Welcome traders to another live Forex trading webinar. In today’s stream, we went over the trades we took yesterday, including a GBPUSD short trade currently in +180 pips profit. We closed off the session talking about how you should stay motivated and focused when trading.
Yesterday, we did a market overview of our outlook for 2020. We identified opportunities to short EURUSD, GBPUSD and XAUUSD. We are currently awaiting for the activation of our EURUSD and XAUUSD trade setup. Our GBPUSD activated and saw an immediate sell-off of over +180 pips. We are approaching hourly support at 1.31100, so we encourage traders to secure majority of their profits at this time. However, a break below this support level can send GBPUSD to 1.30100.
We then took some time to discuss a potential bullish setup for Crude Oil. We are currently at our previously discussed target of 60.83 per barrel. A daily bullish candlestick closure above this level will signal a long to potential of 63.00 per barrel, with profits taken every 50 pips. We then took a quick look at some cryptocurrencies. Our current BTCUSD trade idea is playing out as planned and is well on it’s way to 6500 and then 6000. Another cryptocurrency that we have started to discussed in our Trading Room is Tezos, or XTZUSD. Our previous trade idea to 1.90 was achieved, and now we see a short trade setup back to 1.50.
We concluded the session discussing How To Stay Motivated & Focused During Trading. As day traders, we trade for almost eleven months of the calendar year. That is a substantial amount of time spent in front of the charts, managing trades, managing emotions, keeping up with economic news, etc. This can take a toll on you and raise stress levels. You have to remind yourself why you are trading. What is your end-goal of trading? For most aspiring day traders, it’s the idea of financial freedom and time freedom that trading brings. For others, it may just be to get an extra source of income. Whatever the reason may be, you need to always keep yourself focused on that goal and remind yourself WHY you are doing this. It will take time, but once you have figured out how to trade and be a competent trader, you will see the fruits of your labor.
We will see you all tomorrow for another live trading session. As always, be safe and trade responsibly!
Check Out yesterday’s live trading session by clicking here.