Traders, hope everything is going well on your end…
I believe that the best piece of advice a trader could get is this:
Stop trading just for the sake of trading.
You need to trade the ones that have the most profit potential, the ones that have the clearest swings, the ones where you can easily identify support & resistance levels, those are the trades that are really worth it.
Those are the type of trades that makes the difference between a trader that is still struggling to get results and a trader that is on its way to consistency.
How is everything traders?
Did you take advantage of my article yesterday about GBPCAD new signals? Please let me know.
You know something, we shouldn’t mind about the instruments we are trading…
There are only three things that we should consider when adding new instruments to your list:
And you are good to go!
Just don’t adventure and trade exotic currency pairs or instruments alright? Make sure you are trading high volume instruments.
I think we need to keep adding instruments, you just need to make sure you get to know them before you actually taking those trades.
What kind of instruments should we consider adding:
Hey traders, what are you up to?
I just wanted to ask you about the currency pairs are you currently trading?
There are days that is kind of difficult to find trade opportunities, on those days, we need to trade the least we can. Because our job is not to trade everyday, but to trade only when the odds are on our favor.
But today is different, there are plenty of opportunities out there, both, short term and medium term opportunities.
I’m going to focus only on the short term charts, but as you already know, the most important aspect of trading is how you choose the instruments you trade.
Get that right, and you’ll have 80% of the job done!
So I’ve already done my long term analysis on each one of the opportunities below, but in this article, I’m just going to focus in the short term charts.
Hey trader, how is everything?
I believe that the most important aspect of trading is how you choose the currency pairs to trade and when to trade them.
You determine what currency pairs to trade by using the long term charts, and you choose when to trade by using the short term charts.
So at the end, its a combination of the long term and the short term charts.
But there is also the possibility to see for instance, clarity in the long term charts, but you need to wait for the short term charts to clear up a bit, or wait for clearer levels, or wait for the market to break certain levels, etc.
On the other hand, when you see both timeframes in line its time to open your trades/orders. That’s our main goal, we need to trade only when the odds are on or favor, and you know when that happens right? When both timeframes are in line.
Now, I’d like to share with you a few guidelines about the way I do my analysis and how to follow it.
Hey trader, how is the market behaving lately?
Its been quite slow hasn’t it? In most currency pairs it has been ranging and most of the time, in a not well defined range, making it very difficult to trade.
Take a look at the EURUSD, its been like that, its been ranging since the last week of January, with only one major quick move (fundamentally driven by the way)… but other than that, its been slow, not well defined, etc.
I wonder how traders that only trade the EURUSD are doing… probably not very well…
You already know what my philosophy about trading is:
Trade the currency pairs that have the clearest market condition and the greatest profit potential.
One of the most costly mistakes novice traders make is to focus only in one or two currency pairs (included me of course).
Their reasoning is that they want to get to “know” that currency pairs…
But the thing about it is that sometimes currency pairs are not tradable, meaning that they dont have a clear market condition, and if it doesn’t have a clear market condition, we dont know what it it likely to do… And we’ll still force ourselves to take trades.
Put it this way, if there is a clear market condition, the market could still move against us… imagine what happens when we have absolutely no idea of what the market is likely to do?
You see where I’m getting at right?