Analysing A Trade I Took II

[moonchild]

I took a this trade, because the market is on a downtrend, even the former one I posted you'll realise its a selling trade.

When I check my daily timeframe, I found out that the price has broken a very important support level and it's selling massively, I then decided to enter after that retracement.

It's good to note that, I often said I'm a scalper and this is not a scalping trade but rather a swing trade and I've been holding for two days now, the reason is as a trader you have to very fluid not static, the end goal is to make money not hold onto ideologies.

So, when I open my trading app, I look at the market and understand what it's saying, if it's showing consolidation on the higher time frame I'll the go to lower time frame and place my scalp trade and get my money, and if it's trending the way I like it I'll the go to higher timeframe and ride it, till the trend is exhausted.

And sometimes I can hold a trade for a long period of time, it all depends on what the market is doing.

But in all you do don't forget risk management it's very important.

 

[Mary Frederick]

Much struggle, patience and perseverence are needed to survive in this market. The more a trader learns, the easier the market becomes to the traders. Eurotrader ensures me all the necessary trading facilities as a retail trader.