▪️GBP.USD Analysis▪️”Hard work, is always followed by light work.” Nothing good comes easy and for those of you who are struggling, keep you head down and continue being persistent. The day something clicks and you get that “aha moment” is worth it all. www.forexgentleman.com *Note:* Do not enter until after all GBP news is out and complete.
How to become Professional Trader is a serious question for the investors or traders who would like to make the stock market as their full time profession or career. Normally, retail investors think that professional traders are the ones who have a big stock portfolio or trading capital. It is not correct. In layman terms, an investor or trader whose profession is a stock investment or trading is a professional trader. At the same time, he/she is also taking a professional, systematic and process-oriented approach to trade or invest.
10 tips or traits of professional traders are as follows
1. Professional traders follow the steps without worrying about the results. If you follow rights steps and process, the profit is assured in the share market.
2. Risk Management is a very important part of Professional traders strategy. In layman terms, the risk management is how much money you lose in no of losing trades.
3. The return expectation should be realistic and practical.
4. You should deploy optimum capital in the stock market.
5. Opportunity cost is very high in the stock market.
6. Working professional cannot become professional traders
7. You should follow 2 strikes rules i.e. if any setup does not work for 2 consecutive times then it is time to change the strategy.
8. You can earn only if you learn
9. Trading should be based on a professional approach
10. Always do your own analysis.
Flip the script in your head and choose to view the outlook of your life in a more positive and healthier way.💡
Gotta be honest here, this week has been a tough one. Trading wise I’ve been unprepared and I’ve taken some straight losses. I’m failing to keep to my word about morning routine and daily habits. My ecosystem is toxic and messy.
However, I’ve become accustomed to self talk, having these conversations with myself, feeding it with purpose; it helps me fight the toxicity because I see the bigger picture. I remember the vision. That’s why having clarity in your vision is SO important.
Get back up. Hold the vision. Trust the process. Always move forward.
Also, don’t be deceived by people on social media; not even by me. A lot of you think I’m on the charts 24/7 cos I post pictures of the charts. In reality, I’m only really on them for an hour or two a day. 💻
Gosh, I made such ridiculous mistakes on Wednesday which led to a losing trade and a missed profit opportunity.
Let's start with ticker COOL - missed opportunity trade. Perfect pattern. Good confirmation. But outdated ticker! What? Apparently Polarityte's ticker change went into effect just a day or so before I spotted the chart. Not sure how I missed this. So strange. I looked at the "new" ticker and sure enough, boom! It did exactly what I thought it would do. Due diligence is key.
The next ticker, MTEM - losing trade. I'm not sure exactly what happened. Complete user error! I entered my orders and waited for my trades to execute only to realize that they executed at the wrong prices. I just kept scratching my head on this. I don't want to say it was a glitch. I'm sure it was just me... Sometimes we are so focused on finding the right ticker or pattern. Execution is key. I know in the world of day trading, every second matters. But an incorrect order matters too. Lol. Take the extra second to double check your order entry. #basic I ended up stopping out of this trade for a $120 loss.
Sterling will continue to appreciate as we get more clarity on Brexit. With a positive summit for Theresa May this week and little data coming out of the US, this market has been cycling well and respecting our trendline giving us clean entries. We momentarily broke structure but with stops at breakeven we weren’t taken out of the trade prematurely.
Friday treat. A potential nice short set up on #eurcad .
As you can see price has been making a series of LH and LL while trading within a descending channel .
Price looks like it is now about to form a new LH while rejecting the resistance trendline in line with 50% large fib region and 78.6% smaller fib region .
Expecting price to drop down either towards 1.5070 for a double bottom and reverse to the upside or 1.5010 and D1 target in line with channels support and head and shoulders neckline support. If we were to hit this target it would be a nice 190 pip gain .
You can swipe right to see the head and shoulder pattern as well as the series of LH and LL that this pair has been making on both long and short timeframes .
Trade safe ✌