Gaining an Edge over the Forex game of Mind, Money, & Wealth
Friday, October 10, 2008
Syd 18:09 GMT October 10, 2008
Gold Smashed - Nowhere left To Hide :
The headlong dive in markets to raise cash has finally hit the last refuge - gold. Gold has collapsed from $914.50 at the COMEX open to $845, dragging AUD/USD down with it - last at 0.6398, having chalked up 0.6359 at its nadir.
Oil is off $9 at $77.60; the Dow down 6.4%; AUD/JPY down almost 5 big figs over the past 24- hrs; down 4.35 big figs from the NY session high. NZD/USD is at 0.5955, NZD/JPY is off 1.5 big figs over the past 24-hrs, off 1.7 big figs from the NY session high. Its ugly out there
reuters
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..
Gold Smashed - Nowhere left To Hide :
The headlong dive in markets to raise cash has finally hit the last refuge - gold. Gold has collapsed from $914.50 at the COMEX open to $845, dragging AUD/USD down with it - last at 0.6398, having chalked up 0.6359 at its nadir.
Oil is off $9 at $77.60; the Dow down 6.4%; AUD/JPY down almost 5 big figs over the past 24- hrs; down 4.35 big figs from the NY session high. NZD/USD is at 0.5955, NZD/JPY is off 1.5 big figs over the past 24-hrs, off 1.7 big figs from the NY session high. Its ugly out there
reuters
Labels: Gold
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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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