Don't memorize patte...from happydailypayouts

Don't memorize patterns, candlesticks, etc. If you want to get better at this game, ask yourself: What are traders on the sideline thinking? Where will other traders get trapped? Where’s the path of least resistance? Where will new players enter? Where will losers cut losses? #OPINIONLEADER# #mytradingstory#

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To be a winning trader, you’ll need this one thing… Here’s a clue: • It’s not technical analysis • It’s not price action trading • It’s not trading psychology It’s this… Your trading strategy must have an edge in the markets. You’re probably wondering: “What does this mean?” Well, here’s an example: Let’s say I make a coin-toss bet with you. • Every time the coin comes up heads, you win $2. • Every time the coin comes up tails, I lose $1. In the long-run, who will win? You, of course! Why? Because you have an edge over me. And this is the same for trading! You must have an edge in the markets because without it, nothing else matters. You’re thinking: “But how do I find an edge in the markets?” The easiest way is to leverage the work of other traders, so you don’t have to reinvent the wheel. So, go and read trading books that contain trading systems with backtested results. (Based on my experience, these trading systems have a good chance of working in the live markets.) Then, take the concepts of these trading systems and validate them on your own so you know whether it works, or not. #OPINIONLEADER# #Knowledge#

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Before you even think about making profit, make sure you know what BE is! BE is Breakeven, where you make up any losses without profitt. It is a step to protect your capital or balance from experiencing any loss after making profit! Basically, making bits of profit while minimising any losses when trading. You can set your BE by shifting your SL to before price action. You can see a sample from the image above. Left is for Stop Loss (SL) and on the right is once Break Even (BE) has been done. May this information be useful to all of you!

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Exiting your trades based on emotions will usually be at the worst possible price (when you can't take the pain any longer). Instead, pre-determined your exit when your head is clear and stick to it. You will do much better in the long run. #XAU/USD# #XMGlobal# #OPINIONLEADER#

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