Reporter: "Why did you play so hard?"
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 flat lines around 1.1900; looks to US NFP report for fresh directional impetus
The EUR/USD pair is seen oscillating in a narrow trading band around the 1.1900 mark during the Asian session on Wednesday as traders opt to wait for the release of US monthly employment details before placing fresh directional bets.
GBP/USD slips back to daily lows near 1.3640
GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.
USD/JPY extends three-day rout below 154.00, NFP eyed
USD/JPY is extending its three-day rout below 154.00 in the Asian session on Wednesday, awaiting the release of the closely-watched US NFP report. In the meantime, rising bets on Fed rate cuts keep the US Dollar depressed. In contrast, expectations that PM Takaichi's policies will boost the economy and allow the BoJ to stick to its hawkish stance underpin the Japanese Yen, weighing on the pair amid intervention fears.
Editors’ Picks
AUD/USD holds higher ground near 0.7100 after mixed Chinese inflation data
AUD/USD flirts with three-year highs just below 0.7100 in Wednesday's Asian trading. The pair remains undeterred by the mixed Chinese inflation data for January, which showed the growth in the Consumer Price Index slowing more than expected, while the Producer Price Index beat estimates.
USD/JPY extends three-day rout below 154.00, NFP eyed
USD/JPY is extending its three-day rout below 154.00 in the Asian session on Wednesday, awaiting the release of the closely-watched US NFP report. In the meantime, rising bets on Fed rate cuts keep the US Dollar depressed. In contrast, expectations that PM Takaichi's policies will boost the economy and allow the BoJ to stick to its hawkish stance underpin the Japanese Yen, weighing on the pair amid intervention fears.
Gold recovers to $5,050, focus shifts to US jobs data
Gold turns higher to test $5,050 in the Asian session on Wednesday. Traders assess whether Gold has found a floor following a historic sell-off. The delayed US employment report for January, which was pushed back due to the recently ended four-day government shutdown, will take center stage later on Wednesday.
Ethereum: Whales buy the dip amid rising short bets
Following one of Ethereum's largest weekly drawdowns, whales are slowly returning to action alongside a drop in retail selling pressure. After slightly selling into the decline at the start of the month, whales or wallets with a balance of 10K-100K ETH began buying the dip last Wednesday as prices crashed further.
Dollar drops and stocks rally: The week of reckoning for US economic data
Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.
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