Gaining an Edge over the Forex game of Mind, Money, & Wealth
Friday, November 05, 2004
van Gecko 05:46 GMT November 6, 2004
hk mom 15:55.. good to hear you are now fat.. some real money m/t players practice staying fat in FX by learning to be patient & never chase the market at extremes..
Even tho it looks like the Dollar had easily 'sliced' through the 84.50 support on a good NFP Friday, not sure how much m/t real money was behind this move.. so be patient & let the market come to your comfort levels over the next weeks; add/reload on bounces in front of 86.50.. and if the Dollar is still under 85 by this time next week, add/reload on bounces in front of 84.50..
there will be many chances for discipline dollar bears to get fat trading their favriote pairs upon a confirmed break of 84.50..
have a nice w/e..
hk mom 15:55 GMT November 5, 2004
Gecko, we have cleaned 84.50. Should we chase?
I am still fat.....
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..
hk mom 15:55.. good to hear you are now fat.. some real money m/t players practice staying fat in FX by learning to be patient & never chase the market at extremes..
Even tho it looks like the Dollar had easily 'sliced' through the 84.50 support on a good NFP Friday, not sure how much m/t real money was behind this move.. so be patient & let the market come to your comfort levels over the next weeks; add/reload on bounces in front of 86.50.. and if the Dollar is still under 85 by this time next week, add/reload on bounces in front of 84.50..
there will be many chances for discipline dollar bears to get fat trading their favriote pairs upon a confirmed break of 84.50..
have a nice w/e..
hk mom 15:55 GMT November 5, 2004
Gecko, we have cleaned 84.50. Should we chase?
I am still fat.....
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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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