ECB is the Central Bank for the EURO and it administers Monetary Policy of the Euro Zone. ECB press conference is held 8 times a year about 45 minutes after the Interest Rate is announced. It is also called the Interest Rate Statement. The conference is about an hour long and has two parts. First part is when the actual statement is read and the second part is opened for questions which then lead to market volatility.
What are the tasks and objections of European Central Bank?
The tasks are to maintain Monetary Policy for the Euro, including the banking supervision. Their main objective is to maintain the price stability and to safeguard the value of Euro.
Why is the ECB statement important and why do we (traders) care?
It is the leading indicator that provides the clues about the future Monetary Policy. High Volatility is often expected during the press conference and it has a direct impact on Euro pairs. Below is European Central Bank’s 2022 dates. Thank you for stopping by, do save these dates so you can watch out for Euro pairs. If you wish to learn how to trade Interest Rates and understand that impact that monetary policy statement has on currencies, WhatsApp +27 78 144 6851 for private lessons, mentorship and coaching.
The markets are open for 24 hours and 5 days a week. Most people are introduced to the markets as this one exciting and a very quick way of making money. If you have been trading for a while, you probably know by now that is not the case. It is no lie that as a newbie, looking at the charts can fill you with some sort of an adrenalin rush.
Spend Less Time In The Markets and Live More.
Now let’s be honest, Forex trading can be very addictive and most traders are just addicts. I published an episode on my podcast on this topic, you can check it out HERE. Forex trading is not gambling or similar to a casino, but there’s a very thin line between trading and just gambling. This is all dependent on how you view your trading account. The charts and the constant change in price can keep you glued to your screen and tempted to trade even when there is no reason to.
Life Doesn’t Have To Stop Just Because You Have A Trading Account.
I speak to a lot of people on a daily basis who are struggling with finding balance in their lives. They struggle to find time for themselves, for their families, spouses and even children. They spend all their time checking the charts. Even when they go on family vacations, they can hardly spend time with their loved ones. Their partners feel neglected all the time.
They are constantly checking charts even on their mobile phones. Now their actions have made their loved ones to think that they are loosing their minds and no one take them seriously. They are also very frustrated human beings. Their lives are consumed by charts. Below are the few things that you can do to find that balance so you are able to trade less and live more.
1. Have A Trading Plan
Creating a trading plan is easy, but sticking to it is a bit challenging, you will need a high level of focus. When it comes to creating a trading plan, you must also not ignore your personality and your lifestyle. Listen to the podcast episode on this topic HERE. When you have a 9-5 job, you cannot afford to choose a trading method that will require you to trade at random times. You don’t have time to do so, your time is paid for and you have responsibilities and you certainly don’t want to be fired for neglecting your responsibilities.
You need a trading plan that will allow you to choose your trading time and plan around that. You need to know how much time you will allocate for your trading sessions. Your trading plan should also include when NOT to trade. I am sharing this because I know it is possible to plan your trades as long as you choose a method of trading that will accommodate your lifestyle. In my mentorship program, I do the planning in detail with each mentee.
2. Have A Day Off
Just like you take a day off or leave from work, you have a day off exercising when you just rest, stretch and allow your body to recover from exercise and your muscles to relax, you also need to have your off day as well in the markets. This is another trick that I personally used to overcome the markets addiction. It also helped me to stop treating my trading account as a casino money slot machine and understand that it is OK not to trade everyday.
3. Stay Away From Mobile Trading
From time to time, I take some time off social media to focus on reading more, working on myself more, check in with myself and basically doing personal development away from distractions, we all know how we can be consumed by social media . During such a period, I do not just log out of social media but I also delete the apps so that I don’t get notifications.
In the same manner, having your trading app easily accessible to you may be the reason why you cannot stay away from trading. If you plan your trades and your trading for the day is done, you won’t find yourself fiddling with your app and checking the markets the whole day, people do that even when they are driving. They check the markets even when they are in the bathroom or just bored. These are just a few things that you can do to find that balance that you have wanting all along.
Thank you so much for stopping by. Please kindly share this post with your peers and help me reach out to as many people as possible who need to see this information. You can listen to the audio version HERE.
Federal Open Market Committee (FOMC) is a committee within the Federal Reserve System (the Fed). It’s mandate is to oversee the nation’s open market operations (i.e. the Fed’s buying and selling of United States Treasury securities). This Federal Reserve committee makes key decisions about Interest Rates and the growth of the United States money supply. Interest rates are very important in currency evaluation. Read more about Central Banks and Interest Rates HERE.
