These last few weeks we have been discussing trading psychology and how important it is in your trading. So I will take this opportunity to share with you a perfect example of how your mind can easily take your focus off of what it needs to be and have you analyze the evidence in a way that will give you the wrong bias. These last few weeks, although I knew enough to not get into a full size position on either the #dollar or the $eurusd, my analysis led me to think the odds were that the #usd was going to drop. Instead it broke weekly supply and headed higher. I did a webinar showing you how we must wait for the either door to be opened before knowing the direction of price because this puts the odds in our favour of trading in the right direction and you can see how we did that with the #dollar but my work has always taken me deeper to learn how I can anticipate the moves that are to come before the doors are open. They say this can’t be done but this has been my life’s work.
I am still working on what it was that caused my analysis to interpret the evidence in the wrong way and because I have developed most of my understanding of market dynamics on my own, I don’t have a guideline to reference except my own work and it is constantly being updated and amended. The market dynamics for both the $eurusd and the $dxy was a bit tricky and so therefore my mind decided to take one path and not stay open to the other. This path led me down to interpret the charts in such a way that blinded me to being able to anticipate the weekly supply on the #dollar to be removed and price to continue to the upside. I must now try my best to not punish myself but instead focus on what it was that I missed, journal it, write it into my trading plan and make sure this situation doesn't slide past me again.
Market dynamics is a very complicated beast and coupled with trading psychology it can be a complete maze that becomes too confusing to navigate through successfully, but my job as a professional trader and now a mentor is to always strive to master the two and to provide myself and the members of this service the very best I have to offer and what’s better than a big lesson in both. I’m doing a webinar on what I am learning from this experience and how it will make my analysis even sharper going forward. I am really excited and can’t wait to share this with you!
If you want to join the Webinar and learn, here is the link: https://attendee.gotowebinar.com/register/6084147985089835011