Gaining an Edge over the Forex game of Mind, Money, & Wealth
Thursday, April 15, 2004
van Gecko 06:10 GMT April 15, 2004
AUD/USD is a buy at good discounts here for the M/T near the bottom of an embedded s/t corrective consolidation range.. may be just prior to the resumption of the climb up to .8000 & beyond..
trading against a M/T up trend after the pair had already undergone a multi-figure correction down to the bottom of a strong rising channel is a common & risky fx practice.. a buy high/sell low accident waiting to happen..
*
The same scenario applys for EURO..
simple in words, but difficult to practice under real time stimulus for many.. 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..
AUD/USD is a buy at good discounts here for the M/T near the bottom of an embedded s/t corrective consolidation range.. may be just prior to the resumption of the climb up to .8000 & beyond..
trading against a M/T up trend after the pair had already undergone a multi-figure correction down to the bottom of a strong rising channel is a common & risky fx practice.. a buy high/sell low accident waiting to happen..
*
The same scenario applys for EURO..
simple in words, but difficult to practice under real time stimulus for many.. 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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