Are You Feeling Discouraged?
It is easy for traders to get discouraged when the markets have little to absolutely no follow through like they have had in recent weeks.
We can find ourselves questioning what we are doing and wonder how much longer we can maintain a positive attitude when we are losing money.
Losing Small Prepares You to Win
No one likes to lose money. None of us do. I certainly don’t. However, after 16 years of trading I have accepted that losing is sometimes winning and I am a much happier trader because of it.
Do You Keep a Trade Journal? Here’s a Good Reason to …
One of the best things I do to keep my disappointment from getting too big when I am losing money is to put it in perspective. I look back in my trade journal for a big fat reality check.
That is exactly what I did this past weekend. I looked back…the months of January, February, March and April all showed the great trading sessions we had and all of the opportunities there were to make money.
I smiled and was instantly reminded about just how good it has been.
This too shall pass…nothing in life stays inert for very long, even the markets.
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We invite you to Join our Membership of successful forex traders and see for yourself how you can immediately learn to trade more consistently and become profitable.
During our NY Trade Planning Session for forex Members this morning, we identified 2 possible entries on the #GBPUSD and the #GBPJPY that were there for traders who were willing to risk 10 and 12 pips respectively.
Turns out the 10 pip risk on the #GBPUSD and the 12 pip risk on the #GBPJPY was definitely worth the potential reward for traders who got positioned in the trades.
Here is a screenshot of the 2 types of entries we talked about on the #GBPUSD in the planning session for a 10 pip risk
Here is a screenshot of the 2 types of entries we talked about on the #GBPJPY in the planning session for a 12 pip risk
Click here now and watch the 8 min video I recorded during the NY Session to see exactly how I traded the big GBP moves.
During our NY Trade Planning Session for forex Members this morning, we identified 2 possible entries on the #USDCAD that were there for traders who were willing to risk 10 pips.
Turns out the 10 pip risk on the #USDCAD was definitely worth the potential reward for traders who got positioned in the trade.
Here is a screenshot of the 1st entry we talked about in the planning session
Here is a screenshot of the 2nd entry we talked about in the planning session during our recap of the trade plans
Here is a screenshot of how the price action moved during the NY Session on the #USDCAD
Bottom Line for Forex Traders
The #CAD moved up 135 pips from our 1st and 2nd entry at 1.2595. That is taking a risk (10 pips) for a max potential of 13 times our 10 pip stop. Now of course we never know how far a pair will move whenever we enter a trade and in fact, nobody does.
At the Price Action Traders Institute we train traders how to get at least 2 times their risk (and a whole lot more!) out of most trades. We are adamant about getting flat at the end of every session we trade. We take our profits (and losses) and call it a day…we come back refreshed and ready to trade the next session.
Join our Membership of forex traders and learn why our group of traders are so darn successful.
“We are adamant about getting flat at the end of every session we trade”
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