Gaining an Edge over the Forex game of Mind, Money, & Wealth
Friday, February 12, 2010
van Gecko 08:08 GMT February 12, 2010
GBP @1.57
Svejk's 1.5750 picnic now over & done..
However, her majesty level shifting below 1.59 after 6 months of sideway consolidation had tilted the odds for another Sterling picnic @1.5000.. below, it's a race with cousin Euro to reprint the 2008 lows..
meanwhile, anyone who is tired of shorting the Dollar can try their luck with long Dong..
Have'pip New Year..
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..
GBP @1.57
Svejk's 1.5750 picnic now over & done..
However, her majesty level shifting below 1.59 after 6 months of sideway consolidation had tilted the odds for another Sterling picnic @1.5000.. below, it's a race with cousin Euro to reprint the 2008 lows..
meanwhile, anyone who is tired of shorting the Dollar can try their luck with long Dong..
Have'pip New Year..
Labels: GBP
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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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