As traders, we often seek information from various sources. But it's important to remember to trust but verify. I consider myself fortunate to have had solid mentors early on in my trading journey, like @forexleague and @savedbyfx, who provided me with sound feedback and options based on their experience. They never told me what not to do, but instead, left the decision-making up to me.
One thing that new traders struggle with is knowing when not to trade. There may be conflicting information, or the market may have low volume or lack important news releases. Personally, I prefer to trade on days with news releases, but this may not be recommended for beginners.
Another crucial aspect of trading is not to marry a trade. This means not becoming too attached to a position or bias, and remaining flexible enough to know when to exit the trade. Today, I learned this lesson the hard way. I should have scalped my positions and left earlier, especially since I received my FTMO payout. It's important to beware of euphoria or profit-induced tilt, which can cloud our decision making.
Unfortunately, I lost all my overnight plays on my evaluation account and gave back profits from my Funded Engineer account. However, I'm not too worried as the minimum trading days have not been met yet. I lost on index longs that I held for too long, but today's conditions have been noted for future reference. Trading is a continuous learning process, and it's crucial to reflect on our experiences and learn from our mistakes.
In trading, every day is a learning opportunity. Take the lessons learned and continue to improve. Remember to trust your instincts, verify information, and remain flexible.
AUD/JPY
Anticipating D3L took Longs in Asia after pinbar engulfment at 38 fib level
Price did not hold and broke down hitting SL at London Open
Pay attention to opening range of week as it develops
Price had worked its way outside of channel
Consider waiting for deeper retracement
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