Hello Traders, its been interesting to note the increase in emails I have received over the past few weeks. The increase normally coincides with a tricky patch in the markets where people need a little more guidance on what to do. You are not alone here, I have also found them tricky due to a real lack of direction on the USD.
One of my major suggestions in reply has been to trade with caution, and to stay out unless an obvious trade jumps out at you. I suggest this, as this has been my own personal approach and has meant that I have been able to preserve profits and add to them, albeit slowly.
What is difficult is knowing exactly WHEN to stay out and when to be more active. In this weeks video I go through my own process of doing this. It is a very simple process but one I do at the weekend well in advance of the markets opening using one of the free resources I gave you last week. I also review next weeks calendar and how my focus lies with the GBP and more importantly how I use my resources to determine whether I will trade it next week or not.
You have probably heard me say this a number of times but it is worth repeating, long term success will not just come from how much money you make during the profitable months, but how well you protect your profits during the more challenging months. I lost count the amount of times I gave back profits in the first 12 months of my trading career. It was only when I improved my capital preservation techniques that I was able to grow my account slowly and steadily over time. Get this element of your trading right, and you will see some astonishing growth over the next 10+ years.
Until we speak next