Currency Trading is all about .. Timing!

Today I entered a trade a little too early and currently have a small drawdown, but not to worry as I have stop losses in place to protect my trading capital.  But if you think about it, trading is quite like Comedy, it’s all or mostly about timing.  When a comedian tells a joke, even if it’s a mediocre one, they can still make people laugh if the delivery is timed correctly.  Similarly the difference between a losing trade and a winning trade can be getting the time of one’s entry correct.  If you can develop the patience and discipline to wait for the optimum time to enter a trade, then that will save a lot of stress and heartache and draw downs!  Normally when you time an entry just right, the trade will rapidly move into profit.  If a trade isn’t going anywhere after a couple of hours you can always close it too.  Here is a short video of a live trade I am in at the moment.  You will see from my entry that I got the timing of this trade entry about right and the results speak for themselves:

EURGBP Short Trade – Daily Bearish Elliot Wave 5 and a 15 minute Bearish 123 entry.

Top Trading Tip:  Once you have identified a potential trade and planned it out, wait for the most optimum entry point and try and get your timing right when you enter the market, as this should reap dividends.