Whenever some opinions are asked about a certain currency pair or its direction several answers are given that might contradict themselves.

The successful trader is normaly the person that uses a trading plan, trade management and does not risk to much on a individual trade.

If an overall daily trading loss is reached the clever trader admits that he was wrong and stops to trade.

He concentrates on capital preservation on all costs and tries to perfect his system and stick to his rules.

The process of success might be different for each trader because a trader needs a system that adapts to his own personality.

One thing that could make sense to implement in ones system might be to use the help of higher highs and higher lows.

Therefore the trader knows right away that if Long that the moves will probably be bigger and that he is trading in direction of the trend.

To avoid losses a decision might be to only have and stick to a bullish bias as long as continued higher gighs and lows are provided.

Best of PIPS

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.