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  • Pullback has the 14000 level in focus as support. Support is important for short-term outlook. Get your $GBP market update from @PaulRobinsonFX here:https://t.co/rPEgnVP7lY https://t.co/2b11tg6ZDV
  • there's that 1.4000 level again $GBPUSD multiple resistance inflections on the way up. first support test at this spot since the breakout https://t.co/qpsq0NqMvN https://t.co/snZCBwNrby
  • $USD made it a quick trip up to fibo resistance looked at in yday's webinar ~90.82 https://t.co/gedHWHfyKN https://t.co/ICAUcMaHYT
  • This is a pair flying under the radar but registering an extreme. $CADJPY weekly has difference between spot and 50-week moving average at +9.5%. Momentum past three weeks not only aggressive, the move has pushed it to 50% of 2014-2020 and 38.2% Fib of historical range https://t.co/yQJ15UpOTG
  • 🇺🇸 Initial Jobless Claims (08/MAY) Actual: 473K Expected: 490K Previous: 566K https://www.dailyfx.com/economic-calendar#2021-05-13
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  • 🇺🇸 Continuing Jobless Claims (01/MAY) Actual: 3655K Expected: 3655K Previous: 3651K https://www.dailyfx.com/economic-calendar#2021-05-13
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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.48%, while traders in GBP/JPY are at opposite extremes with 68.51%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ebZHqitIAd
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.20% 🇯🇵JPY: 0.12% 🇪🇺EUR: 0.08% 🇳🇿NZD: -0.06% 🇬🇧GBP: -0.12% 🇦🇺AUD: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/i6Lngot973
Guest Commentary: Adapt Yourself to Changing Conditions

Guest Commentary: Adapt Yourself to Changing Conditions

Yohay Elam, ForexCrunch,

Some traders have one preferred trading system with a high profitability rate that doesn’t provide too many trading opportunities. Such a system is suitable for hobbyists who wish to trade only occasionally and with a low risk. There’s nothing wrong with that.

However, if you wish to become a professional forex trader, having a good system is not enough. Any system has a limited life. Even if the system never really stops working, it could stop providing new opportunities.

A stubborn trader might stick to his system and “bend it” due to his urge to trade, seeing trades that are never there. Unnecessary trades lead to unnecessary losses and to doing all the wrong things. Trying something that doesn’t work over and over again is not wise.

Being a professional means taking enough trades to make enough money, but without taking the wrong trades that will lose money fast and lead to a burnout. Needless to say, this is easier said than done.

But there are some things you could do.

First, you clearly need more than one system. Having more than one system is likely to provide more trading opportunities and potentially more profitable trades. Too many systems may cause confusion (as in the overtrading case described above), so it’s better to have no more than 5 systems at once, and also 3 systems would do.

The added value from having more trading systems is that you would also learn how to discover, test, use, tweak and re-use systems. By going through this process over and over again, you will be able to adapt yourself to the changing market conditions.

It is no secret that volatility in currency markets has dropped. Too many systems that relied on those big breakouts are obsolete and those who work with tighter ranges are better. This is only one general example.

Being able to constantly learn and adapt is what separates the professionals from the casual traders (nothing wrong with that) and those that find themselves with a liquidated account.

What do you think? Are you in a constant learning process?

Further reading: 5 Most Predictable Currency Pairs

By Yohay Elam, ForexCrunch

Would you like to see more third-party contributors on DailyFX? For questions and comments, please send them to research@dailyfx.com

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

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