Here's an example of a trade I placed yesterday. I really try to keep my trading as simple as possible. Aud closed beneath a short term trendline and 4hr 20sma. Conditions looked over bought on the 4hr time frame so I went short.
I generally enter trades from an aggressive standpoint. If you wanted to be more conservative you could have waited for the retest of the 0.73 trendline area. I'm never too greedy on my TP. I just execute on most set ups that meet my edge. Secure my profit and move on to the next likely setup. This has worked well for me over the years.
Don't overleverage, don't extend your stop, don't trade while tired or intoxicated 😏
Other than that, work on developing your trading edge, it can be quite simple. Just follow it on most /all valid setups book your profit or take your loss. Be patient and wait for the next setup to present.
I'm all for learning as much as I can about technical analysis but psychology is the make or break factor for trading. That takes longer and is harder to get a handle on. That took me years to really understand what my mind was doing and where it was tripping me up. And I made probably 1000s of mistakes and many of them were the same psychological mistake repeated many many many times 🤔
So work on your psychology more than technical skills. As I've said before my technical skills are ok, nothing special. But I can now consistently profit on a monthly basis with returns I am very happy with.
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