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!
Any opinions expressed by our company’s representatives regarding the prices of specific currencies and the direction they will take in the future are purely opinions and are used for demonstration or training purposed only. They do not necessarily represent the opinion of Thelazytrader.com are NOT guaranteed in any way. In no event shall Thelazytrader.com have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided verbally or via the Internet, or any delays, inaccuracies, errors in, or omissions of information.
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800, as traders lack directional impetus amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold reaches to all-time highs near $2,230, US PCE eyed
Gold price appreciates to all-time highs near $2,230 per troy ounce, attempting to continue its winning streak for the fifth successive session on Friday. However, trading volumes are light as market participants are likely observing Good Friday.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.
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