How was this achieved?
The Traders considered the charts, and detected a trend against the flow of other trades. They estimated that this particular downward trend had bottomed and instigated a long trade. As the value of the AUD rose in relation to the USD the traders moved in and placed a stop below the starting price so that if the currency dipped the margin was there to create a profit for everyone.
The guys made a plan, and they executed the trade to that plan. Such is the professionalism of the Expert Traders from IML.
There was no guesswork involved. If your guessing your gambling.
You should be able to answer these questions in relation to each trade, if you can, then you are not guessing, and it is not gambling >>>
- Why did you take that particular trade?
- What are your risk parameters?
- What are your entry and exit criteria?
- What trend are you playing and
- How did that fall into your overall Trading Plan.
You are no longer dispassionate and you have attached emotion to the money not the trade. It is natural to be elated with a successful trade, and disappoointed when your chosen trade is unsuccessful, however the psychology behind it is what is important. Attach your emotions to the Trade and not the monetry reward.
Read and learn all you can from the Expert Traders. When you can look at the charts and the patterns, trades and trends jump out at you, you can confidently then move into trading as a profession. Don't try to run before you can walk and you just may become part of the 1% of very successful traders and not part of the 90 % who fail.
Develop a successful and serious mindset in relation to your trading and while you can't predict the future of the markets, you can confidently reduce your risk factors.
Put your heart and soul into your Trading business, but always trade with your head.