Imagine you are driving your car and you come to a fork in the road. The road sign is missing and you have two options- turn left or turn right.
Or maybe not!
Of course you could always turn right or turn left. You might also consider:
Check your GPS.
Consult with your map.
Turn back and look for another way.
Wait for someone to pass and ask him/her.
Take a blind chance.
Just stop for a minute and think your options all over again.
Although subconsciously people are thinking of two chances, they should challenge the dichotomy thinking processes and don’t close the door of possibilities. Maybe there are more than just two possibilities.
Same goes with trading.
It is very difficult to obtain the full set of possibilities in each and every trading situation, but you should at least try to do better than simply either/or.
Any new idea is a possibility. Each alternative scenario is as good as the most logical outcome.
In many occasions, the alternative scenario is impractical, but from it may be extracted a valuable concept, which can indeed be used.
In my opinion, trading is probably one of the best (if not the best) example of various possibilities, especially for the one with the open mind!
So, there are certainly more than two possibilities.
The questions is, which one will you choose.
Happy Friday,
This material is written for educational purposes only. By no means do any of its contents recommend, advocate or urge the buying, selling or holding of any financial instrument whatsoever. Trading and Investing involves high levels of risk. The author expresses personal opinions and will not assume any responsibility whatsoever for the actions of the reader. The author may or may not have positions in Financial Instruments discussed in this newsletter. Future results can be dramatically different from the opinions expressed herein. Past performance does not guarantee future results.
Editors’ Picks
EUR/USD holds steady near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
USD/JPY holds ground as Iran plans no immediate retaliation against the Israeli airstrikes
USD/JPY maintains its position around 154.50 after partially recovering its daily losses on Friday. Reuters reported that an Iranian official stated there is currently no immediate plan for retaliation against the Israeli airstrikes. The Greenback gained traction after Fed officials conveyed hawkish messages on Thursday.
Editors’ Picks
EUR/USD holds steady near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold: Middle East war fears spark fresh XAU/USD rally, will it sustain?
Gold price is trading close to $2,400 early Friday, reversing from a fresh five-day high reached at $2,418 earlier in the Asian session. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row.
Bitcoin Price Outlook: All eyes on BTC as CNN calls halving the ‘World Cup for Bitcoin’
Bitcoin price remains the focus of traders and investors ahead of the halving, which is an important event expected to kick off the next bull market. Amid conflicting forecasts from analysts, an international media site has lauded the halving and what it means for the industry.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.
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