TRUST YOUR ANALYSIS

Let me quickly share my yesterday experience

I had analyzed GBPUSD pair for a sell, just waiting for price to get to my sell level and then I saw some of my friends on telegram posting buys for the same pair, I got carried away and i neglected the analysis I had made earlier. I switched to buys immediately, I was in little profit and the moment price got to my sell level as analyzed earlier in the day, the sell started and I loss the buy trade. I wish I had stucked to my analysis but lesson learnt 🤣.

The forex industry is saturated with a lot of traders at the moment both those who know what they are doing and those who don’t know anything at all 🤣. Blinding your ears and eyes is a must to be a profitable trader.

Yea, thats the most difficult thing to do in trading: sticking to your strategy, sometimes you think the grass will be greener on the other side only to be disappointed. Even the best traders struggle with this and that is why some people just use robots to remove emotions but robots have theor own headache too. You have to be feeding them parameters for different market scenarios because no robot works in all market conditions.

I don’t even like robots at all. What’s your experience with them ?

Robots I have seen do not really deliver consistent profit because the market never stays the same. Most times, you need to know how to tweak the robot and change the parameters to suit the prevailing market condition before it can function well. Most people dont know how to key in all these paramaters so they never make a steady profit with robots. I think robots ae best used by hedge funds, HFT firms and other big players who can afford to hire software specialists to constantly tweak these robots for optimal performance.

Thank you for sharing your experience

FOMO can make you abandon your strategy if you are the type of trader that is greedy. This is why even with the best strategies, traders still struggle to be profitable.

Let me quickly state my recent experience

I belong to a trading community and many of the traders posted buys for EURJPY but based on my analysis I was sells from the higher timeframe. I actually took the buy trade and neglected my initial bias and followed that of other traders. The buy trade went in my direction and got to my sell point where I had initially wanted to sell from. I decided to ignore it cos I already took a buy trade, the sell played out perfectly and I loss the buy trade. This experience is to lay emphasis on the fact that you have to always trust your analysis. Silence the noise and focus on yourself. Thank you.