I recognize that I will make many decisions every trading day
I recognize that I every day I will be wrong
I recognize that there may be days, weeks and months when I will lose money
I recognize that the best traders in the world make 100-200 pips per month
I recognize that trading is unlike any other job in the world
I don’t receive a salary
I don’t collect commission
The money I earn can be taken back by the market
I recognize that trading is never just about money - it is about play and discovery and the intellectual challenge of understanding the market
I recognize that in order to indulge in the experimental process of trading I need a separate trade account that I will destroy many times over
I recognize that all backtests are false but necessary to establish a baseline for a strategy
I recognize that demo trading is useless in live markets
I recognize that risking more than 2% on a trade will wipe me out eventually
I recognize that markets have only two states - range or trend - and that no strategy can be successful in both
I recognize that tactics are more important than analytics
I recognize that if I fight the market I will always lose in the end
I recognize that no single trade should make me or break me
I recognize that I will never trade without a stop
I recognize that I will never add to a losing position
I recognize that I will never trade in anger or revenge or fear
I recognize that I will inevitably fail the three rules above, but I vow to fail them less and less every year that I trade
I recognize that surviving the game is my best chance of winning.
I recognize that I every day I will be wrong
I recognize that there may be days, weeks and months when I will lose money
I recognize that the best traders in the world make 100-200 pips per month
I recognize that trading is unlike any other job in the world
I don’t receive a salary
I don’t collect commission
The money I earn can be taken back by the market
I recognize that trading is never just about money - it is about play and discovery and the intellectual challenge of understanding the market
I recognize that in order to indulge in the experimental process of trading I need a separate trade account that I will destroy many times over
I recognize that all backtests are false but necessary to establish a baseline for a strategy
I recognize that demo trading is useless in live markets
I recognize that risking more than 2% on a trade will wipe me out eventually
I recognize that markets have only two states - range or trend - and that no strategy can be successful in both
I recognize that tactics are more important than analytics
I recognize that if I fight the market I will always lose in the end
I recognize that no single trade should make me or break me
I recognize that I will never trade without a stop
I recognize that I will never add to a losing position
I recognize that I will never trade in anger or revenge or fear
I recognize that I will inevitably fail the three rules above, but I vow to fail them less and less every year that I trade
I recognize that surviving the game is my best chance of winning.
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
USD/JPY bounces of key level in softer NFP print
The Japanese Yen is set to lock in a staggering performance for this week against the US Dollar. The Yen has appreciated over 3% following Japan’s intervention to propel the currency and the Fed’s less-hawkish rhetoric. The US Dollar Index slips below 105.00 with softer NFP print.
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.
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