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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.


Hi, Spencer here! 😀

After making my first million at 28, and trading & teaching across 60+ 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.

comment-img 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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