In the world of trading, every day presents a unique set of challenges and opportunities. It is through the accumulation of experience, continuous learning, and sharing knowledge that we grow as traders. Today, I want to reflect on the importance of preparation, resilience, and maintaining the right mindset in the face of adversity. Join me as I delve into the lessons learned and the path taken during a recent trading day.
One of the most powerful ways to enhance our trading skills is by teaching others. Through sharing and brainstorming with fellow traders on platforms like Forex League, my analysis has significantly improved. As the saying goes, when you teach, you learn twice. The process of imparting knowledge and engaging in discussions sharpens our understanding and enables us to see the markets from different perspectives.
Trading requires resilience, the ability to withstand challenges and bounce back stronger. Today tested the limits of my resilience. Despite executing my procedures diligently, I faced a series of stop loss hits in a row. It was disheartening to see a significant portion of my profits being given back. However, I reminded myself that resilience is about how far you can go and still bring it back home safely.
In moments of adversity, it is crucial to take a pause and reset. I assessed my mental capital and attitude, ensuring that they remained intact. I recognized that a losing day would only be confirmed if I chose to stop. Instead, I pressed forward, holding on to the belief that my patience and adherence to the plan would yield results.
In the trading world, there is a constant influx of news, slippage, and spread excuses that can easily distract and disrupt our focus. Today, I chose to ignore the noise. I blocked out the chatter and remained committed to executing my plan. Patience became my guiding principle, as I knew what I was waiting for and trusted in my analysis.
As the day drew to a close, it became evident that my patience and perseverance had paid off. Despite the setbacks earlier, I executed my plan with precision. I focused on the setups that met my criteria, ignoring distractions and noise. In the end, my trading day turned around, and I closed with favorable results.
Days like today serve as a reminder of the value of accumulated experience, resilience, and maintaining the right mindset in trading. It is through continuous learning, sharing knowledge, and embracing challenges that we grow as traders. Let us remain steadfast, execute our plans, and rise above the noise to achieve our trading goals. Remember, trading is a journey, and each day brings valuable lessons. Embrace the challenges, learn from the setbacks, and always strive for improvement.
Left to right: Funded Engineer 100k, TFT 200k Phase 1, MFFX 200k Phase 1
US30
Wednesday offers great insight as Initial Balance (Mon/Tue H/L) for week has printed
Monday established the high before working downwards and printing the LOW on Tuesday
Pay attention to how price closes NY Session on Indices
This can give an idea of how price may behave across Asia & London Session
Price printed a large W Formation overnight (Higher TF Double Bottom)
My 1st position was a Long after the 830 Data Release
It went into about 50 pips of profit before retracing back towards the LOD/LOW
Rather than taking profit and waiting to re-enter, I added expecting a bounce at 38 or 50 Fib Levels
Both failed resulting in multiple SL hits across accounts
Unphased I wanted for price to reach 71 which was my last line of defense
Price eventually rejected & I entered Long targeting the Initial Balance High
Closed partials as price moved towards target
Closed last Half on 2 evaluation account at 1:6
USD/CAD
Price action here has been a little confusing but i thought play was ready with USD & CAD news on the calendar
Peak Formations High and Low have both formed in the current week
Price printed a new Peak Formation High above the Inital Balance 50% point & Tuesdays High
Price pulled back inside into NY Session
I place a Short trade targeting the LOW around 1.34
Price fell rapidly but I did not secure nearly enough profit before price retraced aggressively to my entry point
Price consolidated for another hour before dropping again
Again I shorted targeting the LOW but price stalled again and i exited fully
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