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  • GBP/USD Eyes Trend Support as US Dollar Awaits Fed Dot Plot -via @DailyFX Link to Analysis: https://www.dailyfx.com/forex/market_alert/2021/06/14/gbp-usd-eyes-trend-support-as-us-dollar-awaits-fed-dot-plot.html $GBPUSD #Forex #Trading https://t.co/1BkZ4x0uCG
  • Are gold prices the ‘canary in the coal mine’ for the Federal Reserve meeting? Taper talk may indeed be on the menu (even if it won’t formally arrive until later this year). Get your $XAUUSD market update from @CVecchioFX here:https://t.co/gsoRisZzV6 https://t.co/cjqt0SvWIx
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.17% 🇦🇺AUD: 0.10% 🇪🇺EUR: 0.09% 🇬🇧GBP: -0.05% 🇨🇭CHF: -0.19% 🇯🇵JPY: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Yx2O1n8Yxc
  • The 35-day historical range on $AUDJPY matches the smallest range (as a percentage of spot) on record for the pair with the extreme summer lull back in July 2014. Will it end with a bang or whimper? https://t.co/StryktBbrr
  • ECB monthly purchases under PEPP appear to be slowing. PEPP purchases for the first two weeks of June only totaled about 31 bln euros $EUR https://t.co/RUAi61HTQJ
  • The EUR/USD rally has stalled at a key resistance confluence around the objective yearly open. Get your $EURUSD market update from @MBForex here:https://t.co/YdjKTU4gtW https://t.co/HmOJxy2F29
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.33% Silver: -0.24% Gold: -0.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/kRDUQxM66L
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 74.60%, while traders in France 40 are at opposite extremes with 78.10%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/gwcS9vcLhL
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  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.17% France 40: 0.16% FTSE 100: 0.08% Wall Street: 0.01% US 500: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/KY87c2N2Ao
Sometimes the Best Trade is No Trade at All

Sometimes the Best Trade is No Trade at All

Thomas Long, Course Instructor

But many of them have little to do with their expertise of the markets and more to do with their own actions.  As a DailyFX course instructor, I get many emails from students who have had a bad trade and want to know what they did wrong.  As they describe their trade and what they were thinking at the time, I start to hear some hedging in their explanation.  This trade was “almost the setup I look for” or that “the trade was only taken because there was nothing else setting up”.  The problem is that new traders feel they have to be in a trade all the time to be successful.  But in reality it is the other way around. 

Professional traders do not mind waiting for the quality setups.  As a matter of fact, this is one of their edges.  They do not trade for the fun or for the excitement, but rather they trade to win.  Having the patience to just sit and watch and not trade is an easy thing to describe, but very hard to do.  It can be very frustrating watching the market move without being in a trade.  This frustration can lead to questionable setups being taken in an attempt to be in on every move.  But entering into or exiting from a trade because of impatience is never the right reason for your action.  Having the patience and discipline to wait for the quality setup is the mark of a confident trader. 

They realize that sometimes the best trade is no trade at all.
 

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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