Striking Gold Again – Winning Streak

 

Chancellor of the Exchequer George Osbourne delivers his autumn economic startement in the House of Commons in London. This caused the GBP/USD to trade in a tight range most of the day. Will update more on this trade over the next few days.

This morning I saw a great short opportunity in Gold, unfortunately I ended up taking profit too early, and only made 3.2k when i could have made 5k+. On hindsight, I should have stuck with my original TP.

Later that night, I went long again at the bottom using the counter-trend fade (one of the 7 price action setups taught during the program), and made 2k in less than 15 minutes. This win was partly luck, because usually it takes longer for the trade to work out.

I have placed a limit buy order to go long again, gong to sleep now.

Remember that even when you have a winning streak, it is important not to become overconfident. Here is a good article to remind you:
http://synapsetrading.com/2010/12/overconfidence-bias-behavioral-finance-trading-psychology/

ALL YOU NEED TO KNOW ABOUT TRADING!

Hi, Spencer here! 😀

After making my first million at 28, and trading & teaching across 50+ countries, I have consolidated my knowledge and experience to create the most comprehensive & practical guides for profitable trading, compiled from thousands of books, websites, courses, and interviews with professionals.

As a former professional trader in private equity and proprietary funds, I have over 15 years of market experience, and have been featured on more than 20 occasions in the media.
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