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  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/TYsfOXHrro
  • (Weekly Fundamental) Australian Dollar Outlook: AUD/USD May Rise on Dovish Fed Speak After Huge NFP Miss #AUD $AUDUSD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/05/07/Australian-Dollar-Outlook-AUDUSD-May-Rise-on-Dovish-Fed-Speak-After-Huge-NFP-Miss.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/L9pERwjTqh
  • Bitcoin is struggling to extend April’s bounce while Ethereum and Litecoin are exhibiting signs of momentum exhaustion. What are key technical levels to watch for ahead? Find out from @ddubrovskyFX here:https://t.co/PnZId4xOh2 https://t.co/ZTYoxdBxLl
  • The Indian Rupee has been rising despite a surge in local Covid cases, owing to rising yields amid a temporary flood of US Dollars into the banking system. INR remains at risk, eyeing CPI data. Get your market update from @ddubrovskyFX here:https://t.co/6r7hahVtx4 https://t.co/a0z46Q0Mn4
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/tnF1RME8gJ
  • Top event risk on my radar for the week ahead: Musk on SNL (Sat); run of Fed speak with Brainard, Williams, Bostic (Tues); US CPI and UK GDP (Wed); Mexico central bank rate decision (Thur); US earnings - PLTR, BABA, ABNB, DASH, DIS (Tues-Thur). What are you watching?
  • It starts. This man is living the life. https://t.co/YhD4oMNAFG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.82% 🇦🇺AUD: 0.77% 🇨🇭CHF: 0.75% 🇳🇿NZD: 0.62% 🇯🇵JPY: 0.46% 🇨🇦CAD: 0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/j5I6Gut0CR
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.85% Silver: 0.53% Oil - US Crude: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wZsuyfwuv1
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.33%, while traders in Wall Street are at opposite extremes with 77.43%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/IrlL0LEJe3
Incorporating New Strategy, Knowledge, Techniques into Your Trading

Incorporating New Strategy, Knowledge, Techniques into Your Trading

John Kicklighter, Chief Strategist

Talking Points:

  • There is a world of strategy and methods when it comes to analysis and trading, and we need to optimize our own approach
  • When adding a new element: actively learn, gauge interest, determine how to incorporate it and evaluate its success
  • We discuss strategy development with a reference to 'market conditions' for analysis and a two-part target for trading

Have questions on trading, strategy or the markets? Sign up for my weekly Trading Q&A. See this and other live events scheduled on the DailyFX Webinar Calendar.

There are as many ways to analyze and trade the market as there are traders in the world. And, performance does not follow one set of rules for those that happen upon the magic formula. As the saying goes, 'there are many ways to skin a cat'. In our pursuit to educate ourselves with new developments, different points of view and unique strategy; we must consider not only how to incorporate what we learn, but also whether it is worth adapting into our own strategy. On DailyFX there is wide range of trading and analysis styles amongst the analysts, and trying to adopt everything will simply overload with disastrous consequences. We need a method for filtering what suits our own personality and style, along with a method for folding it seamlessly into our own trading.

First and foremost, it is important to be an active learner. Passively listening to an analysis or trading technique while doing two other things at the same time is a surefire way to absorb little of the view or method. Attentiveness with a mind to practice what is learned, accounting for its place in our own trading while learning and considering its impact to the end goal (most likely profitability) will better ensure we take in what we are learning. From there, it is important to gauge your actual interest in what was learned. Are you deficient in that knowledge or are of trading? Is there a place in my strategy for this or will it just lead to clash. Then we move to incorporate. If the news or element of the strategy is missing, adding it can pose little problem. However, a supplement or outright replacement requires a little more contemplation.

After we have adjusted our view with the fresh news or adapted our strategy to reflect this new component, it is important that we just don't shift to cruise control. Just as we should be evaluating our performance on a regular basis, we should make a concerted effort to gauge the the influence of this new item in our trading. If possible, demo trading in parallel with just the one factor change can give a great side by side comparison. To demonstrate this learning and development, we use the concept of market conditions and setting a two-level trading target - both themes we have discussed before in this theory. We discuss a more proactive and measured method of learning and evolving in today's Strategy Video.

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