Wednesday 18th August, 2021

⚓ FUNDAMENTALS ⚓






⚓TRADER'S SENTIMENT ⚓






⚓ CURRENCY INDEX ⚓

Limit your size in any position so that fear does not become the prevailing instinct guiding your judgment.

~ Joe Vidich

This in itself is the number one reason for massive failure in the trading industry.
90% of traders fail because they get emotionally compromised.

The best trading strategy in the world won’t do you any good if you allow emotions to trump logic.

And what is the number one reason traders surrender to emotions?

The fear of losing money, of course.

But that fear only becomes debilitating when you allow the potential loss to exceed your comfort level.

So with this in mind, the best way to mitigate against this fear and allow logic to prevail is to reduce your position size until you’re 100% comfortable with the loss.
If that means risking as little as half a percent of your account balance per trade, so be it.

Culled from DailyPA

Thursday 19th August, 2021

⚓ FUNDAMENTALS ⚓






⚓TRADER'S SENTIMENT ⚓






⚓ CURRENCY INDEX ⚓

The greatest limitation to your success is your imagination and thought....

Always think positively....

Another limitation to your success is procrastination....

Sometimes later becomes never...

Remember great things never comes from comfort zones...

In life the step you take today determines your destination tomorrow...

Think big and work for it.

Daily Trading Quote

To whatever degree you haven’t accepted the risk, is the same degree to which you will avoid the risk. Trying to avoid something that is unavoidable will have disastrous effects on your ability to trade successfully.

- Mark Douglas

kudos to you dude! We need to rise the thread

romklef:
kudos to you dude! We need to rise the thread

Thanks but I'd like it to still be solemn as it is now...

This is no FTA wannabe, just a thread according to the topic and a place I put down trading motivation quotes...

Kaesyrn:


Thanks but I'd like it to still be solemn as it is now...

This is no FTA wannabe, just a thread according to the topic and a place I put down trading motivation quotes...

Not, am I free to drop mine too?

romklef:


Not, am I free to drop mine too?

Forshure you're free to do so...

There are two types of traders:

Those who try to accurately predict the future and

Those who try to make money.

Choose wisely!

Today's Nugget

Let's begin

Monday 23rd August, 2021

⚓ FUNDAMENTALS ⚓






⚓TRADER'S SENTIMENT ⚓






⚓ CURRENCY INDEX ⚓

Daily Trading Quote

To whatever degree you haven’t accepted the risk, is the same degree to which you will avoid the risk. Trying to avoid something that is unavoidable will have disastrous effects on your ability to trade successfully.

- Mark Douglas

Tuesday 24th August, 2021

⚓ FUNDAMENTALS ⚓






⚓TRADER'S SENTIMENT ⚓






⚓ CURRENCY INDEX ⚓

Intraday bias in GBP/JPY remains neutral for the moment...
Further decline is expected as long as 151.38 resistance holds...
Decisive break there will carry larger bearish implication and target 143.78 fibonacci level next... On the upside, above 151.38 minor resistance will turn bias back to the upside for 153.42 resistance instead...


Outlook in EUR/JPY remains unchanged and intraday bias stays neutral for consolidation above 127.91 temporary low...
Further decline is expected as long as 130.54 resistance holds...
On the downside, break of 127.91 will target 127.07 resistance turned support. ..
That is close to 38.2% retracement of 114.42 to 134.11 at 126.58.


Intraday bias in EUR/GBP is turned neutral with current retreat...
At this point, further rise is in favor as long as 0.8504 support holds...
On the upside, break of 0.8592 resistance will resume the rebound from 0.8448 to 0.8668 resistance...
Firm break there will be a strong sign of near term bullish reversal at least...
However, break of 0.8504 will turn focus back to 0.8448 low instead.


EUR/AUD’s pull back from 1.6434 extends lower today, but stays above 1.6182 resistance turned support...
Intraday bias remains neutral and another rise is still in favor...
On the upside, break of 1.6434 will resume larger rise from 1.5250 to 1.6827 resistance next...
On the downside, though, break of 1.6182 will bring deeper pull back towards 1.5898 structural support.

Does this happen to you often���

Wednesday 25th August, 2021

⚓ FUNDAMENTALS ⚓






⚓TRADER'S SENTIMENT ⚓






⚓ CURRENCY INDEX ⚓

Daily Nugget

Thursday 26th August, 2021

⚓ FUNDAMENTALS ⚓






⚓TRADER'S SENTIMENT ⚓






⚓ CURRENCY INDEX ⚓

EUR/USD is still bounded in range of 1.1663/1804 and intraday bias remains neutral...
With 1.1804 resistance intact, another fall cannot be ruled out yet...
But we’d continue to look for strong support from 1.1602/1703 key support zone to bring rebound...
On the upside, above 1.1804 resistance will turn bias back to the upside for 1.1907 resistance first...
However, sustained break of 1.1602/1703 will carry larger bearish implication and pave the way to 1.1289 fibonacci support.


