Nothing works all the time 🎲
Had to learn this one the hard way. Every strategy has a period when it fails to work but when it works i try to go in big and make a reasonable profit. Trading is just about making it big when the strategy works and cutting losses early when it doesn't. It's not about a one day performance but about a collection of trade performances that give you a net win/loss. When I make a loss I try to accept it instead of adjusting my stop loss to accommodate more losses. I know even if my strategy does not work today, it will work tomorrow.
Never Follow the Crowd 😷
95% of retail forex traders are losers and they are the crowd I am referring to. If you are trading the same strategy with every Tom, Dick and Harry; chances are it is an unprofitable strategy. The truly profitable trading strategies are uncommon and sometimes too simple that people overlook them.
Only Trade At Session Opens 🌄
Think of it like going to the airport to book a flight, the early ones get to choose the best seats. Trading immediately the session opens means you get more volatility and if youre lucky you can catch a trend at its infant stages and ride it to the end with only a small stop loss.
Pay Attention to Month Ends & Beginnings 📅
The first day and last day of a month are key and should be watched closely. The start of a month can easily be the high or low of the month. The end of the month can also be very volatile hence a potential for profit.
