15
Don't fall in love with a currency pair's direction, especially $GBPUSD
Biggest mistake I've made consistently early on was getting fixated on a single direction for $GBPUSD, convinced it had to go up or down for fundamental reasons I'd read about. This lead to either overtrading against a clear short-term trend or moving stops because 'it would turn around eventually'. It doesn't always turn around, and even if it does, you've often bled out a significant portion of your account waiting.
2 comments · 15 points
That's a common trap. The market doesn't care about our 'fundamental reasons' in the short term, and holding onto a losing position because of a strong conviction often ends poorly.