Joe DiMaggio: "Because there might have been somebody in the stands today who'd never seen me play before, and might never see me again."
FOUNDATION - Things have gone well for me on the trading side in recent years and after so much hard work and many many setbacks, it is that much more gratifying to see the reward on the other side. I have spent a lot of time over the years talking about how you need to 1) love your trades (not just like them) and 2) make sure you are able to sleep at night (if you can't sleep, reduce your size). These 2 rules have been at the core of my trading ideology and have had a lot to do with my success as a trader. These rules are simple but they also promote discipline, eliminate impulsive behavior and help me measure appropriate risk exposure. Over the past couple of days, I have been thinking more about my strategy and have realized something else.
OBLIGATION - Each day I get up and jump out of bed excited to scan the market and see what major developments are impacting price action and ultimately inviting new opportunities. Now....I am no professional athlete, but at the same time, I am up and at it each day, expecting to give it my best shot when I step onto this field that is financial markets. Of course, not only am I at it with the trading, but I am also committed to sharing my insights, thoughts and trading ideas with you. This is something that has been most helpful to my process as a trader, as it allows me to think more clearly and talk through my ideas. It also forces me to really think about what I'm doing as I also have an obligation to you which I do not take lightly.
PLAYING HARD - And so, when things are going well, I don't look at it as a chance to take an unnecessary risk or ease up on the brakes. I don't look to force anything just because it might be worth a shot. I take my job seriously and do my best to give it my maximum effort every day. Joe DiMaggio was one of the greatest baseball players of all time and equally respected as a professional. So looking back at his quote in the intro to this piece, I am inspired to do the same. JKonFX has been growing at quite the pace and this growth has been an amazing thing to see. I don't take this for granted! I want to give each new member the same dedicated analysis, strategy insight and trades that I have been putting out over the past several years. So if you're already a member, know that I will continue to give it my best. And if you're thinking about joining up, know that I recognize you have never seen me play before and will give it my everything.
This analysis is for informational and educational purposes only. This is not a recommendation to buy or sell anything. MarketPunks is not a financial advisor and this does not constitute investment advice. All of the information contained herein should be independently verified and confirmed. Please be aware of the risks involved with trading in currencies, stocks, commodities, cryptocurrencies and sports. Do not trade with money you cannot afford to lose. It is recommended that you consult a qualified financial advisor before making any investment decisions.
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 ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.
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