Economic news to watch ahead of NFP.
We have such a very slow week as far as the economic news are concerned. Economic news to watch.
I know social media and your guru told you that Forex trading is easy, anyone can do it and you can actually make a living trading Forex. This is not a lie, it is actually possible. A lie is when you are told that you can certainly achieve that within a month of trading.
It takes more than just learning a Forex trading strategy to make it in this business. It takes courage, patience, discipline and being able to exercise self-control (which is something that you can learn but you and you have to be willing to work on it).
Self-control is a big issue when it comes to Forex trading. Most people who are sustainable in this business are those who have mastered their emotions and can control themselves. Let me tell you the truth, month after month my class is filled by 15 enthusiastic and excited new learners.
They are all privately taught and mentored by me in the very same way. I give each learner undivided attention during training sessions and also trade with them on a daily basis, we meet up via WhatsApp and do our live trading sessions whereby we all trade almost the same pairs and take our profits (that is if the markets provide us with trading opportunities daily).
The reality is that not all 15 become successful traders. It is hard for some to master their emotions which usually leads them to take random and unnecessary trades and ending up losing what we made together during out trading sessions.
Now, this is a challenge. With my assistance and support, after a few weeks or even a month of battling with their emotions, they conquer and master them. Then that is when they really start to make money and be able to enjoy the markets.
Trading is not supposed to be exciting at all. It is that very excitement that makes new traders to lose money. They are simply clouded by the excitement and the fact that their guru is constantly making them to envy him/her by showing off their own lifestyle instead of showing them the reality of this business.
One thing that I did few years ago, was to stop liking or following every Forex group or forum, we all know this, they are usually about lifestyle and not about the reality of trading or practical solutions. I managed to focus more when I was no longer following those pages, till today I am not a big fan of Forex pages on FB. (I am not saying Forex pages are bad).
The emotions that are left unchecked are very dangerous. In every field of study or business venture that one takes, personality should be the first thing to consider.
Few years ago I worked for a well-known private college and I remember how matriculants would excitedly walk in to inquire about the courses and some of them would walk in very sure of the course that they want to do.
There was a computerized career assessment program that we used in order to assist them in making sure that they do not choose a course just because it is popular and everyone is doing it. The assessment was mainly about personality traits that a potential student posses.
One day a young lady (18) and a very shy girl walked in to register (her mind was already made up that she wanted to do media which included Public relations, advertising, journalism and marketing).
I explained to her about the career assessment program that we had but she insisted that she knew she wanted to do media. I remember how shy she was, the whole time while we were conversing, she could not even keep eye contact and could hardly express herself (not to mention how shaky her voice was).
I then told her that she had to do the assessment anyway (yesss I admit, I lied but it was for her own good). I wanted to tell her that she does not strike me as someone who can cope or even like the buzz that comes with the course that she was so sure that she wanted (but I couldn’t say that to her pretty face).
I assessed her and just as I thought, she was better off being in an office environment as she did not even liked being in crowds or not an outspoken person, she looked like a very reserved person. Ooh well, she was so happy that we did it and she chose a course that she ended up enjoying and she really liked it. (she almost subjected herself to 3 years of misery by studying media).
The same thing applies with Forex trading or any form of trading. You need to be a person who can be in control of your emotions. Another perfect example would be a person who has a gambling problem (like a person who spends weekends at the casino and doesn’t even mind loosing all his/her salary on those casino slot machines ) can never make a good and a successful trader simply because the gambling tendencies will always creep in, until they are dealt with, such an individual should stay away from the markets.
Am I saying trading is the same as gambling? NO not at all, but a gambler is never satisfied and a gambler will always want to try one more time (gamblers are greedy). Imagine a casino gambler who owns a Forex account, he/she would probably think it is OK to rely on luck.
I am trying to be practical here and also trying to assist you to see if you really have some emotions that you need to deal with as far as your personality is concerned.
A person who is impatient is likely to have a failed relationship and also tend to give up easily in everything, those are the personality traits that we need to check as traders. I am a very patient woman, in everything that I do I usually give it my all and actually nurture it till it becomes what I want. This personality trait is my strong point that made me to be where I am as far as my Forex trading career is concerned.
How you deal with things in your life in general will always play out in all the areas of your life, be it in your career, your business, your friendships and even your intimate relationships. The personality traits that you posses will always play a big role in how your overall life turns out, trading is no different.
I challenge you to learn more about yourself before you venture into Forex trading. Forget that guy who told you on FB that it is for everyone, learn more about yourself first before you can learn about the financial markets, If you don’t know where to start, start by asking yourself these questions:
- Are you a patient person?
- Are you indecisive?
- Do you get easily influenced by social media?
- Do you follow the crowd or you are a type of a person who likes to create his/her own path?
- What are you looking for in Forex trading, are you looking for an investment that you can be in control of or are you looking for quick cash?
If you really like the markets and you have been struggling with self-control, just know that change is possible, and if you can be able to have self-control in Financial markets, be sure that you can definitely master anything that life throws at you. I have seen it with my mentees, those who struggled the most are now masters, it is possible. Thank you for stopping by. I hope you enjoyed this post as much as I enjoyed writing it. Please kindly share with as many people as you can.
Highlights from last week
Our week started off with the UK Production PMI which came out below the expected figure. The Reserve Bank Of New Zealand finally had their Official Bank Rates cut by 25 (2.00% from 2.25%). U.S unemployment claims also improved. New Zealand Retail Sales improved as well. To close off our week, the USD had it bad when the Retail sales, Core Retails sales , PPI and Consumer sentiment all got a negative print. Below are the economic news to watch from the 15th to the 19th of August.
Recap: U.S NFP Job numbers increased by 75k while the Average hourly earnings also increased by 1%. The US unemployment also increased by 1% which was not enough to neutralize the good NFP results. On another news the Canada Employment change and Canada Trade balance got a negative print. My team and I went for UsdCad buying the Greenback and selling the CAD, we also went short on Xauusd using its correlation to the Us Dollar. Learn more about that HERE. Below are the economic news to watch for.