The Dollar is on a roll and nothing can stop it! Can you believe that I actually said that this pair may stall a bit or consolidate? I was sure wrong on that one 🙂 So I give up I am jumping on the Dollar train I am going to short the Dollar and I am going to put all the money I have on it so that I can retire next week.
OK, wait maybe that is not such a good idea, if I would have done that last week it would have worked. But If I did that I would have to throw out all the principles and disciplines that have made me a profitable trader in the first place. There is the temptation to do so but if I do that one mistake and I could be finished. That is what has put down many traders in the past, they are doing well, they get over confident and they put in more risk than the plan calls for.
It is at that point that the trend will change and you will get blasted and you end up in a long pile of beaten traders that the market has chewed up and spit out. So don’t be tempted and continue to make sound trading decisions.
We have seen this happen before in the Eur/Usd, remember in December of 2008 the Euro was on a tear and could not be stopped. It kept going and going and that is when I learned this valuable lesson the hard way. Look how wild the trend was and it stopped quick and went right back where it came from.
Daily Chart *Note Click the chart to learn about our premium trading service.
Think about how many traders gave in to temptation and bet the farm at 1.4700? Those traders all lost the farm and are probably living in the streets begging for money. This market is brutal don’t let it defeat you, it is critical that you remain mentally strong to survive.
Latest posts by casey (see all)
- Forex Power Indicator Training - February 2, 2018
- How to find the Right Currency Pair to Match Your Trading Strategy - January 12, 2018
- Using a Forex Checklist to Develop a Good Trading Habit - January 11, 2018
Winner’s Edge Trading, as seen on: