Don’t panic! That’s the first thing to do – a clear head and a clear plan are always the best ways to go forward at a time like this, when forex trades are becoming scarce and you’re not sure what to do for the best. It’s time to step back and reassess, and never, ever panic!
I’m Not Panicking… But…
No. No buts. Just relax. If forex trades are becoming scarce for you, the answer is to do pretty much nothing. For now. Don’t try to force a trade by thinking that your pattern is close enough to the real thing to work because it won’t. You’ll end up losing money and losing trades and losing patience with the whole thing. And patience really is the key to all of this in the end. And of course, there must be other things you can do while you’re waiting for the real deal to come up? Things like checking out your currency watch list, working out what the current trends are in trading,scanning the markets… the list goes on and it’s a good idea to have some extra tricks up your sleeve for when you’re having a bit of a dry spell.
And If It’s A Really Long Dry Spell?
Okay, we know you can’t wait forever,otherwise what’s the point in trading in the first place – you may as well not be bothering. But when forex trades are becoming scarce, it could be time to look further afield. What do we mean by that? We mean, literally, broadening your search requirements. Only trade at a certain time of day? Why not checkout a window of time either side of that. You might come up with more usable information. The best tip to give for this is to look further away first, and then come back in otherwise you’re not really broadening your search enough.
Anything Else?
Of course! There’s always something else! When forex trades are becoming scarce, why not try a different type of trade? The patterns and pure-action trading strategy that you have put in place in the past will work as well on futures, indices, and individual stocks as it does on forex trades. But ensure that whatever you do you don’t rush headlong into a trade that doesn’t match your pattern – you’ll only regret it if you do. Wait,be patient, and know that something will happen soon.
It All Depends on How Much Work You Want To Do!
If you are happy to keep to the 10 minute a day trading strategy, even if that means that sometimes, such as when forex trades are becoming scarce, there will be days at a time when you don’t trade at all, then brilliant. Being good at trading doesn’t mean constantly trading.It doesn’t mean your position needs to be open all the time. It means you find your pattern, work out your figures, and stick to them. That’s how to be successful, even if it feels counter-intuitive to have days on end with no trades!
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Editors’ Picks
EUR/USD holds losses below 1.1850 ahead of FOMC Minutes
EUR/USD stays on the back foot below 1.1850 in the European session on Wednesday, pressured by renewed US Dollar demand and reports that ECB President Lagarde will step down before the end of her term. Traders now look forward to the Minutes of the Fed's January monetary policy meeting for fresh signals on future rate cuts.
GBP/USD defends 1.3550 after UK inflation data
GBP/USD is holding above 1.3550 in Wednesday's European morning, little changed following the UK Consumer Price Index (CPI) data release. The UK inflation eased as expected in January, reaffirming bets for a March BoE interest rate cut, especially after Tuesday's weak employment report.
USD/JPY price continues to hold key support level around 152.00
The USD/JPY pair trades 0.27% higher to near 153.70 during the European trading session on Wednesday. The pair gains as the Japanese Yen underperforms its major peers on expectations that Japan’s Prime Minister Sanae Takaichi will announce big spending plans in the fiscal budget to boost economic growth. Theoretically, a higher fiscal deficit weakens the appeal of the domestic currency.
Editors’ Picks
EUR/USD holds losses below 1.1850 ahead of FOMC Minutes
EUR/USD stays on the back foot below 1.1850 in the European session on Wednesday, pressured by renewed US Dollar demand and reports that ECB President Lagarde will step down before the end of her term. Traders now look forward to the Minutes of the Fed's January monetary policy meeting for fresh signals on future rate cuts.
GBP/USD defends 1.3550 after UK inflation data
GBP/USD is holding above 1.3550 in Wednesday's European morning, little changed following the UK Consumer Price Index (CPI) data release. The UK inflation eased as expected in January, reaffirming bets for a March BoE interest rate cut, especially after Tuesday's weak employment report.
Gold retains bullish bias amid Fed rate cut bets, ahead of Fed Minutes
Gold sticks to modest intraday gains through the early European session, reversing a major part of the previous day's heavy losses of more than 2%, to the $4,843-4,842 region or a nearly two-week low. That said, the fundamental backdrop warrants caution for bulls ahead of the FOMC Minutes, which will look for more cues about the US Federal Reserve's rate-cut path.
Pi Network rally defies market pressure ahead of its first anniversary
Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.
Mixed UK inflation data no gamechanger for the Bank of England
Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.
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