On the 26th of January, FOMC will hold their first Monetary Policy meeting of 2022 where they are expected to hold their Interest Rates at the current <0.25%. Planning is key, save these dates to make your trading year more organized. I recently published 2 episodes on my podcast about beginning with the end in mind, you can LISTEN here and why I do not ignore fundamentals in my trading, LISTEN here.
Below is the FOMC 2022 dates. Kindly share this post with anyone who may need this information. You can also subscribe to this blog for notifications on new blog posts. If you have an android device, you can also download the App on Google Playstore. For private lessons on how to trade FOMC, WhatsApp +27 78 144 6851. Thank you for stopping by, please stay safe.
Non-Farm Payrolls(NFP) also known as Employment Change is all about the change in the number of employed people during the previous month. These stats exclude the farming industry hence it is called Non-Farm Payrolls. The stats are usually released every first Friday of the month, after the month ends .
Why Do We (traders) Care About NFP?
NFP is an important data from the United States which is the leading indicator of consumer spending which is highly linked to the improved economic activity. Planning improves one’s performance. I always plan ahead because I hate being random. Below is our Non-Farm Payrolls 2022 dates.
To begin with the end in mind means having a clear vision of what you want to achieve and it also means that you hold the desired outcome in mind as you implement the strategies to get there. Today I decided to share a few steps on how to do that. Welcome to the first blog post of 2022, I am glad you are alive and here reading this post.
Gratitude
Gratitude is an appreciation of what you have and that is the best way to attract more of it. I believe you do keep a trading journal where you note down anything that you feel is important. If you have no idea how trading journals work, you can listen to this podcast episode HERE and get your trading journal right away because you will need it for this very practical blogpost.
I want you to begin your 2022 trading by writing down the following: “today is the (insert date when you are reading this post) and I am so grateful for my profitable live trading account that gives me consistent income”.Writing this down will make you appreciate it.
What Did I Do Differently To Become Profitable?
Remember you are starting your 2022 trading with the end in mind. I am aware that some of you may be reading this blog post and you just had a margin call or your account is having a serious drawdown. The aim of this exercise is to align you with the results that you want to achieve with your account in 2022. Ignore the fact that you are not profitable now (if that’s your case) and just do the exercises. Please make sure that you write these in your trading journal.
A Few Examples Of What You Can Write That Led To This Success
I followed my trading plan.
I read more to understand what really moves the markets.
I exercised more patience.
I only traded when I had enough time.
I worked on myself and focused on being more disciplined.
I never traded when my setups were not met.
I implemented everything that I learned as is.
I believed in myself more.
These are the few things that you can think of. As you write these down, you will notice that more will come up and if you’ve been trading for a while with no success, you’ll automatically think of how you should have applied these things in the past years of your trading.
What Did I Let Go Of?
Again, remember that you are doing these exercises because you want to start with the end in mind. This is not about self judgement.
A Few Examples Of What You Might Have Let Go Of
I stopped doing random trades.
I stopped following random trading signals on social media Forex groups.
I stopped discussing my trading account with friends because it added unnecessary pressure to my trading.
I stopped using bigger lot sizes that my account could not handle.
I stopped switching from one trading strategy to another and I focused on polishing what I have learned.
I stopped treating my trading account like a casino slot machine.
I don’t know what you’ll have in your mind, you can use my examples to inspire your own list. If they all resonate with you, it is also OK to use them. Just do whatever will work for you.
Your 2022 Trading Goals
Now that you know how the end looks like (the end that you want align with) you can then write down the following questions and answer them:
What do I want to achieve with my Forex account?
Why do I want that?
How will it make me feel?
When do I want it?
What am I willing to do to get it?
I have never published a blogpost of this nature. Today’s blogpost is very practical and it will require you to do the work. If you do the work as suggested, you should have your clear short/long term trading goals.
Thank you for stopping by and reading this post. I will do an audio version (podcast) of this post as well. I hope you will manage to apply these. Please subscribe, share this post and leave a comment to share your thoughts. I have published a booklet to help you align with what you want to achieve in your trading. The booklet is very practical and it will require just 3 minutes of your time twice a day to do the affirmations to align with what you want to achieve with your trading account. You can check it out HERE. Please note that you don’t need to have a PayPal account to purchase, you can purchase with your bank card (see instructions when you get to the page). Should you get stuck, feel free to WhatsApp me on +27 78 144 6851.
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