There are so many different instruments to trade like stocks, bonds, futures, spot forex, options and so on. And even when you decide to get into futures, there are tons of futures out there! So where to even start? I was as confused as anyone else about this when I started trading.

That’s why it probably feels good to focus on just one market in the beginning. „I just trade the EUR/USD“ or „I only trade the ES“ or "I'm a Gold trader" are common statements out there. And that’s not a bad thing. It’s almost impossible to start otherwise, you have to over simplify things in the beginning. Otherwise, you’d never get started trading at all.

But at some point, you should move on and expand your trading world. There are times when it’s almost impossible to make a profit in the EUR/USD or when it’s better to stay away from the ES. During these times maybe Gold or Crude Oil or AUD/USD are providing really good trading opportunities.

Especially as a day trader, you got to go where the action is. I’ve seen many traders going under because they kept on trying to milk a dead cow. That’s why recognizing when it’s time to look elsewhere is one of the most important skills to survive in the long term.

Don’t get marries to a single market, don’t keep on throwing good money after bad just to prove to your ego that you can get the money back from that market. Be flexible, go where the easy buck is. 

There’s almost always a low hanging fruit…and usually, you know where it is. You’re just too stubborn to take it.

Happy Trading!

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

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Editors’ Picks

EUR/USD falls toward 1.0850 amid relative coronavirus calm

EUR/USD is trading closer to 1.0850 as bargain-seekers grab stocks and push US yields higher after the coronavirus-related sell-off. Conflicting headlines about potential German stimulus have weighed on the euro.

EUR/USD News

GBP/USD pressured under 1.2950 amid Brexit, coronavirus fears

GBP/USD has been unable to recapture 1.2950 as markets are somewhat less worried about coronavirus. The EU's mandate for post-Brexit talks confirmed demands for a level-playing field that the UK rejects.

GBP/USD News

USD/JPY: Lower lows still likely

Coronavirus spreading in Europe keeps investors on their toes. Wall Street set to extend its slump, despite two days of substantial losses. USD/JPY bearish as long as below 110.65, a Fibonacci resistance level.

USD/JPY News

Editors’ Picks

EUR/USD falls toward 1.0850 amid relative coronavirus calm

EUR/USD is trading closer to 1.0850 as bargain-seekers grab stocks and push US yields higher after the coronavirus-related sell-off. Conflicting headlines about potential German stimulus have weighed on the euro.

EUR/USD News

GBP/USD pressured under 1.2950 amid Brexit, coronavirus fears

GBP/USD has been unable to recapture 1.2950 as markets are somewhat less worried about coronavirus. The EU's mandate for post-Brexit talks confirmed demands for a level-playing field that the UK rejects.

GBP/USD News

USD/JPY: Lower lows still likely

Coronavirus spreading in Europe keeps investors on their toes. Wall Street set to extend its slump, despite two days of substantial losses. USD/JPY bearish as long as below 110.65, a Fibonacci resistance level.

USD/JPY News

Cryptocurrencies: Exaggerated neurotic fear? Price doesn't lie

Current levels do not justify negative market sentiment. The panic created by Covid-19 could underpin the mass adoption of Blockchain technology. The main moving averages provide key support levels after the sharp rises from the December levels.

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Gold surrenders early gains, refreshes session low around $1630 region

Gold surrendered its early modest gains and has now drifted into the negative territory, refreshing session lows around the $1634-335 region.

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