05.08.2020 Trade Journal
10:06
EURGBP short
Big picture suggests further downside.
The hourly potentially forms a bull channel, but the internal pink trend line seems broken to me. So I entered a small short to dip my toes. Stop @0.9035.
How to trade
“I have not failed. I have just found 10,000 ways that won’t work.” – Thomas Edison I don't know about you fellow traders out there, but that is certainly how I feel about my beginnings in the financial markets. It all sounds so simple. You open almost any book about trading and read about how putting an indicatior on your chart can give you entries and exits and will make you rich. Excited about the insight you pull up your chart software and start seeing the described entries all over the place. No way to lose money with this knowledge, right? Well, it's not that easy. And how could it be? Do you really think something like "the 20 period moving average acts as support" is the essence of investing? Huh?? I mean, come on folks! It might work a few times, it might even work in the long run for some people. But the truth is: what these technical, indicator-driven strategies try to do is to exploit a statistical abnormality . Following these rules religiously is very t
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