You don't need to watch EURUSD we already know it is going down, the real one to watch is Gold.
I read this statement a couple of days ago.
Today's move to the upside confirms that we actually 'know nothing'!
And that is a fact. Only the market operators know where they will move prices next.
These are the ones that move the markets with billions of $$, and that includes most governments.
Look at the home page of this website.
On the bottom you see a section called 'Community Outlook'
It shows you exactly how WRONG traders are guessing the direction.
But when they open a position, they are convinced that prices will move their way.
Last time where there was a chance to go long on the EURUSD was nearly 8 weeks ago.
This means that all these poor souls are trading without a SL and just hope and pray that prices will turn their way!
So... with today's move, and no idea where prices will be in 5 or 6 weeks, what will all the poor souls do that are currently in a short position without a SL?
They will just sit, wait and pray that prices will turn back in their direction.
Think what you could have done, if you had just traded with a SL and got rid of the bad position.
Most day traders close a good position when they are a few pips plus. Maybe 20 or 30 or even 50.
But when they are in a losing position, they stay in the trade forever / hundreds of pips minus, quite a few of them until they get a margin call.
Why is that?
For one thing, it is greed and fear of loss! They cannot concede and admit to themselves that they were wrong!
Another common problem is, that most day traders look at the wrong chart timeframe.
Statistically, the success rate for traders that trade the 1 hour or faster timeframe is only a mere 1.5%
That means that 98.5% of all traders lose their money and end their trading career within 2 years.
Why do brokers give you a 1 min, 5 min, 15 and 30 min chart?
Because that's where you see the action!
And action means distraction!!
So they can lure you right into their trap.
I made it.
That's why traders need a real education from a professional trader who has worked on a trading desk and trades their own account.Stop wasting your time and money reading crap from brokers and so called educators,anyone who trades without a stop loss should not be trading,go to the Casino you will be very welcome.Your right about time frames ,professional traders use 4 hour,one hour charts.They spend 90% of their time not looking at charts unless its an algo system or level 2 futures trading.
"They mistook leverage with genius".