Forex combo time frame

The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. As forex combo time frame consistently profitable trader will admit, it takes a consistent conscious effort to hit big winners in the market. The psychology of holding a trade A simple fact of trading, is that if you want to make a lot of money, you’ve got to have the mental fortitude to hold trades for longer than you might be comfortable with.

Most traders do very well on a demo account before they go live. Think back to when you were on demo, or maybe you’re on demo right now. I’m willing to bet you’re holding trades for a few days or a few weeks even, and you’re not interfering with them very much. On a demo account, traders tend to be less-involved with their trades because they simply don’t care that much since there’s no real money on the line.

The end result, is that they stick with their original trade idea most of the time. This is the main reason why people tend to do very well on a demo account. Thus, traders often do very well on demo for the reasons just discussed, then they get all psyched up to start trading live and open a live account. Trading might be the world’s most rigorous test of one’s mental discipline and strength.

In the face of a trade that’s moving against you and in negative territory, how will you react? Conversely, in the face of a trade that is up a nice profit, but has not yet hit your target, how will you react? Closing out a trade for a small loss, before it hits your stop loss, is an example of letting fear control you, and doing so directly limits your profit potential because you’re not giving the trade proper time to play out and you’re also voluntarily taking a loss. Closing out a profitable trade too soon can also be detrimental to your overall trading success. Remember: Anything you predefine, before entering a trade, is going to be more logical and objective, and thus profitable over the long-run, than any decision you make whilst in a live trade, under the influence of your hard-earned money being at risk.

The POWER of simply sitting on your hands and doing absolutely nothing whilst in a live trade, cannot be over-stated. Your true power and advantage as a retail trader, lies in your ability to remain patient and in control of your behavior in the market. In the current market environment, trades are taking longer to unfold and this market is designed to shake you out. There is a lot of volatility within the price swings lately. The chart below shows a couple of recent trades in the spot Gold market. The first, was a pin bar sell signal that we discussed back in our August 11th commentary.

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