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“The hard, cold reality of trading is that every trade has an uncertain outcome.”

– Mark Douglas, Trading in the Zone

This quote encourages Traders to develop a probabilistic mindset, which is essential for long-lasting success in the financial markets.

Check the signal

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AUD/USD Signal – USD Interest Rate Decision – 29 Jul 2020

Summary

Entry Price: 0.7173
Take Profit: 0.722
Stop Loss: 0.7145
Direction: Buy
Result: Open

AUDUSD is trending to the upside prior to the USD GDP data release. GDP data provides a measure of all goods and services produce locally. We anticipate further upside on this pair, into the 0.7220 level. Technically AUDUSD is trading above the 0.7173 pivot and the 1h 50EMA.

Summary

Entry Price: 0.7161
Take Profit: 0.7110
Stop Loss: 0.7195
Direction: Sell
Result: Loss

AUDUSD is trading around 0.7161 today prior to the USD interest rate decision. Typically an increase in interest rates is bullish for the USD and an unchanged or lowered rate is seen as bearish for the USD. We anticipate further downside on AUDUSD today prior to the event, targeting the 0.7110 level. Technically we are trading below the 0.7175 pivot.

Articles we like

Staying up to date on both economic news and new ideas is very important in financial markets! Our favourite articles will usually cover news, trading mentality or general financial ideas.

MT4 or MT5? Read the differences between the platforms here!

24/9/2020

Westpac on what the RBA is waiting for in October

16/9/2020

September FX Outlook

3/9/2020

Tweets we like

Here are some tweets that will motivate and help you along the way!

10 Recent

Remember that forex trading is a marathon and not a sprint. The bigger your account and the smaller your position size, the longer can keep trading for another day.

@BabyPips (22 October, 2020)

“A lot of people start trading because they want to gamble or because they want to be what they are maybe not meant to be – “rich”. Being a successful trader is hard work and will take a lot of time in your life.” -Ehssan S.

@BabyPips (October 22, 2020)

One of the many reasons why traders often miss out on solid trade setups is that they fail to anticipate possible moves, spotting setups only when it’s too late to act.

@BabyPips (October 22, 2020)

The fact is all traders will eventually experience a losing day, so you should always have an intraday maximum trading loss level set.

@BabyPips (3 October, 2020)

Gold Price Forecast: XAU Sinks to Support, Gold Fresh Monthly Lows: Gold prices flew up to a fresh all-time-high in early-August but, since then, matters have changed. This morning saw a fresh monthly low print in Gold.

@forexguruking (24 September, 2020)

Low leverage with proper capitalization allows you to realize losses that are very small which not only lets you sleep at night, but allows you to trade another day.

@BabyPips (24 September, 2020)

It’s true that taking more trades can lead to more experience, but it doesn’t necessarily mean that you’ll learn the ropes of trading any quicker than if you had taken less trades

@BabyPips (24 September, 2020)

Recognising impulsive and corrective markets is essential for traders in correctly recognising the trend direction. This example of GBPJPY perfectly displays these market phases in a downtrending market!

@ToniSignals (24 September, 2020)

Our challenge as traders is to find the right balance between profitability and risk; between boring trading and emotional trading.

@TradingComposur

Why Trading Discipline is the Key to Consistent Profitability

@babypips (September 16, 2020)

Hall of fame

Having life outside of trading also reminds you that trading is a profession. This can help you become more emotionally detached to the outcome of your trades, which is important for making good trading decisions.

@babypips (13 August, 2020)

The truth is you are going to lose money to the markets, it’s unavoidable. Every professional trader has lost money. Not every trade will be profitable.

@BabyPips (May 25, 2020)

…an uptrend line is drawn along the bottom of easily identifiable support areas (valleys). In a downtrend, the trend line is drawn along the top of easily identifiable resistance areas (peaks).

@BabyPips (May 22, 2020)

Trading for a living can be a dream come true, but it can also be a nightmare. If you believe trading is easy, you’re done before you even started. Trading is not easy.

@BabyPips (May 22, 2020)

“I think success (in trading) starts when you stop chasing after Holy Grail trading systems. They just do not exist.” -Dennis3450

@BabyPips (May 26, 2020)

Instead of simply buying right off the bat, we want to wait for it to bounce first before entering. If you’ve been looking to go short, you want to wait for it bounce off resistance before entering.

@BabyPips (May 21, 2020)

A trader who lacks discipline can never make it in this business. And many traders are guilty of lacking discipline for many different reasons.

@BabyPips (May 25, 2020)

Mini lessons

Want to learn some more about the Forex industry or not too sure about something? Not to worry, SuperChoice has you covered! Check our full list of mini lessons on either “how to” or “what is”.

What is…

How to…

Quotes we like

We know how mentally taxing trading can be at times and how the right advice can spur you on. That’s why we’ve compiled a couple of quotes to motivate you!

10 recent

“Market analysis is not the path to consistent results. It will not solve the trading problems created by lack of confidence, lack of discipline, or improper focus.”

- Mark Douglas, Trading in the Zone

“The expectation that you bring with you in trading is often the greatest obstacle you will encounter.”

