Friday was without a doubt an extremely technical trading day. Right from the beginning of the European morning we were seeing levels of support and resistance being highly respected. By using this overall market context to inform our approach we were able to improve our trade selection and maximize our reward to risk.
Fridays can be a little hit and miss for trading which is generally why I tend to take a more conservative approach to end the week. I almost always take less trades and try to focus my efforts on the opportunities I feel most confident in. As you will see today it meant that I missed some potential winners but it also allowed me to avoid some losses and trade in a more calm and focused manner.
It doesn’t really matter what method you use – trading well and with consistency means keeping an eye on the bigger picture and only taking those trades you feel truly comfortable with. When you don’t feel completely confident that you have an edge on a particular trade then it is generally best to pass on it and wait for something better to come along. The market isn’t going anywhere and there are always more quality trades to come, which means a little patience and selective trading can go a long ways for your consistency and overall trading results.
No comments to show.