If you are a discretionary trader like me, there is always the possibility to deviate from your strategy. Some of those deviations might be small and they might be “forgiven” because they are still within the boundaries of your trading strategy. Other times you will deviate entirely from your strategy. Ultimately those deviations, whether big or small, can cost you.
Category: Tips / Psychology / General
trading related writing
Do you see yourself as a trader that hasn’t shown much improvement in your trading? Are you starting to doubt yourself and your ability to make it as a trader? Maybe things are not as bad as you think.
Last week I posted about my intention to go long EURUSD (see that post for more info). I did mention that it looked like it wanted to bounce before it reached my desired support level. This did happen, so I never got involved in the pair.
Many traders want to know why they are struggling, what they can do to improve and what it takes to become successful. A lot of the time the answer can be found in a trading journal.
Can you still remember why you started trading? Was it because you wanted to quit your job, because it sounded like the ultimate side hustle, the potential freedom it offers, or whatever benefits come with having lots and lots of money?
This past week we’ve seen big and fast moves across many forex currency pairs. This also caused many important daily support and resistance levels to be broken.
In this week’s post I’m focussing on GBPUSD. This post is more of an exercise for those interested in trading support and resistance.
Always remember that the moment you enter a trade, you are risking money. Keep that in mind whenever you are putting on a new position. You are risking real money. So, are you going to risk big or are you going to risk small?
I realized that I scrolled through the same charts more than once looking for potential trade setups over the weekend. This was a clear message to me that there just wasn’t any.
In today’s post I just want give a quick update and discuss some of the charts I posted over the last couple of weeks.