Here's a good example of one of my styles of trading. For the most part I enter and exit trades fairly frequently.
I don't typically hold long term trades. For me personally I have found that because long term trades don't come along very frequently I do better getting in and out routinely at logical support and resistance zones. If I was attempting to pick tops and bottoms for long term trades I'd get a lot of false signals.
Over time I've learnt for every long term move there are at least 20 shorter term moves. I would rather catch these shorter term moves, take profit, increase my equity, increase my trade size. Rinse and repeat.
This method works well for me and means that within a period of time I can extract more from the market than if I was holding a single trade over the longer term.
In the above photos you can see that 3 trades were executed on AUD/USD and each was exited at a logical support zone. I trade in the direction of what I feel is the overall trend on a higher time frame. If I had held the first trade for the 3 days I would have received 53 pips but by moving in and out with the market flow I have secured 150 pips over the same time frame.
So this is one of the strategies I typical use and achieve returns I am very happy with.
The great and fascinating thing about trading is there are many different strategies that are used successfully. And everyone is free to develop what works best for them. There is no one right way.
0 101 hours ago
Friday night city lights. This weeks trading is coming to a close. I used to be a little upset that trading stopped over the weekend but now I really like it. Trading can involve a lot of decision making, analysing and you have to stay focused if you want great results. This can sometimes leave your mind feeling a little worn out.
So a break from active trading is great for reseting and refocusing. It doesn't mean you can't still be learning or doing research but for me personally a forced break from active trading is good for me. I'll probably spend some time in nature over the weekend. This helps me keep balanced and by the time Monday rolls around I feel refreshed and ready to go!
A continuation of the GBP/JPY trade posted below. On the initial trade one of the trades was taken at profit at the 23 fib line (I always like to take partial profit in a trade or as in this instance take one trade out) over time this method has worked very well for me in achieving consistent gains. The other trade was left to play out.
A lot of people suggest letting profits run and overall this is good advice. However on many many occasions a trade will not complete or will be a false move resulting in no profit or even a loss. My personal strategy usually allows me to at least make some profit on many of my trades trades entered. These secured profits add up surprisingly quickly.
The other advantage to me is I have secured some profit which keeps my equity growing and if the move retraces back against me I can reenter so in effect giving me more opportunities.
In this example the trade was reentered on a retrace and failure to move higher. The continuing pattern of lower lows formed a wedge set up indicating reduced buying pressure and a TP was set at the 38% fib on expectation of a trendline break.
The second picture shows a successful completion of this move with TP hit on both trades.
This trade played out really nicely textbook style absolutely not all trades do. That's why I always like to secure at least some profit from most of my trades entered. That way if it doesn't work out I've at least secured something from my planning.
This is a strategy and edge I have developed over time. The interesting thing about trading is there are many many different successful strategies used. So spend the time developing your own strategy that works for you, your personality type and time availability.
Is their a silver bullet to mastering trading? I don't think so. Its human nature to look for a quick fix but I believe the only way you will succeed at becoming a truly independent consistently profitable trader is through a lot of hard work and effort. The common phrase is it takes 10,000 hours of practise to master something. But that must be deliberate practise. Otherwise known as hard grind. And it is. Deliberate practice is working just beyond your existing capability. Stretching. Failing. Getting back up, self analysing regularly and then going again. It is arduous, effortful, frequently tedious and yet richly rewarding over time.
As the 10,000 hours is amassed by yourself you will begin to see problems more clearly, pattern recognition goes up and you will notice consistency will increase and things will begin to feel easier and ideas and concepts will click into place with more ease.
10,000 hrs may sound a lot but consider that according to business insider the average person will work 900000 hours in their life. 80%will have no passion for their job and 87% will be outright dissatisfied with their jobs.
If you are prepared to put in the required effort to master the skill and mindset of trading you can design a lifestyle that works around you. You are in control of your own destiny, do not have to answer to anyone. You can set your own hours, work from anywhere in the world with an Internet connection and its highly scalable meaning as your equity grows you can make more from no extra effort.
Finally and perhaps most importantly you can create free time in your life to pursue your passions or causes. Spend time with friends or family and live as you want to live. Also the sense of accomplishing something that was very challenging for you is highly rewarding and confidence building which has positive spin offs for all areas of your life.
So think hard about what you want your life to look like and if you take up the challenge, decide, focus and give it everything you've got. It's absolutely worth the effort.
