It’s going to be another week of opportunity. Here are key points:
- Like driving it is a skill which will improve with time. So don’t give up – you will read the market easier and better the more you practice – finding trends and times and currencies in ‘sync’ with the market moves and cycles. Eg I am as of yesterday 11th July long on GBPUSD – after it had been sideways for a while.
- Do the 12 week course, work through the materials. Trade small sizes eg 7 or 8p per pips through your broker. Learn the skill, practice it. It is well worth persevering.
- Consistent profits does not mean winning 9 times out of 10. Soros is right 5 times out of 10. Anyone telling you they are more than 7 times out of 10 correct are stupid, lying or both. The trick is to bet small, add to bets which are winning and get out quick of bets which go the wrong way. Consistent profits is the comfort of having losing trades, but they being small, so no stress.
- The best trends and signals come from currencies and time frames most in sync with the market – sometimes the market is just volatile and bucking around up and down on the 30m and at other times, smoothly moving in trending cycles. Most people don’t understand this point. They either think the market is ‘pre-written’ or always moving in smooth trends.
- People ask which is the best time frame and currencies. Actually what is in sync varies. That’s why I say I will glance at 9-12 windows quickly and see which have PipsPredator arrows pointing in the direction of the trade. Quick, efficient.
- When you focus on just one or two currencies and timeframes you are limiting the opportunity to pick the best trades.
- BUT if you put a gun to my head and asked me – I like 1h charts in any currency pairs which have AUD, CAD, NZD eg USDNZD. BUT I don’t just look at those. I look as I explain in this website at 9-12 windows and pick the most in synch trades/
- Speaking of GBPUSD – remember I said I would short regardless of Brexit and probably be a buyer in July – well other than the 1h long position yesterday, my bias is still falls on GBPUSD – look at the below from Deutsche Bank. ie I will trade long and short on 1h charts depending on the opportunities but I can well see why it would be falling from more. Having said all of that, I am very comfortable with GBPUSD long too on 1h because there is enough positive UK news too. You can see why I like 1h charts to 1m ones!