by Gavin M.
I don't know what you would consider as carnage or turmoil but EURJPY down at some point to 400 pips qualifies in my book. The S&P dropped by 40 points at one point as well. The question on everybody's mind is "will they buy the dip?" I will let the market decide that in the next 12 hours.
I was able to scalp as much as 130 pips across various EUR crosses as well as bond futures. As a trader, I have to spot opportunities where available. Let the smart people do the thinking and leave the trading to people like myself.
One thing is for sure in the next few hours - short covering. Whether it is induced by the ECB or whoever else out there buying risk to prove that "things are ok" you have to decide whether it is worth it for you to trade this chop. It will be a roller coaster and technicals won't work as much here. It's all price action and guts.
Going into this weekend, I did NOT hold any position. We also advised clients to either bet small or not do anything until Sunday because of the huge headline risk. The great thing at least today at the Forex open, we were able to make money for clients and that makes us happy. In crisis situations, those with experience will win in trades. Those who are new should ensure they either observe or get proper supervision from a mentor. Otherwise, your technicals won't be as strong in times of panic because thre is no forecasting human emotions.
Definitely take advantage of our services whether it be trading signals or education to prepare yourself for what could be a very volatile summer of trading.
Good luck to everyone!
by Gavin M.
I have had my fair share of haters and trolls over the years. They never get nicer and it just keeps getting funnier. The latest one is from one particular person that keeps adding a new account each time I block him. He must be really bored with his life.
I promise this will be the last time I blog about the haters and trolls because they shouldn't be worth a minute of my time. I have been on Twitter for 5 years almost and these trolls seems to be coming out of weird places.
The most recent quip I got was the fact that if I am making thousands upon thousands of dollars in profit a day, why do I sell classes. First of all,I co-founded Equity Sense. It does not mean I am an instructor. I no longer teach. The company has traders willing to teach students who are willing to learn. It is the same as the people over at SMB Capital with their prop firm and educational unit.
I am also no Tim Sykes where that guy is just pure making money off of students and nothing else. More importantly, everybody at Equity Sense makes money from trading with their own money first and then supporting our clients second. We do not get students every single day and just the same, it is better that way. It takes 2-3 months to really get a student ready to face the evil world of trading.
I am not sure where this drive from trolls come from in trying to dismiss every market service out there as a total fraud. Perhaps it is a function of their insecurities in life. Perhaps it is because these trolls are so miserable that they have to spread hate and animosity to others while hiding under the anonymity promised by the internet.
The truth is, we have plenty of students and clients. These individuals are on Twitter as well and converse with us every day. Should people need to know who we are and whether or not what we do is legit, one can only tweet at these clients to ask them the question.
But at the end of the day, 100% of my daily and monthly income come from my own daytrades with my own money. As an equal partner at the firm I get my royalties at the end of the year. If I were to solely rely on classes and newsletter fees to get by, I can honestly tell you I would be back to my day job. I cannot stand the lack of stability in subscription numbers as clients can cancel on you at any month.
I for one cannot stop the onslaught of these haters and slanderers. I do hope that one day the law catches up to the internet's appeal for verbal attacks against others. Because when that day comes, I will come at these haters with the full force of the law and I promise you, I can afford all of my 10 lawyers. However, for now, whether people believe it or not, I am the one who goes home each day with more than what I started with each day from trading.
You should only impress no one else but yourself. Because in the end, you are the master of your own reality and no one else.
by Gavin M.
No doubt you may have already seen a countless tape bombs that have dropped today on Greece and the Eurogroup. Greece has decided to do a referendum instead of accepting the institutions' proposal. Once they announced this, the Eurogroup quickly rescinded their proposal and decided to carry on without Greece.
Because of the expected volatility into this weekend, we did our best to recommend being all cash to all of our clients. At the end of the day, of course, it boils down to them on what they think they should however, uncertainty breeds panic and that usually leads to volatile reactions to headlines. If you are currently in a subscription where they told you to keep buying into the hope of a deal, you might want to think about switching.
There are countless newsletters out there that offer to help investors and traders. If they did their job right, they would caution their clients into this weekend's events as it can be perceived either way. This truly would be the best course of action - to be in cash and keep your powder dry.
Already we are seeing a few forex brokers limiting access to the EUR trades tomorrow as they are unsure of how big the swings will be. We have all been here - the January carnage of CHF traders as the SNB abandoned the well-defended floor.
The best thing you can do as a trader in times of crisis is to be nimble and prudent. It does not mean you shouldn't make a lot of money - it should mean you properly strategize your entries and exits into these trades because you never know which central bank is going to be against you.
If you find yourself taken out cold on your EUR long by Monday, perhaps it is time to take a step back and maybe go back to basics. IF you don't have a good trading foundation, you are not going to survive the coming storm. Always remember, we are here if you need us. :)
Traders from Equity Sense will be writing on this blog on positions and other market-related things.