Pound Sterling Dollar: Trade closed

Pound Sterling Dollar trade which was executed on January 19th has been closed positive right at the point where we wanted it to go. Trade-Progress was also discussed here, which almost went quite smooth, although price actually did go further down, and though bad news following the US unemployment data led to weaker Dollar which affects it to go back up to the Pound Sterling's favor.

Trade result on Pound Sterling Dollar pair:


First half was closed for +91pips manually, the rest was targeting further down at 1.6200. We can see there the green highlighted numbers are automatically closed by the software of my trading platform.

Being patient, selective, and applying simple basic rules are easier to trade with less stress rather trading at lower time frames which could lead many traders to a high level of stress, and ends to a quick ending of forex trading without mastering the full knowledge of the whole forex market. Remember forex trading also require lots of studies, time-consuming, experiences and mental discipline just like other careers out there. Forex also carries high risk:high reward ratio and has to apply your study theories and get them on practice for you to get to the level where you could trade forex market for your living.

For the newbies out there, I suggest to trade with demo account at first and practice to control your emotional trading behavior and also to prevent high amount of loss of your real money. A quick start of how to open a demo account has already been discussed before (click here for a quick link).

Regards,
Mairza