Good evening forex traders,
It has been one extremely busy day for us and I am not talking about the markets. I was hoping to do an update this morning but this is the earliest I have had a chance to do one. As a result of being so busy since we have been back from our road trip, we have decided the next few days of this week, all emails and calls will be put on hold and dealt with from Monday at the earliest and not before then so please be patient.
The currency markets seemed to be taking some profits today and is also gearing up for some big news this week so we have witnessed some intraday pullbacks. This is normal behavior as has been pointed out previously. Below is the chart for todays forex trends.
Taken from Dynamic Trader Trend Analyser
While talking with Roger today who I am sure will become an excellent currency trader in time, I realized a few things while going through his notes from our one to one training. Roger's colour is green and subsequently he assimilates information in only the way greens can do. I went through his notes from our mentoring today and noticed how crystal clear it was. No waffle, just clear precise points. It was as if the whole two days was one big trading plan for him. That explains how he managed to pick up two strategies so easily and quickly.
Roger has an affiliation for Double Deviation and 123's and it seems to be a favorite amongst many of you and for good reason. However, a stumbling block I have found many traders face is a subconscious need to be right when the market does not do what they were expecting and then what takes place is a period of torturing data to se why it did not do what they were expecting and subsequently self sabotage. This is a cycle majority go through and as a result miss the obvious set ups and end up taking the obscure set ups. Trading is not easy, if it was everyone would do it and of course that is not the case. However, trading is not difficult but what is easy to do is to make trading more difficult than it is and end up feeling lost. Roger has the right idea, he kept it very simple and my advice is that is what you should all do too.
Life is complicated enough without bringing it into your trading.
Javid Shaik
Forex Analyst
