Gaining an Edge over the Forex game of Mind, Money, & Wealth
Monday, February 23, 2004
van Gecko 08:29 GMT February 23, 2004
usd/jpy may be the gatekeeper here as to how far the dollar will correct in this round.. above 110 could send euro back below 1.23 in a hurry while giving up 108 again will see euro bulls start hollering for 1.30 again.. odds are not yet ready for a full blown dollar correction..fwiw..
Trading is not an exact science contrary to the popular belief of most new or inexperience traders.. In trading, we must allow for some margin of errors within our defined risk & trading time frame.. allowing for this margin of error under the constraint of trading in micro time frames with stops & profit targets all inside a small fluctuating market noise band in hope of achieving consistent profits over time is very difficult, if not impossible.. as whenever we are right, we are only small right within the confine of the small P/L band which limit our odds to playing for break even at best over time.. Trading longer time frames allows for a wider margin of error but at the expenses of increased risk.. however, the odds of being right & achieving consistent profits over time are enhanced when good market analytic & trade management strategies are applied under the proper market bias.. When we are right, we need to ensure that we are bigger right over an expanded profit band in-order to compensate for those times when we are wrong..
usd/jpy may be the gatekeeper here as to how far the dollar will correct in this round.. above 110 could send euro back below 1.23 in a hurry while giving up 108 again will see euro bulls start hollering for 1.30 again.. odds are not yet ready for a full blown dollar correction..fwiw..
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Trading is not an exact science contrary to the popular belief of most new or inexperience traders.. In trading, we must allow for some margin of errors within our defined risk & trading time frame.. allowing for this margin of error under the constraint of trading in micro time frames with stops & profit targets all inside a small fluctuating market noise band in hope of achieving consistent profits over time is very difficult, if not impossible.. as whenever we are right, we are only small right within the confine of the small P/L band which limit our odds to playing for break even at best over time.. Trading longer time frames allows for a wider margin of error but at the expenses of increased risk.. however, the odds of being right & achieving consistent profits over time are enhanced when good market analytic & trade management strategies are applied under the proper market bias.. When we are right, we need to ensure that we are bigger right over an expanded profit band in-order to compensate for those times when we are wrong..
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