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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in NZD/USD are at opposite extremes with 66.83%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ElMUYZ7p9R
  • The rest of the New York trading session is absent major scheduled event risk with US markets closed for the Martin Luther King Jr holiday. There is always a risk of unscheduled developments
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: 0.50% Gold: 0.41% Oil - US Crude: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/eXSdZgvVeB
  • Despite China's better-than-expected 6.5% 4Q GDP report, $USDCNH is still up on the day. There is strong external influence on this rate, but Dollar still exerts the greater pressure. If it breaks 6.50 and Biden keeps pressure on China trade, I'll be watching https://t.co/5W5tcfeTZ5
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.19% 🇨🇭CHF: 0.05% 🇪🇺EUR: -0.02% 🇨🇦CAD: -0.16% 🇦🇺AUD: -0.25% 🇳🇿NZD: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BrmnTuolx0
  • The Capitol of the United States has been temporarily shut down ahead of President-Elect Biden's inauguration out of caution
  • Another Dollar pair on my radar is $USDCHF. Its 20-day day correlation coefficient to EURUSD is -0.90 (very strong negative). If the latter's break is sustained, both have appeal. If it stalls (soon), USDCHF is still abiding its resistance which supports establishing levels https://t.co/Pcre3xCbYd
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: US 500: 0.13% France 40: 0.11% Germany 30: 0.09% Wall Street: 0.07% FTSE 100: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ZXdpvpEJJ3
  • Germany's central bank (Bundesbank) warned earlier today in its monthly report that if the government extended its Covid lockdown, the country could suffer "a sizeable setback"
  • The US Dollar Index rallied more than 0.6% this week marking the second consecutive weekly advance. Get your $USD update from @MBForex here: https://t.co/hVshzMbc31 https://t.co/LG0HG9fQ4c
Don't Change Time Frames to Stay in a Losing Trade

Don't Change Time Frames to Stay in a Losing Trade

Thomas Long, Course Instructor

Then if the market continues to move against them, they move out to the hourly chart to look for a reason to stay in the trade.  As the market continues to move against them, they shift to the daily chart to hope to find a reason to stay in the trade.  The next step is to get a margin call because they have no funds left to maintain their position.  Of course, the main issue here is that they were looking for a way to stay in a losing trade rather than closing it out at a small loss.  Taking a loss does not mean that you do not know what you are doing.  Too many new traders think that losing a trade means that they aren't good enough to trade.  Nothing could be further from the truth though.  Professional traders understand that if they trade, they will have losing trades.  That is really the only guarantee in the field of speculation.  How you handle those losing trades has as much to do with your success as a trader as any other factor.  You don’t have to like losing, but you must accept the fact that all trades cannot be winning trades.  You have to keep those losing trades small enough to be able to make up for them with your winning trades.  Switching time frames to justify staying in a trade is not how you keep your losses small.  Identify your exit point before you get into the trade and stick to it.  Judge yourself from month to month rather than on every pip move in the market.  Be consistent in your approach and stay in one time frame from the beginning of the trade to the end of the trade.

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