I recognize that I will make many decisions every trading day
I recognize that I every day I will be wrong
I recognize that there may be days, weeks and months when I will lose money
I recognize that the best traders in the world make 100-200 pips per month
I recognize that trading is unlike any other job in the world
I don’t receive a salary
I don’t collect commission
The money I earn can be taken back by the market
I recognize that trading is never just about money - it is about play and discovery and the intellectual challenge of understanding the market
I recognize that in order to indulge in the experimental process of trading I need a separate trade account that I will destroy many times over
I recognize that all backtests are false but necessary to establish a baseline for a strategy
I recognize that demo trading is useless in live markets
I recognize that risking more than 2% on a trade will wipe me out eventually
I recognize that markets have only two states - range or trend - and that no strategy can be successful in both
I recognize that tactics are more important than analytics
I recognize that if I fight the market I will always lose in the end
I recognize that no single trade should make me or break me
I recognize that I will never trade without a stop
I recognize that I will never add to a losing position
I recognize that I will never trade in anger or revenge or fear
I recognize that I will inevitably fail the three rules above, but I vow to fail them less and less every year that I trade
I recognize that surviving the game is my best chance of winning.
I recognize that I every day I will be wrong
I recognize that there may be days, weeks and months when I will lose money
I recognize that the best traders in the world make 100-200 pips per month
I recognize that trading is unlike any other job in the world
I don’t receive a salary
I don’t collect commission
The money I earn can be taken back by the market
I recognize that trading is never just about money - it is about play and discovery and the intellectual challenge of understanding the market
I recognize that in order to indulge in the experimental process of trading I need a separate trade account that I will destroy many times over
I recognize that all backtests are false but necessary to establish a baseline for a strategy
I recognize that demo trading is useless in live markets
I recognize that risking more than 2% on a trade will wipe me out eventually
I recognize that markets have only two states - range or trend - and that no strategy can be successful in both
I recognize that tactics are more important than analytics
I recognize that if I fight the market I will always lose in the end
I recognize that no single trade should make me or break me
I recognize that I will never trade without a stop
I recognize that I will never add to a losing position
I recognize that I will never trade in anger or revenge or fear
I recognize that I will inevitably fail the three rules above, but I vow to fail them less and less every year that I trade
I recognize that surviving the game is my best chance of winning.
Editors’ Picks
EUR/USD retreats below 1.0700 after US GDP data
EUR/USD came under modest bearish pressure and retreated below 1.0700. Although the US data showed that the economy grew at a softer pace than expected in Q1, strong inflation-related details provided a boost to the USD.
GBP/USD declines below 1.2500 as USD rebounds
GBP/USD declined below 1.2500 and erased the majority of its daily gains with the immediate reaction to the US GDP report. The US economy expanded at a softer pace than expected in Q1 but the price deflator jumped to 3.4% from 1.8%.
USD/JPY climbs relentlessly ahead of BoJ meeting
The USD/JPY extends its uptrend despite verbal intervention from the Minister of Finance. The wide differential between US and Japanese interest rates is seen as a major factor contributing to the rise. The idea that a lot is already priced into the US Dollar could limit USD/JPY upside.
Editors’ Picks
EUR/USD retreats below 1.0700 after US GDP data
EUR/USD came under modest bearish pressure and retreated below 1.0700. Although the US data showed that the economy grew at a softer pace than expected in Q1, strong inflation-related details provided a boost to the USD.
GBP/USD declines below 1.2500 as USD rebounds
GBP/USD declined below 1.2500 and erased the majority of its daily gains with the immediate reaction to the US GDP report. The US economy expanded at a softer pace than expected in Q1 but the price deflator jumped to 3.4% from 1.8%.
Gold drops below $2,320 as US yields shoot higher
Gold lost its traction and turned negative on the day below $2,320 in the American session on Thursday. The benchmark 10-year US Treasury bond yield is up more than 1% on the day above 4.7% after US GDP report, weighing on XAU/USD.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.
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