Study Sunday: Why I took this Gold Trade (1H/15m)
I usually just review my trades privately but today I figured why not share if it helps someone else, or maybe someone has input that can help me too. The video is basically me reviewing a trade i took this week on gold (sept 22), and why i took it. I like to draw the candles out myself to consciously think about where price moves relative to the candles around it, then when i watch the charts I have a more intuitive feeling of how candles form and move and I know what I am looking for. I dunno if that makes sense or it is just a thing i do lol
But here is another thought i have been thinking about recently regarding trading: I think that when you are trying to learn to be a profitable trader, it is valuable to keep your plan as simple as possible. And then build on it, and reshape it as you learn. But build slowly as you learn new lessons so you have a strong foundation. I see so many people that are in a rush, and that will only make you feel overwhelmed and eventually fail. I think it is especially difficult with trading because there is so much information out there and lots of people apply different strategies and have different opinions. It can be attractive to jump from one strategy to another if you feel like what you are trying is not working. And of course there are times when you must drop an idea to test another. But you should be doing so objectively and not emotionally. You should be able to measure the changes empirically as you make them. So that in the long run you build a trading plan that makes sense to you; that is the only way you will truly have confidence with trading. And you need confidence to grow an account because you will be risking a lot more with your future trades.
But here is another thought i have been thinking about recently regarding trading: I think that when you are trying to learn to be a profitable trader, it is valuable to keep your plan as simple as possible. And then build on it, and reshape it as you learn. But build slowly as you learn new lessons so you have a strong foundation. I see so many people that are in a rush, and that will only make you feel overwhelmed and eventually fail. I think it is especially difficult with trading because there is so much information out there and lots of people apply different strategies and have different opinions. It can be attractive to jump from one strategy to another if you feel like what you are trying is not working. And of course there are times when you must drop an idea to test another. But you should be doing so objectively and not emotionally. You should be able to measure the changes empirically as you make them. So that in the long run you build a trading plan that makes sense to you; that is the only way you will truly have confidence with trading. And you need confidence to grow an account because you will be risking a lot more with your future trades.