USDCADARGTDXY Canada is the next Argentina. Drug addicts’ heaven and Chinese took over this country. Soon 1000 Bitcoin moment. People have no trouble living on cold weather even if USDCAD goes up as high as 1000. Canadian index ETF evaluated as in dollar term CAN KEEPS GROWING even if Canadian dollars becomes a piece of garbage.
EURUSD We had a volatile week, and most positions got liquidated. Overall, the market still looks bearish, and this could head lower next week, especially with DXY crawling up. Stay cautious! and good weekend guys
Many of you will skip this while others will hear this word for the first time. But if you master it, it will change your trading results! This will be a short mind but.. todays word is..
Forbearance noun - patient self-control; restraint and tolerance.
Imagine a lion. Hiding and waiting in a bush. Waiting for his prey, that perfect moment for him to strike. If he is too fast, or too late, he won’t eat. Now let’s compare ourselves, traders to a lion. Just like a lion waits for the right moment to strike, a skilled trader must have forbearance to maximise success. What does that mean?
How many times have you found yourself to jump in the trade too fast? Or maybe too late. How many times have you forced a trade in a market that shouldn’t be traded?
Forbearance is very important for a trader. Being able to stay patient, have self control and avoid the temptation. It’s the “holy grail”. It’s what will keep you consistent and profitable.
We as traders make this mistake too often. We all have our own reasons, whether that’s wanting to break even, make up the previous losses, revenge trading, fear of missing out, greed.. right, we are all familiar with this? But being able to have that self control is key. We all know where these mistakes lead to.
We are all “lions” here. We are all waiting on our “prey” in this case the market to be set up for us just close enough, for us to strike.
Many of you already know your flaws, mistakes, bad habits. But understand that fixing that, will also improve your trading results. There is no “get rich quick” or “flip accounts”. Sure you might get lucky once, twice even three times. But that one time, will wipe out all of your progress. Many of you already experienced that. Is it worth it?
What many of traders don’t see, is the power of consistency. It’s not about being right 100% of the time. It’s pretty much impossible. But what matters is consistency. Getting good results day in and day out. Following your trading plan. Knowing when to stop.
And most importantly, we understood the power of “Forbearance”. Patiently waiting for our setups to show up.
With all that combined, we managed to gain well over +500 pips this week on gold. Again highlighting the power of patience and consistency.
Thank you for amazing support!
Next week we will post analysis on USD pairs such as: USDJPYEURUSDXAUUSD and we will check what DXY is planning to do. Might even take a peek at NAS100