I don't know about you but I do like a good TV show or movie to watch when I'm done with the charts.
Forex trading has changed the way I think, even when it comes to picking what to watch.
How Successful Forex Trading Is Like
Choosing Something To Watch
Just like in trading I rarely go along with what is popular and being talked about. Because how many times has someone told you about some great TV show to watch, or the next blockbuster movie to find out it was a scratch trade?
This happens all the time doesn't it?
Successful Forex Traders Don't Buy Hype - They Are There First Or Move On!
This is because most people believe the hype, successful Forex traders sidestep the hype and pick the great trades which are profitable time and time again. Look at this trade we highlighted a few weeks back (scroll down to "the next chess move").
Have you ever come across a show or movie which you had never heard of, decided to watch it and realised you picked out a banker?
Just like your Forex trading strategy. You know exactly what to look for, better than anyone else right?
Yeah 1 or 2 recommendations will prove right here and there but more times than not, you hit the nail on the head all by yourself.
You Missed The Viewing
Normally when everyone talks up the next best thing to watch, it's probably long gone. If you were late to the party it's probably too late. By the time the general public (mainly retail traders) start getting excited, the trade is long gone.
Just like trying to take a trade after it already bounced off a key level. By this time the prime entry is gone, now anything else is really not worthwhile. The hype surrounding shows and movies changes the way we see things.
If you miss the train coming to the station, what do you do?
Do you jump in the track and start chasing or do you wait for the next train?
Some of the best films and shows I've picked, have been much better than the popular opinion. My trading is like this all the time. I pick all my trades myself (not considering hype/usually avoiding it).
This Is How I Handle Popular Rumours
Do you know what I do with hyped up shows and movies? I wait until the hype is gone if I missed the 1st opportunity and watch it months, even years later. I handle good trades like this too. This time the hype is gone but the power is still there.
Now most are gone but I get to enjoy the ride. Look at some of these key points here
My train ride is less congested!
Don't you just hate a trade which takes so long to complete (that's congestion)
If you look at the chart below you can see price bounced off this region 3 times. Why was the third time so quick (look at all the long green candles)?
The train ride is super quick
Now rarely anyone is on the train and the driver knows exactly where to go. Look at the 3rd yellow box above.
I want you to go away thinking about how you pick out trades, shows & movies.
If you keep thinking about how hyped up a trade is, you will know whether or not it is likely to be a good trade.
I spend loads of time picking out levels like these to trade on currencies, commodities and any financial instrument that I am watching. These trades are profitable time and time again.
If you would like to talk about these types of trades in more detail. And start profiting from these kind of trades, lets talk 1 on 1. Click Here To Schedule A Live Intensive 1 on 1 Forex session with me.