Trade What You See, Not What You Feel
This is a topic which I find very crucial, especially on my journey towards becoming a successful trader. It is extremely important to trade what you see, not what you feel and also not to listen to what other traders have to say about which direction they feel price is going. Remember, retail trading is an individual game where each individual is risking their own capital.
Carrying out your own in depth technical analysis falls under trading what you see, even if it includes you having to wait for 2-3 days up until a week until you actually have a trigger entry for each specific trade.
Those that are Golden Seeds FX members should check out the ‘What Sunday Nights Consist Of For a Trader’ section of the educational trading guide where this topic is expanded.
Remember to view each market from all angles (time frames) before making trade decisions, which will create clarity on where to set stop losses and take profits. Ensuring you are aware of any fundamental news releases is also something that is very vital as fundamental news announcements have an affect on the currency fluctuations. Stop listening to what views and opinions others have on specific instruments (unless it is your mentors, or anyone else under the Golden Seeds FX forum) as this will cause confusion and create distractions for the crucial guidelines you have to follow before making a trade entry. Constructing a trading plan is highly advisable, noting down all the trades you take along with the brief indication of entry. This helps you to identify your strengths and weaknesses, and most crucially it enables you to easily discover your favourite pairs (as the majority of traders have specific favourites)
Bear in mind that trading is about following what works, along with staying loyal to the risk management rules and ensuring your eyes are opened to the lucrative risk to reward set ups (as this ultimately increases profits and decreases risk when these particular set-ups are frequent). Remember all the information you have incorporated, and trade accordingly. Trade what you see, not what you feel or what someone else has mentioned to you. You are trading with your capital, by yourself and for yourself.