GBP/JPY trade going my way tonight. A split trade entered around the confluence area of 4hr 100 and 50smas and psychological 148-148.25 round number.
The first picture shows stop loss set above the recent highs. The second picture I have taken profit on one trade at the 23%fib level and set the stop to trailing for the second trade and will let this one play out with profit locked in.
Nothing too fancy here and that's how I like to keep most of my trades. I like to keep things pretty simple and trust my edge of probabilities. Take my profit if it happens and move onto another trade. There is always another trade.
4 92 days ago
Patience. It's a very important component of trading success. It can also be a concept that can at first be hard to to get your head around. With many endeavours in life, taking action is a good thing to do when you want to get something done.
With trading there can be a tendancy to want to get in on the action, get in on a move or be in a trade all the time. But often this only leads to poorly executed trades, frequent losses and frustration.
Its far better, less stressful and more profitable to patiently wait for the price to move to an area of strong support or resistance where the probability of success is much higher. It also allows you to have a more favourable risk to reward position. It requires both patience to wait for a likely setup to occur and also just as important is to have patience to let the move play out. The time period for both to occur can often take longer than you might expect.
This patience can be hard to achieve, we live in a fast paced world for the most part and people want instant results and often people think more is better. But often in trading the fastest way to success is actually in being more patient and achieving more consistent results.
The good news is whilst you don't have to actively be in trades all the time you can instead spend the time improving your technical and fundamental skills by spending time on the charts and researching and working on your psychology and mindset. So you can be taking positive action whilst maintaining patience to execute the best setups.
Week 3 of my $1000 challenge and a loss. Losses are part of trading. There is no way around it. I used to take losses personally and they would frustrate me and I would revenge trade or over leverage to try and get my losses back. This usually resulted in things getting worse. Of course no body likes a losing week or trade but trading is a long term game. I'm most concerned about my long term outcome. I don't take any one trade or weeks results too seriously. I believe my trading edge over the long term will succeed and after 1000s of trades I have that confidence to lean back on.
The other thing I personally benefit from is the occasional reality check. A losing week reminds me the market is the boss and I'm just a small player. It makes me assess my rules and risk levels and let's me reset a little and make some adjustments to my mindset if needed.
Also sometimes you can be doing your best and just not come out on top. That's ok because sometimes trading is like that. On to the next week 🙂
Took this AUD/USD trade on the apparent double top rejection at the 38.2 fib (grey line) from the down move from 0.73 to 0.7050 area. Also the rejection was in confluence with the swing low from mid September (green line) So enough confirmation for my trading style.
As I often do I've taken partial profit at 0.712, a small area of structural support. (I like to ensure I take at least something from most trades, but like to leave the remainder to carry on if the move does) I have set the trade to break even and will let the remainder play out
It has broken through a short term trendline so I will see how it reacts there if it restests that line.
Setting a trade to break even can be a double edged sword. Whilst it will protect you from risk it can also sometimes sabotage the trade and leave you in a position where you just get knocked out then watch the trade carry on in your direction. I use discretion on my trades depending how my week is playing out what sort of resistance or support I have in front of my trade etc. This becomes more intuitive with time. Of course I don't always make the correct decision in hindsight🙃 but I'm not aiming to be perfect, I'm aiming to be profitable on a consistent basis.
1 133 days ago
Technical analysis and a fundamental understanding of the markets is important but I believe your own psychology and how you react or don't react to trading situations will be far more likely to determine whether you succeed or don't.
I feel im an "ok" analyst of the markets and have an "ok" grasp of fundamentals that drive markets but I'm by no means an expert. I'm always trying to learn more and believe the more you know the better. But you could be the best analyst in the world and still be terrible at trading. What I feel is really of more importance is how you handle greed and fear, fomo (fear of missing out) self doubt, analysis paralysis, and frustration. Can you stay disciplined under different conditions and stick to your trading plan. Avoid over leveraging, revenge trading or just placing trades because you are bored and feel the need to have a trade on. Do you believe in yourself. Do you believe you can succeed.
Work on your psychology as much or more as your technical and fundamental skills and you will be taking a big step towards reaching success. "Trading in the Zone" by Mark Douglas is a great book to start you off with the right mindset for trading. It's a good investment in yourself.
