Some things I have learnt:
- Levels are not lines drawn in concrete, they get broken. You see, the more a level is tested multiple times, sooner or later it will get broken. From my observations, 2-3 times is the average, after that, expect a breakout of the level.
- Don’t listen to analysts. They can stuff up your decision-making process and cloud your judgment. For example, I see a sell setup on my chart but because I’ve read the analysts report that says he is bullish on this currency pair because of this and that reason, I hesitate to pull the trigger. Later, I check the chart and see that If I had sold, I would have made money. So use your own independent judgment based on what you see on your charts.
- Find your best timeframe to trade. Your personality, work circumstances etc may dictate what timeframe you can use. For me, I can trade from the 4hr, 1hr down the 5 & 1 min charts because I use multi-timeframe trading. Yes, there will be people that will say “You are crazy to be trading in the smaller timeframes like the 5min and 1minute because there’s too much noise in the smaller timeframes.” Yes, I know that…The whole point of me switching to lower timeframes is this: to get better trade entries. You don’t have to do that, that’s my style. That’s what I like.
- If the bus leaves you, don’t chase the bus! In other words… don’t chase trades. If you are late to get into a trade at an optimal entry point and realized that you might “miss out”, then back off and wait. There will always be another opportunity or wait for a retrace/retest/pullback etc and then enter.
- Be patient for the right trading setups to form.
- If you are suffering from losing streaks, take a break. Take a week off from trading to clear up your mind then come back with a clear mind to trade.
- If you have winning streaks, don’t get overconfident and risk more. You streaks of losses may be just around the corner.
- Trading is a practical endeavor, all the things I have taught you in this course won’t do you much good if you do not put into practice.
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