Tuesday 25th May, brought another day of FX trading. If you ever want to be a great trader, then you need to ensure that you have the highest level of discipline to execute the plan.
If you remember, in my last post, one of my keys tools was the anchored VWAP. The VWAP anchored to a point in time enables me to understand how the market is offering price relative to the current volume. It is a vital tool to ensure that I am not about to Buy a falling market or Sell a market shooting off like a rocket ship. 👀
Well, today was the day I seemed to forget the anchored VWAP was on my chart. I had my eye on a buying opportunity on EURUSD, and the price had headed into one of my imbalance areas. As we started the US session, the price began to move aggressively lower. Silly me kept on buying until I was all bought out. 🤦🏾♂️
The biggest lesson learnt today was to focus on the trading plan.
“Plan the Trade, Trade the Plan” 👨🏾🏫 – Don’t ever forget this
If you have no plan, you have no right to be trading, as a trading plan is critical for success in this business.
Want to talk trading? You can find me on Tradingview, Telegram or Instagram 😊.
“You only fail when you give up.”
With love from the Trading Dragon 🐉