Join our Telegram channel (8000+ subscribers) for daily market analysis & trading tips: t.me/synapsetrading
Today, I tried out one of my setups on Gold, and it turned out pretty well too, catching a major move and shorting it just as the action was about to unfold. The funny thing, there was no news or obvious trigger, and I know this because I was keeping an eye on my Bloomberg terminal screen as I was watching the various charts on my other screens.
As you can see, no indicators were required, and you can actually tell a lot about how a stock or product is behaving by astute observation of its price behaviour.
Recently, I also had a losing trade on the EUR/USD, which was partly due to me taking a pre-mature entry. Even after trading for so many years, it is still tempting sometimes to take a sub-optimal trade. Well, I guess I am human afterall.
For the next month, I will strive to maintain my high hitrate by being more selective in my trades. After a string of so many winning trades, it will be tempting to take impulsive trades out of greed. This is one of the 9 mental blocks that new traders will face as they start out on their journey.