The Secret of Successful Trading

"Successful traders have a larger edge and better money management than unsuccessful traders. Unlike popular belief however, this study shows that the smaller edge of successful traders is not the cause of their failure. Traders' failures can be explained almost exclusively by their poor money management practices."

"The Secrets of Successful Trading", Fernando Diaz

Friday, March 5, 2010

1.3700 continues to put some pressure on the rally in EU


ADP came and when and with the austerity bailout plan for Greece approved, investors still sees EURO's sovereign debt problem is far from over. Yesterday rally was capped at 1.3735 with 4hourly chart close below 1.3700 for a few sessions, price did not even rallied back to retest the high at 1.3735 today before turning lower back towards the 1.3550 region. Just moments ago, Deutsche Bank was downgraded 2 nothes from AA1 to AA3 rating and this had sent EUR/USD lower to retest the 1.3550 region. the pair now trades at 1.3580. On the whole, the pressure is still on for EUR/USD and i expect rallies will be capped.
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