Knowing When To Trade Currencies
Knowing When To Trade Currencies
One of the most common pit falls in trading, is entering a trade without the right reasons in place. It's like buying a bus ticket to nowhere. It takes a lot of patience and discipline to wait for the right entry but the successful traders of the world have the ability to do just that. Amateur traders, those who fail most of the time usually walk away frustrated and angry at the market, the broker or themselves. They trade out of boredom or desperation, trying to make something out of nothing. Is that you?
This used to be me much of the time, jumping into a trade early, only to come back after my loss and clearly see that if I had waited, more would've been revealed.
Trading is simple and easy. The hard part is the patience. Whether your trading style is long term or short, whether you trade chart patterns, moving averages, indicators or candlesticks, you should always have the patience to wait for things to line up and align before pulling the trigger. Trading is not an exact science, but it's not rocket science either. What it is, is a game of probabilities not to be confused with possibilities.
Knowing what moves a currency, why a currency moves and in which direction that currency should move is very important to improve the probability of being on the right side of the trade. For example, do you know if US Treasuries are up or down before buying or selling the dollar? Where is the flow of assets heading and how will that affect your trade strategy? So, you want to buy the dollar and you see a chart pattern forming. Did you notice that gold and oil were way up on the day? If your chart pattern told you to buy the dollar your chances of success are lessened dramatically. Sure, you may have been right but it was swimming against the current and to be an overall winner, you should swim with the current. Ride it, don't fight it. Understanding the flow of money and having the patience will pay off in spades.
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