Today is FOMC Tuesday. How many times have I said to myself, "I hate trading FOMC days". The answer is WAY TOO MANY TO KNOW FOR SURE ( I think it's just about every FOMC day that has occurred since 1999, excluding one time in 2003 when I actually made money by picking off an S&P broker who had his hands up at the wrong time and felt obligated to honer the trade...most would not have)
So guess what traders, I will not be trading today!!! Feels great. Except, I am watching the charts and every 3 minutes another PERFECT SET-UP reveals itself. I SWEAR I could make money today....ABSOLUTELY SWEAR I COULD! But I won't even try. Wanna know why? Because most likely, I will make a little...give some away, want to make that little bit back, then end down a little, then try to make it JUST BACK TO EVEN...but then I want to make back my commissions too...then I am in a losing position, I double down..then triple down, then reverse, then reverse my reverse then reverse that...I don't even know which way is up! Forget break-even...I'd kill to just be down a few hundred dollars. Sound familiar?
Instead...
I am breathing....INHALE....EXHALE....BREATHE......OHMMMMMM....
Good luck trading.
Andy
3 comments:
I agree to some point, however there is opportunity in volitility. And "News" days bring a lot of it. Take the GBP/JPY, down 100 pips in an hour. You could see that it would bounce off that 229 level like it has two times already.
Anyway, this is a great blog I enjoy the humor, but I think you are playing the game way too safe. But then again maybe that is the only way to play!
Mr. Disaster.
Good point, and actually, that is exactly what would make me want to trade today. In the long run, I have not done well on fundamental news days, such as FOMC days. My technicals seems to simply GO OUT THE WINDOW. So, not trading on news days is one of my rules. Not one that I tell other traders they must live by, but my rule. Since it is on my list of rules, I HAVE TO HEED. My rules are there for many reasons, the most strong reason is that I when I break the rules, I lose money!
Good luck with your gbp/jpy. I agree it is an awesome pair. I chart it often..today looks like fun. I will watch from the sidelines.
Andy
agree totally...there are plenty opportunities outside of the 'gamblin windows' to make safe(er) money than spinnin the wheel & leaving yourself open to the vagaries of a nervous number.
great blog by the way!
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