Somewhere, sometime, soon or otherwise
But we are in the throes of great uncertainty for the global economy, indeed the world as a whole, right now and the potential to have more sessions like that which we saw yesterday in NY becomes greater each day.
In the comments section just now I wrote
I dont think yesterday was “out of the blue” per se.. and it’s certainly not just about the US economy.There have been plenty of warning signs in the past few months that have gone largely unheeded. There are many elements now combining to create a very unpleasant scenario for the global economy.
and earlier in my data post I noted
Global markets are experiencing a perfect storm right now and I don’t see the concerns and fears going away anytime soon. So we’ll continue to see opportunity but the key in these markets is to stay alive. Live to fight another day ( as Greg also highlights here ) while making the most of your successful strategies. Just don’t get greedy with it.
There is a simple mantra I was taught all those years ago, even though as a market maker I didn’t have that luxury too often. ” If in doubt keep the f**k out”, and never is this more relevant than now. Regardless of how long you’ve been trading you have to not only recognize your limitations but respect the flows pouring through in front of your very eyes, often making chart analysis redundant/irrelevant. If you choose to get involved then you lose your right to bleat,moan,and/or complain afterwards
Forex has always been the most fickle of markets and any newcomers, indeed traders across the spectrum whether it be retail or interbank, will be wise to remember it. There is no disgrace in keeping your powder dry but sure, if you’re on a roll then make the most of it. Just keep your discipline, even though there will be times when you just literally go with the flow.
As I’ve also said before ours is not to reason why, ours is just to sell and buy. And treat the markets with respect even though they will often not deserve it.
And hey,
