Obsidian

Good luck on your trading journey and please join the discussions and share your thoughts

chf/jpy, breaking trend line on 4h chart eur/gbp, a break below 0.8349 may send it back to 0.8297

Summary of open orders and positions:

I think a trader becomes a successful trader when he/she can cut the loss and reverse, without any hesitation, to be on the right side

I think it MUST be long enough to include a variety of market conditions.

In fact, sitting on positions and watching the counter-rallies costing truck load of money is not easy job to do and causes lots of pain all the time. Most traders even among experienced ones cannot bear that pain and give up too early. But there is no other way to make a big money and we have to bite the bullet and "sit and accumulate" as long as the medium-term trend is intact. That is why I always believe psychological aspects of trading is far more important than anything else in successful trading. Entries and exits can never be "irrelevant" for any trader for any purpose. It is just that psychological aspects of trading are much more important than entries and exits, and decisive for the success or failure of a trader in the long run. Perhaps exits are more important than entries because any perfect or near-perfect entries are possible only in hindsight. end of part 1

You must change your mental attitude first from a normal person to that of a speculator. Almost all traders I have met, except a few successful ones who really made millions and billions trading in the market, simply waste all their time trying to learn the easiest part in perfection, like about how to read data and charts, and trying to perfect entry and exit skills, etc. Trading is a mind game and without having a right frame of mind, it is a losing game even before it starts. Training a trader's mind is the first step for any successful trader but almost all new traders neglect that part and that explains why more than 95% of traders are a failure in the long run. Acquiring the knowledge of the market is not difficult for anyone with average intelligence after a few years of hard study in the market. But it is neither the level of intelligence nor the knowledge that decides the outcome of the market operations of a trader. It is the decision making process that is so hard for most traders to overcome and that is the main reason for a success or a failure for all the traders. Some find it easy to make decisions and stick to it and most find it so hard to make decisions and stick to it. Unfortunately, any decision making process in trading is a pain-taking process and humans tend to avoid pains and go for pleasures even if for temporary ones. Assuming one has acquired enough market knowledge and acquired one's proven trading system (this is the second most important element of success in trading, in fact. An edge in any system is based on the quality of info one has, charts being only an info of secondary quality not the best one) Through studies and research, a trader faces the task of making decisions to put this knowledge and system into practice. Then, how many traders can honestly say they can commit their ranch when the trade is suggested by their own system (given that trading is just a chance game) and let the profit run for weeks and months when their system tells them, and how many can manage to cut the loss as a routine process when the situation arise. It all sounds so easy when saying it but so difficult when doing it affecting real money in the market. I still do not sleep well when I am running position because even if the profits are running into a few hundred dollars and the system is telling you to carry on, there is no guarantee that the profit will turn into a yard or two in a month time, and it may even turn into a loss in a day or two when something unexpected happens. A painstaking process in real sense. The pain is not knowing what will happen in the future and in fear of losing. So at the end of the day, assuming one has decent trading system and market knowledge and decent info, it is ultimately how disciplined and how well that trader can take the pain of making right decisions at the right time that decides the outcome of the trades. Hence I call trading a mind game.

reached tp while sleeping

thanks to aud in deed being so weak atm is giving nice opportunities today jpy looks heavy...gbp as well, there is data release in around 45mins though. eur/gbp looks like it is going to try 0.84..wondering is UK data is so bad. gbp/jpy daily chart possible top is in maybe? yesterday's candle looks interesting. gold found support at 1674, if it can pass 1685, it may go for 1703. usd/chf below 0.90 means free fall. just my thoughts...

Summary of open orders and positions:

I think usd/cad and aud/usd are more predictable atm, for me at least... and gbp/usd 15m-30m charts looks ugly as always!

short term indicators signaling it is time to visit 1.3282/62 imvho:roll eyes:

1.0550 is the key to 1.0690-1.0750 but...

still keeping an eye on aud/nzd and eur/aud

Summary of open orders and positions:

Pending Home Sales - Existing hs

stay above the clouds and 1710 next

I am sure trading for a living psychology is different than investment psychology. If trading is your only income, then things would be much more different

they shouldn't have been too greedy then, now governments are so in debt, they can't afford wars anymore :rofl: another thing to think about..lets imagine they invaded Iran..then what?

keeping an eye on these 2

thank you for the schedule I guess a 0.5 cut would be enough to see a free fall to the parity level.

miss tiffany's universe 2011...

Summary of open orders and positions:

Eurozone Manufacturing PMI & U.S.Manufacturing PMI

spending too much time in front of the screen may not be a good idea after you enter a trade..set your targets and leave