As I reflect on my journey as a seasoned Forex trader, I can confidently state that I am not a gambler. However, it wasn’t always this way during my early days in trading. In this brief video presentation, I will illustrate two compelling instances that exemplify the repercussions of deviating from your established Forex trading principles.
The Pitfalls of Trading Through Major News Releases: Allow me to emphasize a cardinal rule in Forex trading: trading through significant news releases equates to gambling, not true trading. In the ensuing video, I unveil two striking examples that serve as stark reminders of this principle.
A Stroke of Luck: The CHF Short Trade: In recounting my past experiences, I cannot help but recall a fortuitous CHF short trade. This particular trade exhibited one of my signature “spookily accurate” entries, almost pinpointed to the pip. However, circumstances intervened as I found myself boarding a bus from Portugal to Spain – a residual habit from my working-class origins. This commitment, unfortunately, prevented me from actively managing the trade.
Navigating Unpredictable Waters: The GBP News Trade: In a separate instance, I dissect a GBP news trade. Earlier in the week, I anticipated a surge in inflation that defied expectations. My foresight, as revealed in a previous video, accurately predicted the potential for the Bank of England to raise interest rates beyond projections. I take a moment to commend my precision in analyzing the fundamental underpinnings of the market.
Unveiling the Dynamics of News-Driven Volatility: Embarking on an enlightening analysis, I delve into the intricacies of trading during news events. This exposé unravels the volatility inherent to such circumstances and the subsequent impact on spreads. I address a pivotal question – could I have seized victory by entering the market after the price surged? Through a comprehensive video illustration, I convey the possibility of an abrupt reversal, akin to a swing of 40 to 50 pips.
Join the Forex Trading Conversation: In support of Forex Mentor Pro, I have shared this enlightening perspective on YouTube. Your engagement by liking, sharing, and subscribing to my channel would greatly aid us in disseminating essential Forex trading insights.
My journey from a novice trader prone to gambles to a seasoned Forex professional has been a transformative one. The lessons gleaned from these two illustrative instances underscore the importance of adhering to established trading rules. By steering clear of trading during major news releases and embracing sound trading strategies, you too can evolve from a gambler to a proficient Forex trader.
