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A game of two halves – Friday’s live trading…

Two trades taken today, one was up very comfortably but I was looking for a bigger run on it and ultimately it reversed and stopped me out. So a losing day but it’s been a decent enough week…

3 Comments

  1. Steven T-Reply
    October 28, 2016 at 2:31 pm

    Hi Charlie,

    I totally agree that you have to stick to your plan, even if you lose as you only win by losing ! it sounds wrong, but it does work. This has been the biggest issue to my trading, sticking to the plan !!. It is so so important and probably one of the hardest things to do, especially when you hit a losing streak. I have a big sticker on my PC now which just says DISCIPLINE !. which is working for me, and also I review your section on The Psychology of trading. ( again and again till it sunk in ) This to me is the biggest issue above all others with trading. You are your own worst enemy. Once you crack this you have a good chance.

    I have noticed that all good athletes and people at the top of their game have this characteristic. I liken my trading to a formula 1 Driver, he has to train hard, study hard, but when he is putting the laps in, he has to do the same thing lap after lap, and if you do the same thing day after day, win or lose, then you gradually build up your equity and become more and more successful.

    Thanks Charlie and Kym

  2. Manoj-Reply
    October 30, 2016 at 4:32 pm

    Hi Charlie,
    Many thanks as always – great advice and education.
    Do you only trade the majors or do you sometimes trade instruments like the indices or the exotic pairs e.g euraud or gbpnzd? Do you feel the exotics have spreads that make them suitable only for swing trading?

    • Charlie Burton-Reply
      October 30, 2016 at 6:10 pm

      I only trade the majors for day trading but that’s partly down to the fact I like to just be watching just a handful of currencies and get to generally know them better rather than scanning across many more.

      Cheers!

      Charlie

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