We all want to make money in an easy manner. If you don't want to get a headache going over the sea of trading tactics, tutorials, and shady people, you can use trading signals that do everything for you.
For my particular trade via the Capex broker, I chose the Eur/USD asset as I saw a quick winning trend. I choose the ToolsTrades website for my signals. After that, all I had to do is go to my trading signal site and pick the asset.
Why the Eur/USD asset you ask? After consulting with other traders I came up with a strategy to go with my trading signals. This is important as humans can see some things the algorithms can't.
We are most likely seeing The dead cat bounce, and, as a dollar bull, I am going short if the price goes a bit higher. The current price level is in itself a small resistance level, which serves as an additional signal.
It is possible for the pair to form a double top, or even to shoot a bit higher for the stop loss collection, but that is why I placed my stop ABOVE the last high level.
Also, If the price makes the double top, I will double down on my short moving my stop higher and making my average price better, while keeping the take profit level the same. Which is the least it should make? I suggest keeping a trailing stop on this trade, should it go our way. The price might go WAY lower.
In a few seconds, I got a signal that proved itself useful and won me the trade. The particular signal gave me the strike rate, stop loss, and take profit markers.
No matter how much you learn, study, or practice, trading psychology is one variable that will dictate your success in the market above all else.
However, if you are patient and able to wrestle it under control, the variable can turn into a reliable constant.
This linchpin should be your mental state each and every day that you sit down to trade!
Whether you had a bad night before or a complicated morning leading into your routine.
Conquering your mental balance and bringing it back under your control is the most important thing you can do to consistently and efficiently execute your trading duties.
A fool-proof trading plan is great and necessary! – But if it succumbs to emotional swings then you’ll find yourself working from a place that’s not tethered in the structure you built for yourself.
In order to make and keep yourself mentally on top of your game, I'll be putting together a countdown list of the top trading psychological tips to winning the psychological game.
One big psychological mistake most traders make is to waste their energy, time, and money in revenge trading. Revenge trading happens when you lose a trade and then enter in rage and start going into irrational trades to make up for the loss.
You can watch the video here:
Comments