For The Love Of Trading

You really do have to love it.

Getting in there and slugging it out day after day takes a considerable amount of mental energy,  the ability to remain disciplined, means to handle your emotions and undoubtedly a “love for the sport” – as you’d likely be crazy to consider doing it otherwise.

I had suggested in previous posts that 2013 was going to be extremely difficult to navigate, and that many would unlikely have the ability to trade it well – or even trade it at all. I myself have been challenged on numerous occasions so far this year, and it doesn’t appear that things are going to get much easier.

Perhaps today we will get our “bounce” in USD as well risk in general – as both USD and JPY have more or less been trading flat here, and the commodity currencies continue to struggle.

You want to see strong moves in both AUD as well NZD as solid confirmation that the world is buying risk. An “up day” in the U.S stock markets isn’t gonna cut it.

My feelings are that the larger money isn’t interested in any “realllocation” back into these currencies ( as both have taken a considerable beating over the past weeks ) – and are likely sitting on the sidelines (much like myself) looking for a touch higher prices to continue selling at.

4 Responses

  1. Deano June 18, 2013 / 4:58 pm

    Well said Kong…again. On the AUD there are very large shorts at between 0.9660 and 0.9700, and more at the 38.2 fib at 0.98-0.9806. 0.94-95 aint gonna cut it. That said, my custom indicator has rolled over so its down we go again. The legion of retail trader shorts that have skewed the COT might actually have this one right. The short squeezes have been pathetic, so any USD strength and its off to 0.900 we will go.

    Elsewhere, the best trade recently has been long EURAUD, up another 127 pips today, and imho looks to be heading for the 123.6 fib extension at 1.47+.

    • Pot Stock Watch June 18, 2013 / 5:25 pm

      Frankly Im with you 100% – the “hopeful” bounce in risk / AUD and NZD has looked weaker and weaker by the day.

      If Uncle Ben doesn’t drag in those retailers and give this thing a pop tomorrow ( and hopfully higher prices ) I’m as good as short tonight as well.

      Discipline wise…I’ll wait and see how tomrrow afternoon looks.

      Great contribution as always Deano – please don’t be a stranger.

      • Deano June 18, 2013 / 5:33 pm

        Kong, never a stranger 🙂 , and I truly don’t care if Heli Ben’s comments blow up the market, I won’t be there as collateral damage. I always like the view after the dust settles. Its a bit like the post christmas shopping sales, things (read FX pairs) become a bargain!

        • Pot Stock Watch June 18, 2013 / 5:58 pm

          U and I both…..could be some real nice bargains “post U.S gong show”.

          I look forward to it being in the rear view mirror.

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