Daily Forex Report: Being Truthful w/ Yourself
March 8th, 2010
Daily Forex Report for 3/8/10Â
Click here to view Jay’s Daily Forex Report for 3/8 where he covers 13 live markets and talks about the importance of recognizing distractions and taking responsibility for your trading.
Teresa Bell
www.trading-u.com
DISCLAIMER: Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. Risks include the potential that changing political/economic conditions may substantially affect the price/liquidity of a currency. Investors may lose all or more than their original investments.
Excellent Video about Blaming others for your mistakes and how we can (& do) blame anyone else but ourselves for mistakes.
Good points on being Honesty too.
I respect trendlines too……Excellent tool….Great analysis
I take the point about blaming others in cases where traders aren’t taking responsibility themselves. In those cases. It’s like politicians blaming the media sea in which they swim.
But I don’t yet see a case for being completely dismissive about the possible enormous impact of future regulations, laws, taxes etc – insufficient leverage size can surely mean that some small players will be out of the game completely.. also, if the proposed worldwide transaction tax ever does come in – what affect could that have? Absolutely huge spreads? Surely it could affect traders massively. It’s interesting to look at markets too where there is nothing for a broker to hedge against, such as the 20, 30+ pip spreads for sector trades compared to 1 or 2 pips for an overall index against which a tangible broker hedge is possible.
I’m thinking I should make hay while the sun still shines and make enough trading so that should the worse come to the worst and make only investing the feasible option, I’ll have enough loot built up to stay in the new game.
HI Phil,
I could be wrong but, it ain’t gonna’ happen. Talk of all these changes reminds me of Hong Kong before China took over…everyone was worried and belly-aching about that while the attutude on the Chicago trading floors was “China’s not going to take over Hong Kong, Hong Kong is going to convert China”. And that’s what happend. Free markets will be around as long as there’s free men. As long as human nature doesn’t change don’t worry about markets and methods.
Jay