In today’s live trading session, we spoke about the importance of trader psychology and managing trades while in a loss. We then spent the rest of the session looking at last minute setups we can take before the week is over.
During yesterday’s live session, we took a long for USDCAD. The pair had consolidated after it broke a key level. Our strategy and gut intuition told us to exit the trade, and that was a smart decision as the pair would have hit our stop loss if we didn’t. The trade was closed at entry or in 2-3 pips loss. As mentioned in today’s session, humans are programmed to hate loses, no matter how small. A loss of $100 hurts twice as more as gaining $100 feels good. In trading, you have to make a decision of either incurring a small loss now or a larger loss due to your ego. Stay even-keel and remove that ego.
For the rest of the session, we spent time looking at numerous trade setups. One setup that seems to be very promising is a swing short for EURCHF. This pair has already created historic lows and is looking to make further lows in the coming days. Although it is a swing trade, our stop loss is only 40 pips. Another promising setup is a short for GBPUSD. This pair has recently pulled back to its intraday range, which it should satisfy give the recent US Dollar strength this morning.
The rest of the week has no major fundamental releases which should allow us to hold trades until the very last hour of tomorrow’s market closure. We have some trades entered, and others pending. We have got the hard part out of the way, and now all we have to do is manage these trades. Trade updates will be sent on Telegram and Discord. As always, be safe and trade responsibly!
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