Gaining an Edge over the Forex game of Mind, Money, & Wealth
Friday, January 25, 2008
van Gecko 07:08 GMT January 25, 2008
Dollar/Yen & the Majors are up against stiff resistances after running up multi-figures in 3 days..
While some Europhiles & Goldies are getting vely euphoric from here, brave Japanese Cross Longkies who are filled up to their necks with windfall pips after these last few days may get more near term opportunties to fill their fx piggy banks again from below.. however, Dollar/Yen & Crosses may had printed their lows for Q1.. cheerios
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..
Dollar/Yen & the Majors are up against stiff resistances after running up multi-figures in 3 days..
While some Europhiles & Goldies are getting vely euphoric from here, brave Japanese Cross Longkies who are filled up to their necks with windfall pips after these last few days may get more near term opportunties to fill their fx piggy banks again from below.. however, Dollar/Yen & Crosses may had printed their lows for Q1.. cheerios
Labels: USDJPY
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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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