People often ask me –
How can you get up from your screens, grab a workout or run errands or worse yet….go to bed?!
It is simple – but let me ask you a question first.
Why can’t you get up from your screens?
The answer I most often hear is as follows:
Allow me to respectfully dispel these ideas:
If you do not have a framework you are compelled to manage and watch every change in prices thinking that that somehow puts you in control.
Nobody can control the market – you are kidding yourself!
Having a framework accomplishes the following:
How can you get up from your screens, grab a workout or run errands or worse yet….go to bed?!
It is simple – but let me ask you a question first.
Why can’t you get up from your screens?
The answer I most often hear is as follows:
- I need to make sure I protect my profits
- I was looking at some trading blogs and I saw another viewpoint
- My trading style demands me to watch the price action very closely
Allow me to respectfully dispel these ideas:
- Protect your profits – this is nothing more than I was up 50 ticks on this trade, now I am only up 23 – I need to get out. Who says the trend has changed – rarely does a trade go linear, it ebbs and flows.
- Trading blogs – why do you need to get an opinion on your trade AFTER it has been placed – do you not trust your thesis?
- Unless you are scalping 1-minute charts, staring at your screens adds no value – each tick against you actually triggers your brain to start thinking about what can go wrong – it plays on you and gets you to abandon your reason for getting into the trade.
- These answers relegate the trader to be a prisoner of their screens, as it clearly indicates that the trader is not operating from a robust trading plan or as I call it – a framework.
If you do not have a framework you are compelled to manage and watch every change in prices thinking that that somehow puts you in control.
Nobody can control the market – you are kidding yourself!
Having a framework accomplishes the following:
- Increases your confidence in placing and staying with trades
- Provides an objective rule based approach
- Allows for freedom – get away from the screens – do other activities that actually get your brain ready to come back later refreshed and recharged
- Enhances your ability to stick with trends and capture the big dollars.
Editors’ Picks
EUR/USD looks offered below 1.1900
EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.
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 drops toward 155.00 as focus shifts to US data
USD/JPY meets fresh supply and inches closer toward 155.00 in the Asian session on Tuesday. The Japanese Yen holds the upper hand over the US Dollar after Japanese Prime Minister Sanae Takaichi led the ruling Liberal Democratic Party to a historic landslide win and on intervention talks. Traders brace for key US economic data that could offer more clues on the Federal Reserve's monetary policy.
Editors’ Picks
AUD/USD meets initial resistance around 0.7100
A decent rebound in the US Dollar is behind the AUD/USD’s daily pullback on Tuesday. In fact, the pair comes under modest downside pressure soon after hitting fresh yearly peaks in levels just shy of 0.7100 the figure on Monday. Moving forward, investors are expected to closely follow the release of Chinese inflation data on Wednesday.
EUR/USD looks offered below 1.1900
EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.
Gold the battle of wills continues with bulls not ready to give up
Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.
Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute
Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.
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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