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Samuel
@headies25284
Financial analysts and educator
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I am looking at shorting pair at the zone shown in the image. Also, i will likely wait for price reaction at that zone marked.
In the early days of my trading career, I had faced many a situation where I "knew" exactly where the price was going, had a trading plan, but failed to follow it. Of course, greed, fear, and our other emotions stood in our way. When you let this happen to you...all your knowledge, planning and information quickly becomes useless.
In other words, no matter how good you are at analysing the market, if you don't have confidence, all you're really doing is repeatedly creating experiences to which you will respond with similar frustration and anxiety.
CONFIDENCE & COURAGE:
On of the basic traits of successful traders is that they believe in themselves first. They have the confidence and courage to stick with their plan, not stray from their rules, go against the crowd if need be, and see the end result (the Big Picture) in their mind.
What does every successful TRADER have in common? From the book, 'Poker, Sex and Dying': "Poker is an explosive game combining money, ego, and emotions. It is not enough to know, have information, and insight regarding your opponent (the markets), you must know of yourself." Therefore within your trading plan, you must have a section about YOU â get to know yourself
Psychological Benefits
Using this rule helps you:
Remove fear from individual trades
Avoid revenge trading
Stay patient and disciplined
Think in probabilities, not emotions
You stop reacting⊠and start executing.
Well, i think the session you entered the market is important. If the pair you executed moves more during the New York session, i will advise you leave the trade and let it run but if not you can close.
You are so right about this. That a trend is bearish doesnât mean you should just click a sell. Personally, I love trading breakout levels no matter the trend. I will always wait for price at that level before executing any trade.
What Most Traders Get Wrong
Most traders:
Quit after 2â3 losses
Change strategy too quickly
Increase risk after a win
Decrease confidence after a loss
đ They never reach a proper sample size to prove their edge.
The Ten Trade Rule forces you to:
Stay consistent
Gather real data
Build trust in your system
Truth #6
âStop using indicators, Master the basicsâ Ok so this sort of goes with the other truths above. If you are struggling with success and you are using indictors to tell you when to tradeâŠ..Stop! The truth is indicators can only help if you understand how price action works from the most basic level. If you cannot open a chart and know based on price action where price should go, then indictors are only holding you back. Learn the basics of price action. This goes back to truth #4 and #5. Learn how the big player thinks and learn how to read momentum. Learn how to know if a support and resistance level will hold. Master the basics! Then indicators are more of a confirmation than a signal to buy/sell.
Gold has been bearish for a while now . Definitely you will get buy trades but they shouldnât be held for long .
For instance, last week closed with a breakout to the downside on the daily timeframe signaling the sell continuation. I therefore believe itâs wise to keep looking for sell entries until price proves otherwise.
Example (This is Where It Clicks)
Letâs say:
Risk per trade = 1R
Reward per trade = 2R
After 10 trades:
4 wins = +8R
6 losses = -6R
đ Net result = +2R (profit)
Even with more losses than wins, youâre still profitable.
Thatâs the reality of trading.
3. Ignore Results During the Process
This is the hardest part.
While you are in the 10-trade cycle:
Donât celebrate wins
Donât panic over losses
Donât adjust your strategy
đ Think like a machine.
4. Review Only After 10 Trades
After completing all 10 trades, then you analyze:
How many trades did I win vs lose?
Did I follow my rules every time?
What mistakes did I make?
Is my risk-to-reward working?
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