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 holds around 1.1750 after weak German and EU PMI data
EUR/USD maintains its range trade at around 1.1750 in European trading on Tuesday. Weaker-than-expected December PMI data from Germany and the Eurozone make it difficult for the Euro to find demand, while investors refrain from taking large USD positions ahead of key employment data.
GBP/USD climbs above 1.3400 after upbeat UK PMI data
GBP/USD gains traction and trades in positive territory above 1.3400 on Tuesday as the British Pound benefits from upbeat PMI data. Later in the day, crucial data releases from the US, including Nonfarm Payrolls, Retail Sales and PMI, could trigger the next big action in the pair.
Japanese Yen seems poised to appreciate further; awaits BoJ decision on Friday
The Japanese Yen maintains its bid tone through the first half of the European session on Tuesday which, along with a bearish US Dollar, keeps the USD/JPY pair depressed below the 155.00 psychological mark. The growing acceptance that the Bank of Japan will raise interest rates this week turns out to be a key factor behind the safe-haven JPY's outperformance.
Editors’ Picks
EUR/USD holds around 1.1750 after weak German and EU PMI data
EUR/USD maintains its range trade at around 1.1750 in European trading on Tuesday. Weaker-than-expected December PMI data from Germany and the Eurozone make it difficult for the Euro to find demand, while investors refrain from taking large USD positions ahead of key employment data.
GBP/USD climbs above 1.3400 after upbeat UK PMI data
GBP/USD gains traction and trades in positive territory above 1.3400 on Tuesday as the British Pound benefits from upbeat PMI data. Later in the day, crucial data releases from the US, including Nonfarm Payrolls, Retail Sales and PMI, could trigger the next big action in the pair.
Gold retreats from seven week highs on profit-taking; all eyes on US NFP release
Gold price loses momentum below $4,300 during the early European trading hours on Tuesday, pressured by some profit-taking and weak long liquidation from the shorter-term futures traders. Furthermore, optimism around Ukraine peace talks could weigh on the safe-haven asset like Gold.
US Nonfarm Payrolls expected to point to cooling labor market in November
The United States Bureau of Labor Statistics will release the delayed Nonfarm Payrolls (NFP) data for October and November on Tuesday at 13:30 GMT. Economists expect Nonfarm Payrolls to rise by 40,000 in November. The Unemployment Rate is likely to remain unchanged at 4.4% during the same period.
NFP preview: Complex data release will determine if Fed was right to cut rates
The long wait is over, and the Bureau of Labor Statistics in the US will release nonfarm payrolls reports for both November and October at 1330 GMT on Tuesday. The overall NFP figure for October is expected to be -10k, however, it is expected to be influenced by a massive 130k drop in federal department workers.
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