The application of every concept in this material is completely centered on EUR/USD. I have not tried it with any other currency pair, so, I can't say anything about other currency pairs apart from EUR/USD.
- Do not place trades just after a strong move. For example; when a trend is moving down and you happen to have exited the market, or maybe you missed the opportunity to enter the market, don't jump into the market just yet. Wait for a signal to move in before you do. Sometimes, when trading gets tougher, some traders are faced with the challenge of making impromptu decisions that ends up having a negative effect on their account. You need to avoid this. You need to exert some level of self-discipline on yourself. If you do this, you will avoid the mistake of entering into the wrong position when the end of the trend is still way ahead.
- Do not adjust a strategy, a rule or principle in order to conform to the market. Instead, let the market conform to your strategy. I once used a simple rule of entering the market when a candle opens on the other side of the trend line, take 50 pips and exit the trade. But this rule failed because I always set a target higher than stated by my rule and in the end, I will make a huge profit only to lose all of it. What I am trying to say is that, have a target, set a rule, let a particular part of the market conform to these rule, follow the rule without deviating. Remember that if you stand for nothing, you fall for anything.
- Do not open a trade for too long. The longer a trade is opened, the more exposed it is to changing market conditions. The market condition six hours ago cannot be the same as those of the next six hours. If market conditions where the same, a candle will keep going up or down and there will be no losers, only winners. So, make it a point of duty to close winning or losing trade when the time is right. Failure to do this will make you lose more than you can bear or it could turn a very profitable position into a losing one.
