USDCAD SELL SETUP
Entry : 1.25865
⚠️ Stop Loss :1.26300
✅ Take profit : 1.24320
Follow proper risk management rules. Never risk more than 2% of your total capital. Money management is the key 🗝 of success.
Using Risk Management will not only protect our capital, but will control and preserve our emotional well-being. Trade stress free!
For me, the Risk management has greater importance than the strategy. Whatever you are trading, you will keep blowing your account if you don’t use it properly. I have many people telling me they blew their accounts. If you risk 1% a trade, you have to lose 100 trades in a row to blow it. Is that even possible (because of market probability) lol!
If you are still trading with stress and keep blowing accounts, look at your risk. This business is all about risk so make sure to approach it correctly. It will also give you a sense of security and confidence.
Another important thing is that
Don’t attach yourself to a trade. Accept the fact that price can change its direction at any time! Always use a Stop Loss and Breakeven management!
Anything is possible
Marrying trades is something that I haven’t struggled much with. When I take a loss, I just accept it. I used to depress myself and feel down, but never revenge trade and enter other positions.
If you are still struggling with that, it’s time to take action! This problem is easily fixed. You just have to accept that any trade can be a loss. Before entering a trade, you determine a level where your opinion will be invalid (basically your SL level). After that level is tagged, you are out! Accept it!
Another thing to learn is managing your position corretly. Taking partials along the way is important. The market can reverse at any given time and you can be 10% on profit and a moment later -2% loss. Introduce clear rules for breakeven and trade management!
What helped most is the book of Mark Douglas. He often says “anything can happen at any time”. Therefore, you have to be prepared at all times and you have to make sure to take your share from the market while it’s still there!
Finally, never revenge trade. As already said – if your Stop Loss is hit, just accept it and move on!
Disclaimer : We are not financial advisers , and this is not financial advice . Past Profits do not guarantee future results.
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