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Things get more complicated, gbp did unexpected up correction and I did a few short trades with small positive result.
But now I think we are ok and continue. So lets see that next week will give us. I partially closed my position before weekend but want to add more on the correction.
I indicated important area because this is the place of start of the new impulse and from here I expect to see correction.
GBP 2022-08-12
Same things on Euro. I did it because of very long (almost 4 weeks) money accumulation. I expected something like this because of the nature of this currency - check beginning of the this year for details. Due this reason I didn't move SL.
I have been trading for several years, in particular currencies, I wanted to share a couple of tips
1) the market is something simple: bought cheaper, sold more expensive; it is unnecessary to look for complexity, the simple does not depend on the complex
2) while in the market, think like big money: where would you go and what would you do to make money in this or that situation? One well-known businessman said: business should be such that at some point you have a jet full of friends flying to another country. And for this to happen, you need 7 to work for one. The market is still the same: only 777 for 1
3) relevant for currencies: if you missed good entry, it is unnecessary to try to catch up with the market - currencies always roll back and then you will enter
4) if you do not understand what is happening in the market - be out of it / switch to another ticket; if you are in a position and something went wrong - partially / completely close it, do not give money back to the market; the market will always let you earn later
5) trading is also work (only here you make money out of thin air), which means that, just like in other matters, you need a serious approach, effort and time
6) find yourself: someone likes intraday, someone trades positionally, do not follow other people's opinions, explore yourself and find your strengths and weaknesses
7) have your business plan and follow it
8) the market is not about money; if you came to earn - most likely you will lose; it is a job that you must love - then it will become your hobby and you will succeed
9) be patient; ignore fear and greed - the market will always give you a chance to make money; if you do not give up emotions, he will punish you
10) your first task is not to lose; once again: your first task is not to lose, and only then - to earn; so keep your costs under control
11) when you learn something, you pay money for it; if you bought or sold something and you were knocked out of the position, the market wants to show you something and takes money from you for this; figure out where you were wrong, learn your lesson or have to pay again; however, here you can learn for free: on a sim account, but take it seriously
12) do not add to a losing position
13) research the market, do it all the time
14) do not be self-confident and do not let fear / greed crush you - you will fall into the trap "I want to win back / take my own" (gambling)
15) do not borrow other people's money (especially from relatives and friends), do not trade with the last money
16) do you business with the trend, in that case you put the probability on your side; the trend is what happens on the older chart: for example H1 (smaller) H4 (working) D1 (higher)
16.1) try to keep your expenses/costs to a minimum; p/l ratio at least 1:2 or better
17) to start, take 1-2 tools and study them; you must like them
18) if you have never traded before but are reading this text - better not start trading))) as I said in the first tip: the market is something simple, but it is difficult to come to it; you can spend years and still not become a profitable trader; if you have already climbed - try: look for your weaknesses, keep a diary, and if possible - record your transactions on video + comment on them, and then review and thus learn a lot about yourself
19) do not think that if you buy a trading system today for $100500, then tomorrow you will become a super-profitable trader - the key to profitable trading lies somewhere inside you, and the system may simply not suit you
I did not reinvent the wheel, but it may be useful to someone.
