Consistency! That is the secret of success in trading. So we open the third position again. And... we screwed. 🤬 Eureka! The market reversed! It's time to open the position in the opposite direction. The trend has changed, and it's time to get on board and recover this losing streak. We open a trade, however, it's too late already: while we were forcing our previous predictions a new impulse has already gone exhausted. We s*ck... That is a typical situation every struggling trader faced. The psychological barrier to take the loss and admit the mistake makes many people leave this game. The only way to proceed is to learn to take losses. Take losses and reevaluate your analysis. "It's ok to be wrong. It's unforgivable to stay wrong!"
OANDA:XAUUSDEducation
by VasilyTrader
5
Trading Sessions in Forex | Free Market Sessions Indicator Hey traders, In this post, we will discuss trading sessions in Forex . Let's start with the definition: Trading session is daytime trading hours in a certain location. The opening and closing hours match with business hours. For that reason, trading hours are varying in different countries because of contrasting timezones. ❗️Please, note that different markets may have different trading hours. Also, some markets have pre-market and after-hours trading sessions. In this post, we are discussing only forex trading hours. The forex market opens on Sunday at 21:00 GMT and closes on Friday at 21:00 pm GMT. There are 4 main trading sessions in Forex: 🇦🇺 Australian (Sydney) Session Opens at 21:00 GMT and closes at 06:00 GMT 🇯🇵 Asian (Tokyo) Session Opens at 12:00 GMT and closes at 9:00 GMT. 🇬🇧 UK (London) Session Opens at 7:00 GMT and closes at 16:00 GMT. 🇺🇸 US (New York) Session Opens at 12:00 GMT and closes at 21:00 GMT. Asian trading session is usually categorized by low trading volumes while UK and US sessions are categorized by high trading volumes. Personally, I trade the entire UK session and US opening and usually skip Australian and Asian sessions. There is a free technical indicator on TradingView that allows to underline trading sessions on a price chart. It is called "Market Sessions". Being added, it displays the market trading sessions. What trading sessions do you trade?
OANDA:XAUUSDEducation
by VasilyTrader
2
Learn What is FOREX Market. Trading Volumes & Market Participant Forex - foreign exchange market, is a location where international currencies are bought and sold by economic participants at various exchange rates. Forex market is the biggest market in the world, reaching on average 6 trillion dollars trading volumes daily. Forex market is a vital element for a global economy because it provides capital exchanges between the countries. The main market participants of forex market are central banks, commercial banks, commercial companies, hedge funds and investors. 🕰In order to grasp how big is that market, take a look what is happening on that just in 60 seconds: 📎Total transactions value reaches 3.52 billion US dollars. 📎 1.15 billion dollars of spot transactions. 📎 1.65 billion dollar of exchange swaps. 📎 Total transactions value involving USD reaches 3 billion US dollars. 📎 Total transactions value involving EURO reaches 1.1 billion US dollars. 📎 Just one single EUR/USD pair accumulates 812 million US dollars transactions value. It is hard to imagine how such big amounts are rolling with such a frequency and how insignificant are the orders of individual traders.
OANDA:XAUUSDEducation
by VasilyTrader
1
EURCHF: Potential Pullback Trade Explained 🇪🇺🇨🇭 EURCHF is currently consolidation within a strong horizontal support. To buy the pair with a confirmation, wait for a bullish breakout of a resistance of the range on a 4H time frame. 4H candle close above 0.9362 will confirm a violation. A bullish continuation will be expected at least to 0.9385 then. If the price sets a new lower low, the setup will become invalid. ❤️Please, support my work with like, thank you!❤️
Long
by VasilyTrader
1
JPY: Tokyo driftThe sharp falls in Tokyo inflation for January remind investors of the ending of the BoJ’s YCC and/or NIRP in 2024 are not set in stone. Tokyo inflation is a very good leading indicator for the nationwide inflation data. Tokyo inflation excluding fresh food as well as headline inflation plunged below the BoJ’s 2% target to 1.6% YoY; well below the consensus forecasts. January is the first time Tokyo inflation excluding fresh food is below the 2% target in a bit over 18 months. Tokyo inflation excluding fresh food and energy dropped to 3.1% YoY; also well below the consensus forecast. The Tokyo inflation data will challenge the increased confidence expressed by BoJ Governor Kazuo Ueda in his post-meeting press conference that the central bank will meet its inflation goal. This confidence helped the JPY stage a modest rally this week as JGB yields moved higher in anticipation of the formal ending of YCC as well as NIRP in the coming months. The Minutes to the BoJ’s December meeting continue to feed this speculation as Board members shared the view that deepening discussion on the timing and pace to raise rates was required. Another factor that can give ground to the Yen is the BOJ intervention in the Forex market which had already happened a couple of times in 2023. They are closely tracking the USDJPY rate and tend to intervene around the 150.00 level which is about to be tested soon. For now, BOJ prefers FX interventions as they are effective so far and not damaging the already deflating economy as real interest rate increases would do. The Japanese Governor Ueda is also using his words wisely as we can see, only speaking about potential interest rate hikes affects the currency as if they increased them already although getting out of the ultra-loose policy is highly unlikely in 2024. Check out my other ideas below:
PEPPERSTONE:JPYXShort
by Elite_Forex
Euro FX Futures Breach Support A rallying USD is putting ample pressure on Euro futures. Now that we’ve broken trendline support, it appears that we’re in the midst of a steeper correction. How low can the contract go? Technical Outlook : Euro futures trended higher for the duration of Q4 last year, with trendline support dating back to November first. Weakness in the USD, and favorable economic data through that period helped propel the contract higher. However, now that the USD has turned higher, we saw Euro futures breach that support line. Looking at RSI, we are still firmly entrenched in no-man's land, with RSI reading approximately 41. In other words, it would appear that we have ample selling pressure yet to materialize. If we see a continuation in strength in the USD, the concurrent weakness in the Euro could see the lows from early November tested over the course of the next 6-8 weeks. Check out CME Group real-time data plans available on TradingView here: www.tradingview.com Disclaimers: CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com *Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services. Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
CME:6E1!Short
by Blue_Line_Futures