Be habitual about it.
It is that time again...
When you reflect on what you did and didn't do this past week.
It is important to view it consistently as a means of measuring your ongoing progress as an Analyst and Trader.
If you reduce it to only harsh negative self-talk, you impede your growth and development.
If you elevate it to arrogance and ego-driven measurement against others, you are making your single ownership of your corporation a limiting partnership with toxic competition.
Everyone who views their efforts against anyone or everyone, is unknowingly causing their trading to be more difficult.
This is why the loudest or most judgemental have the hardest time holding winners, and losses undo them emotionally... as they seek public coddling and attention to soothe themselves.
Focus.
You are not in a competition with anyone. You are pursuing excellence and it is not merely an act... but rather a habit.
Have a great day.
M.
Price moves for two reasons only:
1- To attack a high or a low.
2- To rebalance an imbalance.
Keep this in mind when feeling lost about the next direction price will go:
When price hits a key level, do this:
1- Drop to a lower timeframe.
2- Look for a shift in structure.
3- Mark the last OB or FVG.
4- Wait for retrace.
No shift = No trade.
Discipline prints more than any model.
If you want peace, go to $Nzdusd
If you want luxury, go to $Xauusd
If you want toxicity, go to $Eurusd
If you want sleepless nights, go to $GbpJpy
If you want cheap, go to $Audusd
If you want beauty, go to $Usdjpy
If you want chaos, go to $Eurchf
If you want confusion, go to $UsdNgn
If you want good trading contents, go to @Covenanttrader1 ..🥷
Part 1..
Wic one did I miss?😹
I went back again to swing trading because of my Profession as a Medical Doctor. I must say that it is always an enjoyable experience if you know how to trade.
I took this GBPJPY trade a week ago & it just hit my TP.
467Pips Profit grabbed with my talons✅
#theRaptorTrader
The Greatest Raptor ever known to humanity.
Gentle but rugged when needed, razor blade vision, calculative, patient, sharp and powerful talons, precision in attacking, powerful & skillful etc. These & many more are the qualities of the BALD EAGLE.
#theRaptorTrader for a reason
So, I did an analysis yesterday on XAUUSD & set this trade on my tradingview app without placing the trade. I just opened my tradingview app now to see that the trade went to the direction of the target TP & hit it😂.
Folks, this is a 545PIPS profit trade😂
#theRaptorTrader
After more than 24hrs later, 133PIPS bagged from USDJPY.
This is one reason why most traders prefer to trade XAUUSD. Gold is fast to deliver profits if the trade goes your way & also fast to cause you losses if the trade goes against you. Which do you prefer?
#theRaptorTrader
Your psychology in forex trading must be that of a business.
A business that buys and sells goods.
Consider the positions you enter as inventory. The objective is to buy the inventory at a discount and sell it to customers later at a higher price.
You never know how long you'll be sitting on the inventory, but eventually you will be able to offload the product at a decent price. It could be a week, it could be a month, it could be 6 months. Nevertheless it will make you a profit if you're patient enough and if you bought it at a discounted price.
There will be products that will move fast and there will be products that take time to move. The most important thing is to stay in business.
So how do you make sure you stay in business? You diversify your inventory. Along with a diverse inventory, you make sure you don't over stock on any particular product. Ever. No matter how good the sale may seem. Stick to your budget.
In order to keep the lights on, you need to make sure there are adequate funds in the account. Enough to keep you floating while you wait for the inventory to sell.
A business that deals with inventory is always in a drawdown. If they are holding product, they are dealing with drawdown. As the products sell, the account balance grows. More discount opportunities arise so you buy more product as soon as you sell the old ones. The drawdown is in constant fluctuation as the account balance continues to grow. The drawdown you face in diversified forex trading is no different than a convenience store or a grocery store faces when they're holding products. Many people have a hard time understanding that concept.
It's a non stop cycle of moving inventory and drawdown is part of the game. If you can't manage drawdown you won't be in business too long.
Learn to properly manage your inventory purchases to ensure you survive the necessary drawdown. It's the most crucial aspect of running a profitable business.