You know when you learn something new and you are eager to get it right. You think about it when you are having lunch, it is on your mind the first thing when you wake up and before you go to sleep , you want it in your dreams too.
In a positive sense, it is good and healthy as you are focused about it. This focus if handled in a balance and healthy way will see to it that you will succeed.
The key word here is balance and it is really, really tough to do so especially with a human mind. Look at the great poets, artists, musicians , writers , chefs, etc. Do you think they clock in regular hours for their passion? I doubt so........
They have turned their passion into an obsession that they are their masterpiece and their masterpiece are their souls.
But when come to trading or investment, if not handled well (especially when we are dealing with real money), can get us off track. Now, getting off track is not the challenge. It is when we are swung so far out to the open forest that we cannot come back. Ask or read those who had become bankrupt in the course of trading and investment.
As retail traders, we are very much our own boss. We boss around our own business. Nobody is going to tell you to keep your lot size constant, to remember to put that stop loss, to avoid penny stocks, to perform due diligence and not listen to rumours, to diversify and over-concentration, to take profits periodically and many more.
We gotta discipline ourselves as no one will. We keep our own books and we need to have our own system of checks and balances to avoid falling into the pit holes that many gung-ho traders in the past had done so.
In this game, it is not the most courageous that wins the game. As you would know by now, you first assess the risks of each trade and determine if the rewards are worth you taking the risks at all. If not, you stay on the side and watch the market.
Like EURUSD now, not every traders are good at trading sideway markets. On hindsight, it is easy to draw charts, two ups and two downs ....
If you are comfortable with the risks, go ahead else play safe and wait for the breakout or break down. Even that, can be a false alarm as you would know by now that Mr Market can fool you with its false alarms, tricking you to go long or short.
That is why I say in the game of trading, if you are a competitive person by nature, you may not necessarily do well. Your "need to win" mentality might caused you to take on more risks than you can afford, your impatience for success would lead you to over trade and thus losing your capital faster than anyone.
In all things, there are always two side of a coin. If you can change yourself (do not think for a second you can change the market, even the big hedge funds get slaughtered from time to time), learn to be patient, follow a consistent strategy, employ stop loss in all trades, then you stand a chance to make some money in this game.
Life is all about making choices. You can make this a hobby or an obsession , it is all up to you.
In a positive sense, it is good and healthy as you are focused about it. This focus if handled in a balance and healthy way will see to it that you will succeed.
The key word here is balance and it is really, really tough to do so especially with a human mind. Look at the great poets, artists, musicians , writers , chefs, etc. Do you think they clock in regular hours for their passion? I doubt so........
They have turned their passion into an obsession that they are their masterpiece and their masterpiece are their souls.
But when come to trading or investment, if not handled well (especially when we are dealing with real money), can get us off track. Now, getting off track is not the challenge. It is when we are swung so far out to the open forest that we cannot come back. Ask or read those who had become bankrupt in the course of trading and investment.
As retail traders, we are very much our own boss. We boss around our own business. Nobody is going to tell you to keep your lot size constant, to remember to put that stop loss, to avoid penny stocks, to perform due diligence and not listen to rumours, to diversify and over-concentration, to take profits periodically and many more.
We gotta discipline ourselves as no one will. We keep our own books and we need to have our own system of checks and balances to avoid falling into the pit holes that many gung-ho traders in the past had done so.
In this game, it is not the most courageous that wins the game. As you would know by now, you first assess the risks of each trade and determine if the rewards are worth you taking the risks at all. If not, you stay on the side and watch the market.
Like EURUSD now, not every traders are good at trading sideway markets. On hindsight, it is easy to draw charts, two ups and two downs ....
If you are comfortable with the risks, go ahead else play safe and wait for the breakout or break down. Even that, can be a false alarm as you would know by now that Mr Market can fool you with its false alarms, tricking you to go long or short.
That is why I say in the game of trading, if you are a competitive person by nature, you may not necessarily do well. Your "need to win" mentality might caused you to take on more risks than you can afford, your impatience for success would lead you to over trade and thus losing your capital faster than anyone.
In all things, there are always two side of a coin. If you can change yourself (do not think for a second you can change the market, even the big hedge funds get slaughtered from time to time), learn to be patient, follow a consistent strategy, employ stop loss in all trades, then you stand a chance to make some money in this game.
Life is all about making choices. You can make this a hobby or an obsession , it is all up to you.
Comment:
albeit a tepid rise, it is still trending upwards
Comment:
looking at DXY chart, if the closing candles yesterday is a first bearish sign, let's hope that the following days there will be continuing support to bring it down. That way, it would be a good entry to go long EURUSD.
