Traders often associated the success of trading with alone and this is in fact wrong. You must understand that the chart you focus so much on technically is the mass psychology of all other traders in the market shown in the form of a chart.
Trading is a game of probabilities. It's a mental game, to master the game, you must master your mental make up. You're probably wondering what that means. Let me break a few of many things down:
1. How do you feel about risk? Are you comfortable taking risks? Or are you more conservative.
Think of it this way.You have a $5,000 account and you take a trade. Would you feel more comfortable losing $150 ? or $50? if you think you'd feel absolutely comfortable losing $150 (3%) then you more of an aggressive trader if you think you'd feel uncomfortable losing $150 then you are conservative. I myself am a conservative trader but there is nothing wrong with being aggressive as long as you have managed your risk. ( i will cover risk management in another post)
2. Emotions - One thing leads to another ..
Let me put this in the simplest form. Our emotions run wild because we either don't trust ourselves technically or because you don't manage risk accordingly.
In order to learn how manage your emotions, you must learn how to trust yourself as a trader and MUST come to terms with the fact that no strategy is 100% and losing is inevitable. The moment you try to avoid losses is the moment you lose more. It's the law of attraction. You get what you focus on.
If you risk 1% on a trade and the trade is a looser then you have lost 1%, you are not going to lose sleep over that. But if you lose 10% on a single trade then you are going to lose sleep over that because making back 1% is alot easier than making back 10%
3. Your success is formed through the accumulation of trades over time
Stop expecting every trade to be 'the one' there is no such thing. Every trade has a 50% probability to be a winner. You must shift your mindset to acknowledge that every trade has the potential to be loser. This will force you to manage your risk. Your mind always want to protect you, if you open the possibility of the trade losing then your mind and heart will want to do the most to protect you from that.
Your profitability will be formed through a series of winners and losers. There is no such thing as quick money.
Last but not least, EURCAD Is moving towards or target. I have attached previous analysis.
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