An Advantage Of Trend Trading!
Being glued to your screen, your broker app, your news channel, your trading platform is a feature of trading that private traders must…
Being glued to your screen, your broker app, your news channel, your trading platform is a feature of trading that private traders must learn to let go of. It is not how you will grow an account that will allow you to eventually walk away from the system. It is stressful, inconsistent and very much a false economy.
Trading is a case of the less you do, the more you make.
A perfect example of this are the moves so far today on the GBP currencies. I am short on both the GBPNZD and the GBPAUD.
As a trend trader, I view my weekend as my week and the week as my weekend. What that means is that I spend the weekend preparing for the week ahead. Given the advanced TDT trading tools that I have, the support of the TDT community and my experience, this takes me no more than an hour on Sunday evening. So it is no where near even half the weekend. If you are new to trading, this will take longer, but with commitment and the right tools and support, it does not take long to get it to an hour or less.
Because of this preparation, screen time each day from Monday to Friday takes me no more than 20 minutes a day. I check my charts in the morning and then at the end of the day. This will be to place new trades and compounds and to manage open trades and that is all because of the weekend preparation. In addition, TDT community members are kept up-to-date with daily scans of the FX, stocks and commodities market of breakouts and pullbacks in trends.
Momentum can kick in at any time and when the forces of the market are in your favour, this is often in the direction of the trend. I left my house to go to the gym first and then lunch with a friend at 11am and I got in just before the snow started falling before 5pm in North London — and came back to a move of just under 200 pips on the GBPNZD. When I left the house, FX was quiet. The 1 hour chart below shows how momentum kicked in at 1pm and just continued weakening.
Trend trading has a “set and forget” approach to it but we do not set take-profit levels. This is a crucial mistake that many private traders make based on fear of loss or profit. Understanding how to hold and manage your exit for the duration of the trend is one of the most challenging parts of trading but this comes down to understanding the natural movement to price.
By understanding natural levels that price likes to move towards, as a trend trader I simply hold and let the forces of the market take over.
On the daily time frame below, we can see that price is now faced with immediate support at the round number 1.7000. Ideally, I would like to see price clear this and the November 2015 and October 2015 low and then move towards 1.6000 and 1.5000.
A trend is a function of time, as my mentor first told me when I was learning to trade. If you eliminate time, you eliminate the trend. If you eliminate the trend, you eliminate profit.
I will now let price dictate what course of action to take next. I am looking to compound and will do that strategically when support levels are cleared.
Patience for now.
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Email: zaheer @ sublimetrading . io