The reality, however, for most of us is that “life is what happens to you while you are busy making other plans”, to quote John Lennon. Efforts to exert control and order can often seem fruitless.
As in life, it is volatility that we really need. A sterile and predictable environment is non-productive and simply not reality. That beautifully predictable trade that enables us to feel comfortably in control is a yearning figment of our imagination, and we can waste a great deal of time trying to hunt it down.
Markets thrive on volatility, that battle ground between the buyers and sellers. It is our job to recognise which one is temporarily gaining the upper hand, when that gain may start to swing in the opposite direction, and act on it. We need to be patient and thorough in waiting for the right opportunity to present itself, then quick to take advantage of it. We need to be canny. The right opportunity does not mean the ‘perfect’ trade. No trade is perfect. It may look a technically perfect set-up, but you must absolutely accept that it may turn round any moment and lose you money, or it may go a fraction of the distance you expected, or it may go much further than you expected. Such are the powers that be in the market place.
What we lack in our ability to control and impose order on we must make up for in other ways. Developing a back-tested strategy that recognises opportunities and puts us in a position to take advantage of high probability technical set-ups, which is then applied consistently and with discipline is the key to success. Not hunting around for the non-existent perfect trade that affords us the luxury of being in control.
Throw out the window any lingering desire to seek out a perfect trade and instead embrace the unpredictable nature of the daily market battleground. Arm yourself with the right tools and discipline and that battleground may well yield high rewards.
Editors’ Picks
EUR/USD advances to near 1.0750 as risk appetite regains balance
EUR/USD extends its winning streak for the third successful day, trading around 1.0730 during the Asian session on Friday. The risk-sensitive currencies like the Euro gain ground as risk appetite regains balance ahead of US Nonfarm Payrolls.
GBP/USD advances to 1.2550, all eyes on US NFP data
The GBP/USD pair trades on a stronger note around 1.2540 amid the softer US Dollar on Friday. The US Federal Reserve Chair Jerome Powell delivered a modest dovish message after the meeting on Wednesday, which weighs on the Greenback.
Gold lacks firm near-term direction, remains stuck in a range ahead of US NFP
Gold price struggles to gain any meaningful traction amid mixed fundamental cues. The Fed’s less hawkish outlook drags the USD to a multi-week low and lends support. Bets for a delayed Fed rate cut and a positive risk tone cap gains ahead of the US NFP.
Solana price pumps 7% as SOL-based POPCAT hits new ATH
Solana price is the biggest gainer among the crypto top 10, with nearly 10% in gains. The surge is ascribed to the growing popularity of projects launched atop the SOL blockchain, which have overtime posted remarkable success.
US NFP Forecast: Nonfarm Payrolls gains expected to cool in April
The NFP report is expected to show that the US economy added 243,000 jobs last month, sharply lower than the 303,000 job creation seen in March. The Unemployment Rate is set to stay unchanged at 3.8% in the same period.
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