News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 2.95% Gold: 0.84% Oil - US Crude: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/FPnLbC3Pxf
  • With Eurozone economic data shrugging in recent weeks, European Central Bank interest rate expectations have been creeping forward towards April 2021. Get your $EURUSD market update from @CVecchioFX here: https://t.co/vBPciSW5pH https://t.co/qubKMRFnjv
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.19%, while traders in EUR/USD are at opposite extremes with 61.05%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/A8bc63PO79
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.04% France 40: 0.01% FTSE 100: 0.01% US 500: -0.29% Wall Street: -0.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/MqwdApCJ0C
  • The US Dollar is pulling back from what’s become a strong outing in the month of September. Get your $USD technical analysis from @JStanleyFX here:https://t.co/hOvSiIDFLT https://t.co/d0SEnfJT0s
  • webinar starting right now - looking at 1. themes for q3 close 2. debates starting tonight, what might market ramifications be? 3. heavy week of data out of the us - $USD in the spotlight https://www.dailyfx.com/webinars/455809179 https://t.co/tZxa4c2zVl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.20%, while traders in US 500 are at opposite extremes with 62.11%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/9tCHS7o18f
  • Heads Up:🇺🇸 Fed Williams Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-29
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 1.93% Gold: 0.62% Oil - US Crude: -4.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/674URQqbej
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.49% 🇪🇺EUR: 0.41% 🇳🇿NZD: 0.37% 🇬🇧GBP: 0.05% 🇯🇵JPY: -0.17% 🇨🇦CAD: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/NLmATP58eY
Trading Lesson of 2015: Look Before You Jump, not When You Jump

Trading Lesson of 2015: Look Before You Jump, not When You Jump

2015-12-17 22:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Last year in this space, I spoke of the 3 P’s; Process, Preparation, and Patience. In summary, the lesson was ‘have a process that generates signals, prepare to make decisions based on the process, and exercise patience when it’s not working.” This year’s lesson, ‘have the courage of your convictions’, builds on that theme (convictions may as well be the 3 P’s). This can be said another way; ‘look before you jump but not when you jump’. Dickson Watts wrote these words in ‘Speculation as a Fine Art’. The publication is the size of a pamphlet and it’s one of my favorite trading books. Anyway, the jumping is the execution and there is a lot of room for improvement on my end in that area. Here’s how it relates to my 2015 experience.

The first quarter was great. Executing the plan isn’t a problem during a hot streak but becomes a struggle (for me anyway) during a drawdown. So, great first quarter but April was tough. I had been tracking NZD/USD for a big short (was a ‘trade of the year’) and the acceleration period of the move was launched by a wedge that completed in early May (see here). I was short at the time but not short enough given the circumstances. I never added to the trade and got out way too early as well. Had I possessed the ‘courage of my conviction’ and NOT ‘looked when jumping’ (remember….look before...the analysis was done and the trade was there), 2015 could have been a great year rather than simply a good year.

See the next Top Trading Lesson of 2015: Never Judge a System on a Long Streak - Winning or Losing

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

DISCLOSURES