Currencies:
The USD has continued to range, being in a consolidation for the last 4 weeks now. We are leaning towards more dollar strength right now due to some lower timeframe price action. However, this won’t be confirmed until the higher timeframe also breaks out.
Upcoming fundamental releases we have are:
Wednesday 9th June
- CAD, BoC Rate Statement
- CAD, BoC Interest Rate Decision
Thursday 10th June
- EUR, ECB Interest Rate Decision
- EUR, ECB Deposit Rate Decision
- USD, Consumer Price Index ex Food & Energy
- EUR, ECB Monetary Policy Statement and Press Conference
Friday 11th June
- EUR, G7 Meeting
- USD, Michigan Consumer Sentiment Index (Jun)
Make sure you pay attention to the @bsappsfxltd Instagram page, as this will provide you with the upcoming fundamental releases at the beginning of the week as well as other valuable information and insights!
Traders Tips: ‘How You Do Something Is How You Do Everything’
This saying has been etched into my head over the last few months as it is something Ben (the founder of BSAPPSFX and my mentor) says to me often. At first I was a little dismissive of it, just thinking it’s just one of those phrases that sounds cool – but there really is more to it than that. As I have moved forward in my own life over the recent months; I am seeing how powerful this saying really is.
Let’s start with a couple of qualities a trader should have: Confidence and Self-discipline.
Everyone is always very focused on their own trading, figuring out ways they can grow their confidence or self-discipline solely within trading – but the way you really tackle this problem isn’t just by focusing on your trading. If you can become confident in other areas of your life, through things such as transforming your body at the gym or improving your own intellect etc, then this confidence would trickle down into your trading and thus improve it greatly.
For myself, self-confidence was the quality I struggled with the most. This was greatly reflected within my trading, where I would have no conviction in my trades and would cut them short all the time. Or even if I won a trade or passed a funding challenge, I would put this up solely to luck. This has been the greatest thing I have worked on over the last 2 years – pushing myself into uncomfortable situations outside of my comfort zone and nowadays I am able to have complete conviction in the trades I take.
The same can be said for self-discipline – If you aren’t disciplined with the little things in life then how could you ever be disciplined in your own trading?
I do think with all this, allowances need to be made. At the end of the day, we are all human – and a bad day or bad week does not reflect who we are. But don’t use this as an excuse to consistently not do what is necessary in other areas of your life. It is a fine line and so you must be careful with this.
So, the next time you don’t want to do them things you know you should do – say to yourself ‘How You Do Something Is How You Do Everything’… because even the small things you choose to do or not to do shows what character you really are and will ultimately reflect in your trading.