Why Your Trade Entries FAILING?
Here are 2 main reasons,
1. The market conditions that are leading to the trade and area. Why is that important? If, for example, you are in an uptrend and the swing of the pullback in that uptrend has a higher volume behind it, and then the pullback itself has a higher volume behind it, then the trade that you are going to take at the end of the pullback has a low chance of working.
Here is the reason for that: Because traders that were pushing the uptrend are now selling or closing their positions. Therefore, the chances of your trade ending up working out are very low because no one is buying, the bigger players are not buying anymore. A lot of them closed their trading position in the pullback area(check the volume on pullback area). So no one to keep pushing the trend towards the upward direction.
2. Entering too early. Here's what I mean: If you enter your trade before you see a reaction in the key level of support or resistance, then you might be entering your trade too early. At which point, the pullback is still pushing down in the case of an uptrend.
Why is that important? So if you enter before you get the reaction in the form of candlestick wicks/tails, or a signal like a pin bar, or a volume. Then you are either entering too early because the market has to react on the key level first. You need to see that on your candlesticks that it is reacting to the key level signalling that the level is holding up, then that's when you should consider entering.
Checkout this video for more detailed explanation on this topic:
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Make sure you watch this new video: Which shows the correct way to trade Breakouts
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Boost your trades Success with this HIDDEN Timeframe Analysis on Top Down Trading Strategy watch video on watch page
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Why You Get Stopped Out of your TRADES?
Here are 2 main reasons,
1. Incorrect trend direction and strength - correctly identifying the short term trend is very important before you take any trade.
Here is how to do it:
In order to make sure that the trend that you see is solid, you need to check other pairs to verify it. i.e if you see a BUY trade opportunity on eurusd pair, then confirm the short term trend by looking at other eur pairs such as eurjpy, eurcad, eurgbp etc and they all should be confirming the same trend direction that the eurusd suggest then that will mean that you have a solid trend
2. Wrong trade entry or stoploss placement
Here is how to do it:
All trades should be taken on the solid key level and the stoploss should be below some key level(s) so that your trade is protected. The best way to find a solid key level is by spotting it using Volume data so that you know which key level had a lot trading activities on because this is where a lot of trade orders don't get filled which makes it a solid key level.
Checkout this video for more detailed explanation on this topic: https://youtu.be/tZoe-8bdbKs?si=dtdRq...
Here is not powerful video: https://youtu.be/lcnsRu75nBc?si=VOuMx...
Happy trading.
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Trading is NOT the game of avoiding LOSING TRADES
A lot of traders have a wrong mentality of trading, they think trading is about avoiding loses and only get wining trades - WRONG. You can't avoid losing trades, in fact all traders will have losing trades more often. The name of the game is about maximising profits on WINNING TRADES while minimising LOSING TRADES.
Steps to do that:
1. Only take higher probability and high reward ratio trades i.e trades with Rs 3:1, 4:1 etc
2. Always focus on understanding the psychology of every trade setup that you're considering to take, don't rely too much on indicators. Always ask yourself questions as to why other traders are moving the market into a certain direction. Always remember that the market is moved by other traders which is a combination of retail, institution etc
3. Don't trade correlated currency pairs because they will cancel each other and you won't grow your account(biggest beginner mistakes)
4. Don't risk more than 3% of your account in one trade.
5. When you lose a trade, stop trading for that day because you're going to take the rest of trades with emotions.
CHECK OUT MY VIDEOS TO LEARN TO READ THE MARKET FOR WHAT IT IS
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