Team Work in Trading
By Jay Norris
Today I was covering the majors with my clients and one of the girls on Mountain Time pointed out a sell signal in EURJPY. I don’t normally cover that pair, but the more I looked at that signal the more I liked it.
When I’m covering live markets on an intraday basis I’m always trying to maintain an unbiased view of things, which is not always easy to do. I also know the danger of trying to cover too many pairs, which is why I was focused on the majors. If I try to cover too many markets at once, I end up missing something, which means I would have been better off going for a walk or taking a bike ride. If you miss seeing something in a live market, it usually means it is going to cost you money. And when it comes to seeing things “two heads are better than one” as the old saying goes, which brings up the value of team work.
 Trading groups can be a good thing; particularly if everyone is on the same page, and following the same method. That’s what’s so valuable about communities like ForexFactory. We can meet like-minded people and there is a history of communications. And it all leads back to the fact that participating in groups can be a good thing.
As for that EURJPY signal, well that ISM number proved a speed bump I thought best to exit ahead of, and that pair resumed the downtrend pretty quickly afterwards with me watching…which took nothing away from the team work exhibited to get us to focus on that pair to begin with.
Jay Norris is the author of Mastering the Currency Market, McGraw-Hill, 2009, and a Senior Market Strategist with BrewerFX.com To sign up for a free interactive tutorial with Jay on how to determine market direction go to: One on One Trading TutorialÂ
Congratulations to Jay and the team at Trading-U.com on their book Mastering the Currency Market being rated the #2 best selling book on foreign exchange on Amazon on Kindle! Â
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.
Yeah, that was a good client Gal I’d Say – You got a good Team there Jay…
(Ascot, Berkshire – GMT here)