{"id":69,"date":"2016-09-10T00:25:24","date_gmt":"2016-09-09T16:25:24","guid":{"rendered":"http:\/\/www.egobusted.com\/?p=69"},"modified":"2025-01-28T12:02:55","modified_gmt":"2025-01-28T04:02:55","slug":"trade-market-not-forecast","status":"publish","type":"post","link":"https:\/\/www.egobusted.com\/zh\/trade-market-not-forecast\/","title":{"rendered":"Trade the Market, Not Your Forecast"},"content":{"rendered":"\n

We often focus on the technical side of trading, following people who make accurate forecasts or predict the resistance or support zone precisely.<\/p>\n\n\n\n

I used to spend a lot of time on charting apps like tradingview<\/a>, hoping for the best price to open a trade, but I am still a losing trader.<\/p>\n\n\n\n

Technical analysis are important but not enough to make you a great trader…<\/p>\n\n\n\n

I concluded that in order to be a great trader, it is more about controlling your greed.<\/p>\n\n\n

[su_spacer size=”30″]<\/p>\n\n\n\n

How I bust my forex trading account(s)<\/h2>\n\n\n\n

I often fall into this horrible trap of trading: I have a view on a market, and there is a price target on a broader timeframe (daily or weekly chart).<\/p>\n\n\n\n

    \n
  1. I trade H1 and H4 mainly<\/li>\n\n\n\n
  2. The market is now at the bottom zone of a recently trading range. (and turning around)<\/li>\n<\/ol>\n\n\n\n

    I begin to look at the price targets..that could be 800-1000pips ahead.<\/p>\n\n\n\n

    With my view on the market, I tend to accumulate more positions at this lower zone of the range.<\/p>\n\n\n\n

    Results?<\/strong><\/h4>\n\n\n\n

    I am swiped out on some retracements at the H4 timeframe and bust the account.<\/p>\n\n\n\n

    Market then moves to my original price targets.<\/p>\n\n\n\n

    What the..<\/p>\n\n\n\n

    \"AUDUSD
    I remember I predicted the market top and went selling AUDUSD. At the end, the downtrend unfolded but there was a retracement which forced out almost all shorts.<\/figcaption><\/figure>\n\n\n\n
    \"AUDUSD
    I shorted AUDUSD and had some nice “floating profit” and the 4H trend reverted. My stop loss orders were all triggered at the top of the anti-trend.<\/figcaption><\/figure>\n\n\n\n

     <\/p>\n\n\n\n

    Why? Fear of missing out<\/h4>\n\n\n\n

    The market takes time to complete the bottom pattern and I am heavily leveraged.<\/p>\n\n\n\n

    I was too hurry to enter the market, and too optimistic about my<\/span> view. For just one outside bar going up, I confidently<\/span> believe it is the breakout..<\/p>\n\n\n\n

    The market wasn’t ready for the prime time, it was just my view<\/span>, not the market’s view<\/strong>.<\/p>\n\n\n\n

    So, I was trading my market but not the actual market in reality.<\/p>\n\n\n\n

    Lessons I have learnt, and your take aways<\/h2>\n\n\n\n
      \n
    1. Market usually take time to turn around, and it is often longer than you expect.<\/li>\n\n\n\n
    2. Greed is good only if it is in control – implement good risk control, you can enter back the market anytime.<\/li>\n\n\n\n
    3. If you trade, stick to a timeframe. Don’t look further.<\/li>\n\n\n\n
    4. Always make clear to yourself: market is the big boss, not you.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

      We often focus on the technical side of trading, follow […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_gspb_post_css":"","footnotes":""},"categories":[10],"tags":[23,21,22],"class_list":["post-69","post","type-post","status-publish","format-standard","hentry","category-ramblings","tag-greed","tag-leverage","tag-time"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"_links":{"self":[{"href":"https:\/\/www.egobusted.com\/zh\/wp-json\/wp\/v2\/posts\/69","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.egobusted.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.egobusted.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.egobusted.com\/zh\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.egobusted.com\/zh\/wp-json\/wp\/v2\/comments?post=69"}],"version-history":[{"count":5,"href":"https:\/\/www.egobusted.com\/zh\/wp-json\/wp\/v2\/posts\/69\/revisions"}],"predecessor-version":[{"id":467,"href":"https:\/\/www.egobusted.com\/zh\/wp-json\/wp\/v2\/posts\/69\/revisions\/467"}],"wp:attachment":[{"href":"https:\/\/www.egobusted.com\/zh\/wp-json\/wp\/v2\/media?parent=69"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.egobusted.com\/zh\/wp-json\/wp\/v2\/categories?post=69"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.egobusted.com\/zh\/wp-json\/wp\/v2\/tags?post=69"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}