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Chapter 4, Part VI. When should we trade? Page 2

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 14, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

    Aug 28, 2009
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    Today we will take a look at weekly activity.

    Ok, here is what I’m talking about – just look in the table:

    EUR/USD67112143 133148146
    USD/CHF 5387122105104114
    EUR/JPY 22135181162228202
    Pipruit: Well, it’s absolutely clear, why there is so shallow trading range on Sunday, but, wow, so significant difference in activity between Monday and the middle of the week.​

    Commander in Pips: That’s right. Also take a note that Friday’s price action is also greater that on Monday and even then on some other days of the week. So as on stock market, when professionals are active till the end of the day, as Forex professionals active till the end of the week. At the same time, we’ve already talked that trading session on Friday gradually fades out from New York’s lunch time until 17:00-18:00 EST and the market could turn to anemic conditions after 12:00-13:00 EST on Friday.

    Pipruit: So what should I do then? For me each session looks attractive – Tokyo, as you’ve said could provides us with range trading opportunities or breakouts, London and NY with nice movements and huge liquidity. How can I get advantages all of them?
    Commander in Pips: When you graduate from our school, you will understand that trading is based on a strict and detailed trading plan that demands fulfillment of some conditions in the market. So trading is an anticipation of execution of these conditions. Until that time you should sit on your hands and wait for when these conditions will be achieved by the market. What do all these complex talks mean? They mean that you should be ready to push the trigger when it really needs to be pushed. But you must have sufficient attention, patience and a clear mind to trade well.

    Pipruit: But how I will accomplish that, if, in fact, I will not have any rest at all?
    Commander in Pips: Professionals like to be a counterparty of individual traders, who do not rest enough. Because they make more mistakes and this makes it an easy task to take their money. Would you like to join them giving your money away? I think not. So, the rest/trading schedule should be the part of your trading plan. Understand that life is short, manifold, amazing and wonderful. Do not limit it just by trading. Devote time to your close ones, and spend your time wisely. There are a lot of fascinating things in this World beyond the trading… And the markets will still be there tomorrow. Do not ruin and limit your lifetime by spending every moment just following the markets.

    In other words, just remember – Rest is a must if you want to see you’ll see how fresh and sharp your analysis will be. Otherwise your blurred view of the market will not be able recognize even obvious money laying on its surface.
    #1 Sive Morten, Dec 14, 2013
    Lasted edited by : Feb 7, 2016
    RahmatH, zolani, Saleh1980 and 7 others like this.
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