How I lost 250k on Gold (XAU/USD) this week & MISSED THAT 400 PIP MOVE!

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Издатель Oct 12, 2020

In this video, I talk about what was going wrong this week. I missed out on a big move on Gold and lost all my profits from Monday. I did 3 mistakes this week:
- I was trading not 100% prepared and emotionally because of the accident of my friend.
- I was holding a consolidation for too long.
- I lost confidence in my trading and didn't take the final shot, so I missed out on the move that I was waiting for the whole week.

NOTE THAT: As a profitable trader, you have to approach trade number five with the same mindset you did on the four previous losing trades.!

What I mean by this is, we've all had those times when we'd get three trades in a row four trades in a row that go against us. That's gonna happen. Statistically, that will happen. What happens on that fourth or fifth trade that comes along, your setup is there, but now you're shy, you're thinking that you are not reading the market right, something's not right, I'm not gonna take this trade. And what happens then? The trade works beautifully and would have wiped out the losses from those previous four losing trades, plus made you a bunch of money that day. It's happened to everybody and it's not because you're reading the market wrong. Statistically, chart patterns just don't work 100% of the time. They may not even work 60% of the time, so you've got to know that statistically there will be times when four or five trades in a row don't work and you've got to be confident in your system and you've got to be able to take that next trade with the same enthusiasm as you did those previous four trades. Wealthy traders don't get bothered by the idea that they've lost on four previous trades. They know that that can happen. Every time you don't take that next trade but it matches all of your criteria, it's gonna be the one winner you didn't take, and it's gonna just make you even more mad.

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