Trader Video Blog 02.02.2014

Confidence and conviction in trading are absolutely critical to success but can easily dwindle.

Having trading confidence can lead to much more conviction with not only taking trades but also holding them when we know we should. Not having enough of it and we either don’t want to take a trade or if we do, all we can think about is getting back out again.

So we need to constantly work on our confidence levels keeping them at a level which is fruitful to success. In this week’s video, I go through my own technique of gaining confidence to take a trade, and how the process can help create a more decisive and logical trader.

You too can also benefit from following a similar process and giving yourself that much needed injection of confidence which enable you to do the all important thing of pressing the button and entering a trade and seeing it through to it’s conclusion.

 

 

 

4 Comments

  • Tariq

    Hi Tom,

    I was just wondering what price action did you use to place your AUDUSD trade on 22nd Jan as I traded the day after so never really hit the 1% target at least unfortunately. So I just wanted to know why you traded it at that point rather than wait for a bearish price action bar? I know the horizontal level and fib etc was there. It’s just the price action confused me. Thanks

    Tariq

    Reply
    • Tom

      Hi Tariq,

      Sorry for the delay in reply.

      I took the trade on the 22nd (triggered on the 23rd). I do appreciate this doesn’t qualify mathematically as a high test bar, but the fact the closing price had dropped significantly towards the end of the day, against a great level, with Fib, I took it. I also believe my mindset to take a less than perfect trade was the fact January had locked in a good deal of profit so gave me a slight margin for error. There was lots of clues surrounding the trade.

      My advice is to stick with the obvious price action bars until you get to the point where instinct or your performance in a month allows you to be a little more flexible in your approach.

      Best wishes

      Tom

      Reply
  • Gavin Kingcome

    Hi Tom – thank you for this tutorial. Again really helpful.

    Reply
    • Tom

      No problem Gavin,

      🙂 EURGBP heading back to the top of range now, so our wait for price action to get down to that level may take longer than anticipated. Patience is a virtue and all that 🙂

      Tom

      Reply

Post A Comment