Don't ignore this ⬇
Exiting profitable trades too early and holding losing trades for too long is a result of not having conviction or confidence in your trading process, so we need to focus on the process that takes place before entering a trade.
Here is a steps by step analysis process that has enabled us to quit exiting profitable trades too early and holding losing trades for too long.
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What is this process?
Its an Analysis process designed to allow you to determine the markets true direction so you can confidently trade with the markets and not against them.
STEP 1: Fundamental Analysis, this is to understand why markets move.
There's rhyme and reason for every move in the markets and fundamentals help you with that i.e. If inflation in the USA is increasing that will result in a negative reaction from Gold, Nasdaq, US30, S&P500 because it means the interest rate will go higher or be kept at high levels and the U.S. Dollar will strengthen.
STEP 2: Inter-market Analysis, this is to understand the relationship between different markets and how markets are connected.
Using the same inflation example; strengthening of the U.S. Dollar will weaken Gold and Indices.
STEP 3: Sentiment Analysis, this is to understand the mood of the market or how markets feel.
Since Nasdaq, US30, S&P500 are weakening because of U.S. Dollar strength, it will result in a RISK OFF mood meaning commodity currencies like AUD, NZD can under perform and you can look to sell AUDUSD, NZDUSD.
STEP 4: Technical Analysis, this is to understand how markets move so you can know when and where to buy or sell.
Going through all the steps will give you an edge to spot trading opportunities early and stay in your trades longer.
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