- Yvan Byeajee, Paradigm Shift: How to cultivate equanimity in the face of market uncertainty

“The lower your body gets the higher your jump will be.”

- Noor Alasadi

“If you have to compromise your ethics to get it, then it is not worth having.”

- Akiroq Brost

“The fact is that if traders really believed that anything could happen at any time, there would be considerably fewer losers and more consistent winners.”

- Mark Douglas

“When you learn to let go of the need to be right, being wrong gradually lose its power to disturb you.”

- Yvan Byeajee, Paradigm Shift: How to cultivate equanimity in the face of market uncertainty

“Losses are necessary, as long as they are associated with a technique to help you learn from them”

- David Sikhosana, Time Value of Money: Timing Income

“Learning to accept the risk is a trading skill—the most important skill you can learn. Yet”

- Mark Douglas

“You must first become the person who deserves it all”

- Saurabh Bhardwaj

“All battles are first won or lost, in the mind.”

- Joan Of Arc

Hall of fame

“You must first become the person who deserves it all”

- Saurabh Bhardwaj

“All battles are first won or lost, in the mind.”

- Joan Of Arc

“Act as if it was, and it will be.”

- Lailah Gifty Akita

“There are no limitations to the mind except those we acknowledge. Both poverty and riches are the offspring of thought.”

- Napoleon Hill

“It’s a funny thing about life, once you begin to take note of the things you are grateful for, you begin to lose sight of the things that you lack.”

- Germany Kent

Blog

Check out our blog for interesting new thought pieces, takes on news, and updates in the forex markets!

Check the signal

Summary

Summary

Articles we like

MT4 or MT5? Read the differences between the platforms here!

Westpac on what the RBA is waiting for in October

September FX Outlook

Tweets we like

10 Recent

Remember that forex trading is a marathon and not a sprint. The bigger your account and the smaller your position size, the longer can keep trading for another day.

“A lot of people start trading because they want to gamble or because they want to be what they are maybe not meant to be – “rich”. Being a successful trader is hard work and will take a lot of time in your life.” -Ehssan S.

One of the many reasons why traders often miss out on solid trade setups is that they fail to anticipate possible moves, spotting setups only when it’s too late to act.

The fact is all traders will eventually experience a losing day, so you should always have an intraday maximum trading loss level set.

Gold Price Forecast: XAU Sinks to Support, Gold Fresh Monthly Lows: Gold prices flew up to a fresh all-time-high in early-August but, since then, matters have changed. This morning saw a fresh monthly low print in Gold.

Low leverage with proper capitalization allows you to realize losses that are very small which not only lets you sleep at night, but allows you to trade another day.

It’s true that taking more trades can lead to more experience, but it doesn’t necessarily mean that you’ll learn the ropes of trading any quicker than if you had taken less trades

Recognising impulsive and corrective markets is essential for traders in correctly recognising the trend direction. This example of GBPJPY perfectly displays these market phases in a downtrending market!

Our challenge as traders is to find the right balance between profitability and risk; between boring trading and emotional trading.

Why Trading Discipline is the Key to Consistent Profitability

Hall of fame

Having life outside of trading also reminds you that trading is a profession. This can help you become more emotionally detached to the outcome of your trades, which is important for making good trading decisions.

The truth is you are going to lose money to the markets, it’s unavoidable. Every professional trader has lost money. Not every trade will be profitable.

…an uptrend line is drawn along the bottom of easily identifiable support areas (valleys). In a downtrend, the trend line is drawn along the top of easily identifiable resistance areas (peaks).

Trading for a living can be a dream come true, but it can also be a nightmare. If you believe trading is easy, you’re done before you even started. Trading is not easy.

“I think success (in trading) starts when you stop chasing after Holy Grail trading systems. They just do not exist.” -Dennis3450

Instead of simply buying right off the bat, we want to wait for it to bounce first before entering. If you’ve been looking to go short, you want to wait for it bounce off resistance before entering.

A trader who lacks discipline can never make it in this business. And many traders are guilty of lacking discipline for many different reasons.

Mini lessons

What is…

How to…

Quotes we like

10 recent

“Market analysis is not the path to consistent results. It will not solve the trading problems created by lack of confidence, lack of discipline, or improper focus.”

“The expectation that you bring with you in trading is often the greatest obstacle you will encounter.”

“The lower your body gets the higher your jump will be.”

“If you have to compromise your ethics to get it, then it is not worth having.”

“The fact is that if traders really believed that anything could happen at any time, there would be considerably fewer losers and more consistent winners.”

“When you learn to let go of the need to be right, being wrong gradually lose its power to disturb you.”

“Losses are necessary, as long as they are associated with a technique to help you learn from them”

“Learning to accept the risk is a trading skill—the most important skill you can learn. Yet”

“You must first become the person who deserves it all”

“All battles are first won or lost, in the mind.”

Hall of fame

“You must first become the person who deserves it all”

“All battles are first won or lost, in the mind.”

“Act as if it was, and it will be.”

“There are no limitations to the mind except those we acknowledge. Both poverty and riches are the offspring of thought.”

“It’s a funny thing about life, once you begin to take note of the things you are grateful for, you begin to lose sight of the things that you lack.”

Blog

Leverage

Margin

Margin Call

Short Position

Long Position

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