GBP/USD is staying in range above 1.3601 and intraday bias remains neutral...
Another fall is in favor with 1.3785 minor resistance intact. On the downside, firm break of 1.3570 will resume larger fall from 1.4248 to 1.3482 resistance turned support next...
Break there will target 100% projection of 1.4248 to 1.3570 from 1.3982 at 1.3304...
However, on the upside, break of 1.3785 will turn bias back to the upside for 1.3982 resistance intact.



Intraday bias in USD/CHF stays neutral as range trading continues...
On the upside, break of 0.9241 resistance should resume the rise from 0.8925 through 0.9273. On the downside, break of 0.9098 will target 0.9017 support first...
Further break there will likely resume the decline from 0.9471 through 0.8925 low.



Range trading continues in USD/JPY and intraday bias remains neutral for the moment...
On the upside, break of 110.79 will resume the rebound from 108.71 to retest 111.65 high...
On the downside, break of 109.10 will target 108.71 support first...
Firm break there will resume the decline from 111.65 and target 38.2% retracement of 102.58 to 111.65 at 108.18 next.


Intraday bias in USD/CAD remains mildly on the downside, as fall from 1.2947 would target 1.2421 support. Firm break there will suggest rejection by 1.3022 fibonacci level. Rise from 1.2005 could have completed in this case and deeper fall would be seen to retest this low...
On the other hand, break of 1.2711 minor resistance will revive near term bullishness, and turn bias back to the upside for retesting 1.2947 high instead

Today's Nugget

Friday 27th August, 2021

⚓ FUNDAMENTALS ⚓






⚓TRADER'S SENTIMENT ⚓






⚓ CURRENCY INDEX ⚓

Daily Trading Nugget

“When you operate from the assumption that more or better analysis will create consistency, you will be driven to gather as many market variables as possible into your arsenal of trading tools. But what happens then? You are still disappointed and betrayed by the markets, time and time again, because of something you didn’t see or give enough consideration to. It will feel like you can’t trust the markets; but the reality is, you can’t trust yourself.”

― Mark Douglas,

3 dollars per week changes everything. If you can make this... you can trade for a living. Sounds absurd right? Consider 10 cents - a meager 10th of a dollar per pip at 30 pips... or $3.00 This is your goal initially with live funds. Not 2% or 5R or whatever you thought.

Fools will disregard the importance of having a realistic & "low hanging fruit" objective every week. These same 30 pips can mean a lifetime of cash flow. However you need to train yourself in a Demo for a week to see it consistently. Then ease into it very slowly with live $

As time passes your confidence in following what you disciplined yourself with via Demo practice will permit $1.00 per pip or $30.00 per week... keeping it boring. Never building emotional attachment to the results or money. Then $10.00 per pip or $300.00 per week.

Every failure or toxic social media trainwreck fails to follow this model. Don't ignore it. It will permit exponential growth & preserve your disciplined mindset. Gradually 30 pips per week becomes a day if you want it. Trust the process �

This is not about ego or being smart. It is about following rules. When you do... profits follow the process. Ignore the money... trust the process. Do not feel you "need" to make money... let it happen by default. Dismiss any other advice concerning consistency... it is BS.

The same cookie cutter 30 pips will allow you to scale to your heart's desire... but you need to learn to find it weekly FIRST. Trust me... you CAN do this.

Instagram heros & YouTube wannabes won't ever tell you these things because if flies in the face of reality. Something they don't operate in... most of the time. They get you hooked on the "image" because they lack substance in educating viewers on how to do it properly.

Lambos and clothes and watches... these things are useless distractions if you can't make your own profits. I can buy a lambo every week... you don't see me posting that stuff. It won't make you learn any better - it only creates distractions. Image is nothing - stay focused.

Not what you want... but precisely what you need.

- Michael J. Huddleston

It's the SL for me

Rules before you enter a trade

1. Check if the price is at a verified resistance and support...

2. Make sure your stop loss is not too tight but not more than 4% of your capital...

3. Are the stop loss cleared?

4. Make sure you see a reversal pattern or a reversal price candle stick pattern before you enter your trade...

5. And the most important Patience to allow rule 1-4 happen before taking a trend in lieu with the trend direction...

- Skylane

Daily Trading Nugget

“When you learn the trading skill of risk acceptance, the market will not be able to generate information that you define or interpret as painful. If the information the market generates doesn’t have the potential to cause you emotional pain, there’s nothing to avoid. It is just information, telling you what the possibilities are. This is called an objective perspective—one that is not skewed or distorted by what you are afraid is going to happen or not happen.”

― Mark Douglas

"If you want to be successful in life, do not look back; it is a dangerous thing to do unless it is meant to glorify God for what He has done in your life.

Be a forward looker.

Discovery is for forward lookers.

It is by looking forward that you discover new things, new horizons and new opportunities you would not have ordinarily dreamt of." -

~ Prophet TB Joshua

#QuickReminder - Tomorrow is UK bank holiday so don’t be too keen to get into the market, or manage your risk...

Monday 30th August, 2021

⚓ FUNDAMENTALS ⚓






⚓TRADER'S SENTIMENT ⚓






⚓ CURRENCY INDEX ⚓