In this one for the ages, your host Rob Booker catches up with The Coach Scott Welsh to talk about going “all in” to trade for a living. Recently Scott sent Rob an e-mail about his surprising journey into peak-performance tennis coaching and used that story to parallel his thoughts about making the leap to trading for a living.
Rob talks about the benefits of inviting abundance into your life by consuming positive material. He also suggests that many traders are delusional about their fearfulness and the obstacles that stand in their way of success. Scott talks more specifically about the mindset that enables a person to commit to going all in, even in the face of discouraging circumstances or setbacks. All of this and so much more awaits you in Episode 302 of The Traders Podcast. Thanks for listening.
Editors’ Picks
EUR/USD meets initial support around 1.1800
EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.
GBP/USD bounces off lows, retargets 1.3550
After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.
USD/JPY is looking for direction around 153.00 with key US data in focus
USD/JPY reversal from 153.70 has been contained above 152.70 on Tuesday. Major currencies are trading within narrow ranges amid thin trading volumes. Investors await the release of the US GDP and PCE Inflation figures to make decisions.
Editors’ Picks
NZD/USD consolidates around 0.6050 as traders await RBNZ rate decision
NZD/USD is seen oscillating in a narrow band during the Asian session on Wednesday as traders opt to wait on the sidelines ahead of the RBNZ policy update amid bets for a pause in interest rates. Meanwhile, the focus will be on the accompanying statement, which will be looked for clues for the rate path projections. This, in turn, should provide some meaningful impetus to the New Zealand Dollar and the currency pair ahead of the FOMC Minutes, due later today.
AUD/USD consolidates below 0.7100 as traders await FOMC Minutes
AUD/USD struggles to capitalize on the previous day's bounce from over a one-week low as traders await more cues about the US Fed's rate-cut path before placing fresh directional bets. Hence, the focus will be on the FOMC Minutes, due for release later today, which will drive the US Dollar and the currency pair. In the meantime, the RBA's hawkish stance and a generally positive risk tone might continue to act as a tailwind for the Aussie amid hopes for additional stimulus from China.
Gold hangs near one-week low; looks to FOMC Minutes for fresh impetus
Gold is consolidating just above the $4,850 level, having touched a one-week low on Tuesday, amid mixed cues. Signs of progress in US–Iran talks dent demand for the traditional safe-haven bullion. Meanwhile, rising bets for more Fed rate cuts keep the US Dollar bulls on the defensive and act as a tailwind for the non-yielding yellow metal. Traders also seem reluctant ahead of the FOMC Minutes, which would offer cues about the Fed's rate-cut path and provide some meaningful impetus.
RBNZ set to pause interest-rate easing cycle as new Governor Breman faces firm inflation
The Reserve Bank of New Zealand remains on track to maintain the Official Cash Rate at 2.25% after concluding its first monetary policy meeting of this year on Wednesday.
UK jobs market weakens, bolstering rate cut hopes
In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.
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