Hi, every week we host a live training session where we share trading ideas, discuss current events and how they might affect currencies, for example toe current coronavirus has more implications for some countries than others. We also ask as many questions as members can throw at us 🙂
in todays live session I showed why it is so important to “pick your trading battles” carefully.
What do I mean by that?
For example, on Sunday I cautioned that trading on Presidents Day had a high probability of being a waste of time as the currency pairs would probably have very limited moves.
It turned out to be the case, the Euro/$ for example, moved less than 20 pips all day. It was to be expected.
The moral of the story is only trade when you have an “edge” don’t go looking for trouble or inertia.
Another way to pick your battles carefully is being able to recognise from your charts which pairs look to be most likely to give a win,
which you are not sure about and
which you have no clue!
For the latter two, ignore them and focus on the higher probability ones, it’s just common sense.
Finally, what news is due out for the week ahead that could spoil or delay your best looking trade setups? That’s it.
I started my presentation around the 25-minute mark including a few trades that I have on my radar for this week. Pierre opened the session with his Earth & Sky analysis and a cautionary tale about not getting too attached to a trade and do not let your thinking become so blinkered that you can not see the dangers.
He (like a huge number of traders) was convinced that the Euro was oversold (it is both technically and fundamentally) BUT at the moment it just keeps dropping and in doing so taking out the stops of swing traders along the way.
I explained on Sunday why its best to trade the trend” It suits my trading persona better and is a lot less wild a ride.
New Student’s Case Study of Major Economies.
I also showed why having just a basic understanding of the major economies will help you to make better trading decisions. This is one of the subjects I ask private students to complete.
I show how one of my students, Mitch, who is from the USA, who really had little or no idea about Australia and its economy and how with a little bit of research he now has a much better understanding of what news reports to focus on. What the RBA central bank is focusing on, why China’s slowdown last year and especially the coronavirus is hitting it harder than most of the other majors.
Mitch has kindly agreed to let me share his research and I will post it here on Thursday.
I always recommend that wherever possible folks trade at least one of their home currencies* I am English but live in the Eurozone so I understand the politics and economics of both and I also know the “word from the man on the street.” What the newspapers and TV are saying etc so it makes me a mini expert without even realising it.
*unless you are from South Africa, Turkey etc where the currency is in such a mess that it’s too dangerous to trade.
All explained in today’s live session:
New members, please note: If I am looking to take a trade long, for example, 1.5000, I place my order 10 pips above & 10 pips below for a short. This is because price often does not quite reach a major line and you need to allow for spreads.
We are NOT a “tipping service” our aim is to teach you how to trade for yourself.
For more up to the minute, updates do not forget to drop by the forum in Pierre’s corner.
Watch the video for more detailed explanations of this week’s detailed analysis and trade plan.
Click on the square button bottom right to watch in full-screen mode
Pick Your Trading Battles Carefully