Gaining an Edge over the Forex game of Mind, Money, & Wealth
Thursday, July 31, 2008
van Gecko 07:08 GMT July 31, 2008
Having poked above 108, its now Yenophobies turn to relax & do some skinny line dipping while lazy Europhiles had found renewed strength with a good dose of sub 1.56 wurst..
with Euro setting up to start August mounting another push up to 1.60 & Dollar/Yen 106/107 lines attracting more buy on dip Yenophobies, Eur/Yen could resume the lead in their race to new highs by slinging over the 1.70 line in a flash.. a win-win race secenario for all Longkies..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..
Having poked above 108, its now Yenophobies turn to relax & do some skinny line dipping while lazy Europhiles had found renewed strength with a good dose of sub 1.56 wurst..
with Euro setting up to start August mounting another push up to 1.60 & Dollar/Yen 106/107 lines attracting more buy on dip Yenophobies, Eur/Yen could resume the lead in their race to new highs by slinging over the 1.70 line in a flash.. a win-win race secenario for all Longkies..cheerios..
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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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