Forex Psychology tips (in a long trade)

Forex Psychology tips (in a long trade)

Forex Psychology tips (in a long trade) 300 169 Minimalist Trading – Best Trading Indicators for TradingView

What if you knew some Forex Psychology tips that help you control the emotions during a trade?

Because there are many common psychological mistakes traders make when they have an open trade.

And… guess what?

If you don’t work on your trading mindset, you will probably end up compromising your success.

The following trade opportunity is the perfect chance to share some Forex Psychology tips that we’ve learned in years of trading.

And when you learn how to improve your trading skills with a particular focus on the trading mindset, then you will become a more disciplined trader.

In this specific trade, we’re using the Breakout Pivotal Bars in combination with the Levels and Zones, and the Sentiment Index, which are all available on TradingView.

Except for a rather weird movement on the last candle of the impulse, by conducting our chart pattern analysis we see a very interesting price consolidation suggesting that the price should continue to move lower making yet another downtrend.

Moreover, all our indicators confirm the same analysis and so, as soon as the trading setup comes, we get involved in this trade.

Trade setup – 23 Apr 2018

This trade took longer than expected Setup 1

The setup that is forming is clear even if it’s a bit masked by the weird price action towards the end of the first impulse.

Anyway, the Sentiment Index clearly suggests that the bearish sentiment is getting compressed and so it could well break to the downside and probably offer us a trade setup to the downside.

Trade update – 24 Apr 2018

This trade took longer than expected Setup 2

Here comes the setup that is confirmed by the fact that:

    1. The price breaks down the consolidation that we identified
    2. The breakdown candle is red (colored by the Breakout Pivotal Bars)
    3. The Sentiment Index breaks down its trendline as well

We set the stop loss above the breakdown candle and the target, all the way down where the projection of the first impulse ends.

Trade update – 25 Apr 2018

This trade took longer than expected Setup 3

It’s currently almost halfway into the target and we moved the stop loss to breakeven, which means that we are now in a risk-free trade.

Trade update – 26 Apr 2018

This trade took longer than expected Setup 4

The price continued to go down and barely touched the target before retracing a little bit. We must be patient because we know from experience that, when we have similar setups, there is a very high probability that the price ultimately reaches the target.

Trade closed – 30 Apr 2018

This trade took longer than expected Setup 5

Well, it took quite some time, but eventually, it reached the target and we closed another winning trade.

If you want to become a full time forex trader applying our Forex psychology tips can play a significant difference, like in this case where the trade took longer than expected.

It is in a similar situation when the real pro traders show all their skills and psychological strength by keeping rational throughout the whole trade.

Unfortunately, most beginner traders end up getting emotional and making irrational decisions contradicting.

Where do you stand?

Are you a disciplined trader or do you sometimes get too emotional?

Feel free to share your experience by leaving a comment on the YouTube video above!