1.0 Introduction
For some unexplained reason, novice traders sometimes stick to an obviously bad trade and just don’t want to use stop loss. Saving a bad trade is better than losing a trade, but too much believing in your prediction – even if it is turning bad in front of your own eyes – keeps you waiting for something to happen. Save capital, capital is more important than your prediction. Don’t feel ashamed to change your mind about a trade.
In this article I will try to give you one practical example of how I changed my mind trading USD/CAD. I built patience and discipline in trading using technical and fundamental analysis.
2.0 Fundamental analysis
I wanted to trade USD/CAD forex pair in the first week of March.I saw bearish triangle pattern on daily chart and I thought that UCAD/CAD will go down. In the first step I made analysis of Dukascopy Calendar for the first week of March. We can see in Figure 1 that this week had several high important events for USD and CAD currencies.
Figure 1: Dukascopy Economic Calendar - high important USD and CAD events in the first week of March

I tried to make trading plan after BOC Rate Statement. Most important event in the first week of Ma…
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