Today we look at the effects of the Brexit amendments in Parliament on the currency market, and how you can utilise successful intraday trading strategies to predict price movements, plot resistance levels, support levels, and find the best places to set your stop loss and take profits.
A vast number of day traders will lose money during large news events such as Brexit. This is often down to an inability to predict when the market will experience a price move, they will abandon their day trading strategies and will instead opt for off-the-cuff trading. Traders who find themselves unsuccessful during these events will place long positions or short positions depending on how the market reacts minute by minute. Successful traders will keep a hold of their successful intraday trading strategies, and will have their entries and exits already mapped out way in advance of these events taking shape.
It’s not enough to rely on simple indicators such as moving averages, or having a particular risk to reward ratio on your trades, what matters the most is the trading styles that you’ve adopted through your trading career. If you find yourself losing trades during events such as this, then it’s probably time you stop relying on basic support and resistance levels, or waiting for price action to place your trades.
It’s time to ignore that buy signal that just came through to your phone or mailbox, because it isn’t going to teach you how to stand on your own two feet and succeed. It’s time to invest in yourself for the long term and finally achieve the results that you began trading in order to achieve. The most important investment you can make in life is the investment you make in yourself.
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