Currently I trade on a single monitor. Its a Dell 38" curved ultrasharp U3818DW. And I pretty much love it ☺️ I like to keep my trading as simple as possible and I find having a single screen ideal for me. I have at times used two screens but with the size of this one it easily replaces them in a more streamlined way
This was an upgrade from a 34" screen that I initially bought near the very beginning of my trading journey. At the time that 34" screen was way over my budget but I remember being commited very early on that I was going to make trading work. I essentially told myself it was going to happen. I remember having belief in myself before I had the actual ability.
I think this belief helped me tremendously getting through what was an incredibly difficult first two years of trading.
So if you are starting out or are having a difficult time of it right now. Believe in yourself, and JUST KEEP GOING.
Taking a nice little profit on GBP/USD tonight. This pair gapped down on the market open on some negative Brexit headlines.
I find often..... not always but often gaps will close. I looked for signs that the price action had found support. I like to look for an area where technical factors are in confluence.
In this case the 50% fib level of the recent down move. The 1hr 200sma, the 4hr 50 and 100sma and also the daily 100sma were all in an area of confluence. This provided me with enough confidence and probability to execute the trade.
For any trade there will always be a something that may make you doubt the trade, but I like to keep things simple and avoid analysis paralysis. If the trade meets enough of my requirements I will take the trade and trust in my trading edge. If I'm right I'm right, if I'm wrong I'll move on to the next opportunity.
I took this trade out just below the 4hr 20sma. It may well go higher but with Brexit uncertainty flying around I'm quite happy to move on to another pair.
My trading style will move me in and out of trades quite quickly. For me this style works well. There is always another trade not far away.
Everyone must work on developing their own unique style that suits their personality, time availability and risk tolerance amongst other things. Learning overall guidelines from an experienced trader is very valuable but to truly find your own unique style and strategy that is ideal for you will take time and effort but is something you can't really learn from another trader in my opinion.
2 94 days ago
A light bulb moment, unlimited possibilities.
5 years ago when I was searching for a way to make money whilst giving me more free time I googled "how to make money on line" Trading popped up and I was intrigued. I didn't understand what it was but the idea appealed to me so I signed up for a demo account.
I had no idea what I was doing but I really liked the direct interaction. I was in control, I made all the rules. (this caused its own set of problems but more on this later)
Anyway after doing some basic demo trading to get a basic grasp of the platform functionality I set up a live account. My first live trade was actually soybean meal. I didn't know what I was doing but put on a small trade. It then spent about the next 4 weeks going in the opposite direction to my trade🙃
Eventually it came back my way and turned into a profit. $1.15 to be exact. I took it. It was an epiphany moment for me. It seemed almost magical that by pressing some buttons on a screen I could make money. It was a paradigm shift for me. From that moment I decided that is what I wanted to do. I was going to make it happen. I also had no idea how hard it was going to be......... #forex#forextrader#forexlifestyle#fxcharts#forexfreedom#trade#psychology#beleive#nevergiveup#epiphany#lightbulbmoment
For the most part I keep my trading fairly simple. Smas, support and resistance zones ,fibs, and candle structures are my standard technical analysis tools.
For me the most important part of trading is your psychology. It's what will make the difference between success and failure over the long term. Learning to control your thoughts and feelings and staying emotionally neutral when things are going well or not so well. This took me a long time to get my head around and it's still something I have to keep vigilant about.
When you have a community of women rooting for your success, you have no choice but to be successful. Come see college ladies, moms, and just girl bosses in general who are taking the forex world by storm (no pun intended for my people dealing with the aftermath of Michael). They are trading their salaries and achieving financial freedom. Comment 👸🏾 if you’re a Queen that needs to join this tribe. #DrShaylaB#forexfreedom#wealthbuilding
Some birds aren’t meant to be caged. Their feathers are just too bright. Have focus and the burning desire to stay on your goals and see things manifest right before you. Caged birds sing of freedom, free birds just fly.
4 553:30 AM Oct 10, 2018
When you remember what a great time it is to be alive!
Make something out of your situation💯🚀📈
Super dope shirt by my brotha @brand_314 go shoot him a DM to cop yours today before they’re sold out!🔥
USDCAD end of week trade setup. Uptrend from 12pm yesterday to 12pm today. RSI above 70 for some confirmation. Trade opposite direction, target is above next week’s weekly pivot. Let’s see how this plays out.
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