told from the beginning how important it is to develop patience while trading. Hi Guys; Thought this information could be useful. I have attached my worksheet. I give more weight to the USD, JPY (and Eur as well as GBP against the USD and JPY). Some might imagine the markets as a high-risk, stressful, and rushed environment where papers are being thrown and people are yelling. Two outside sources are the. Its taking the time to do some market analysis, evaluating your trading plan, and reviewing your trading journal-especially when you dont feel like. The key to developing confidence, however, is doing your homework. Any surfer will tell you that it's far better to let the wave come to you than to force yourself into one. Recognize stubbornness and rashness, patience is a virtue; stubbornness, while it might have some merit, is not. If a pair is above the 60 SMA the base currency would get the point(s) and the" currency would get a zero.
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I do this at 1:40 Est as I trade the European open. You might need to work quickly at times in the fast moving market, but don't be rash! The interactive transcript could not be loaded. This feature is not available right now. Personally, I compare the USD, JPY,EUR, GBP,CHF, AUD,NZD and CAD against each other on a 60 minute chart using a 60 SMA and then apply a numerical grade to each. I then pit the Strong currencies against the Weak and those are pairs I will trade for the day. You'll feel calm and confident as you wait out the course of the trade. We all know the difference between sticking with a trade because you trust your trading plan and analysis (patient) or sticking with a trade because you fear taking a loss (stubborn). Pick one thing to work on, and set a reasonable goal to work towards. Any questions, let me know.