People often ask me –
How can you get up from your screens, grab a workout or run errands or worse yet….go to bed?!
It is simple – but let me ask you a question first.
Why can’t you get up from your screens?
The answer I most often hear is as follows:
Allow me to respectfully dispel these ideas:
If you do not have a framework you are compelled to manage and watch every change in prices thinking that that somehow puts you in control.
Nobody can control the market – you are kidding yourself!
Having a framework accomplishes the following:
How can you get up from your screens, grab a workout or run errands or worse yet….go to bed?!
It is simple – but let me ask you a question first.
Why can’t you get up from your screens?
The answer I most often hear is as follows:
- I need to make sure I protect my profits
- I was looking at some trading blogs and I saw another viewpoint
- My trading style demands me to watch the price action very closely
Allow me to respectfully dispel these ideas:
- Protect your profits – this is nothing more than I was up 50 ticks on this trade, now I am only up 23 – I need to get out. Who says the trend has changed – rarely does a trade go linear, it ebbs and flows.
- Trading blogs – why do you need to get an opinion on your trade AFTER it has been placed – do you not trust your thesis?
- Unless you are scalping 1-minute charts, staring at your screens adds no value – each tick against you actually triggers your brain to start thinking about what can go wrong – it plays on you and gets you to abandon your reason for getting into the trade.
- These answers relegate the trader to be a prisoner of their screens, as it clearly indicates that the trader is not operating from a robust trading plan or as I call it – a framework.
If you do not have a framework you are compelled to manage and watch every change in prices thinking that that somehow puts you in control.
Nobody can control the market – you are kidding yourself!
Having a framework accomplishes the following:
- Increases your confidence in placing and staying with trades
- Provides an objective rule based approach
- Allows for freedom – get away from the screens – do other activities that actually get your brain ready to come back later refreshed and recharged
- Enhances your ability to stick with trends and capture the big dollars.
Editors’ Picks
EUR/USD rebounds after falling toward 1.1700
EUR/USD gains traction and trades above 1.1730 in the American session, looking to end the week virtually unchanged. The bullish opening in Wall Street makes it difficult for the US Dollar to preserve its recovery momentum and helps the pair rebound heading into the weekend.
GBP/USD steadies below 1.3400 as traders assess BoE policy outlook
Following Thursday's volatile session, GBP/USD moves sideways below 1.3400 on Friday. Investors reassess the Bank of England's policy oıtlook after the MPC decided to cut the interest rate by 25 bps by a slim margin. Meanwhile, the improving risk mood helps the pair hold its ground.
USD/JPY rallies to near 157.00 as Yen plunges after BoJ’s policy outcome
The USD/JPY is up 0.85% to near 156.90 during the European trading session. The pair surges as the Japanese Yen underperforms across the board, following the Bank of Japan monetary policy announcement. In the policy meeting, the BoJ raised interest rates by 25 bps to 0.75%, as expected, the highest level seen in three decades.
Editors’ Picks
EUR/USD rebounds after falling toward 1.1700
EUR/USD gains traction and trades above 1.1730 in the American session, looking to end the week virtually unchanged. The bullish opening in Wall Street makes it difficult for the US Dollar to preserve its recovery momentum and helps the pair rebound heading into the weekend.
USD/JPY rallies to near 157.00 as Yen plunges after BoJ’s policy outcome
The USD/JPY is up 0.85% to near 156.90 during the European trading session. The pair surges as the Japanese Yen underperforms across the board, following the Bank of Japan monetary policy announcement. In the policy meeting, the BoJ raised interest rates by 25 bps to 0.75%, as expected, the highest level seen in three decades.
Gold stays below $4,350, looks to post small weekly gains
Gold struggles to gather recovery momentum and stays below $4,350 in the second half of the day on Friday, as the benchmark 10-year US Treasury bond yield edges higher. Nevertheless, the precious metal remains on track to end the week with modest gains as markets gear up for the holiday season.
Crypto Today: Bitcoin, Ethereum, XRP rebound amid bearish market conditions
Bitcoin (BTC) is edging higher, trading above $88,000 at the time of writing on Monday. Altcoins, including Ethereum (ETH) and Ripple (XRP), are following in BTC’s footsteps, experiencing relief rebounds following a volatile week.
How much can one month of soft inflation change the Fed’s mind?
One month of softer inflation data is rarely enough to shift Federal Reserve policy on its own, but in a market highly sensitive to every data point, even a single reading can reshape expectations. November’s inflation report offered a welcome sign of cooling price pressures.
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