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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