Wednesday, December 9, 2009

Euro—kind of a boring day

Not a lot of price movement, today. Euro has been trading in a rectangle since yesterday afternoon of 1.4668 to 1.4782, with most of that action confined to north of 1.4692. If you weren’t already in a trade, you could have been in and out today for small pips but that’s a hard way to make a living and not a lot of fun, either. I’m still short Euro from 1.4822.

The pair will likely drift down to the bottom of the range. There it will either show signs of a rally, break below, or stagnate. That’s so definitive, isn’t it? Alas, that’s honestly all there is to say for now and you can’t force a signal where one doesn’t exist. We’ll just have to wait and see.

Meanwhile, perusing some blogs and websites yesterday, I’m reminded yet again of how many ways there are out there for traders, especially new ones, to be separated from their money. Things such as “can’t fail” systems, automated signal providers, useless webinars, and on and on it goes. Remember the old saying? Those that can, do; those that can’t, teach. There are far too many “teachers” out there who want to charge for their products and services and who have no verifiable history of being able to make money in the market consistently. Don’t fall for this stuff. Everything you need to know is in books that are available for far less than the $99 to $9,999 price range and with blogs such as mine there is a lot of information available for free. Secrets of the ages or RSI, etc. It's all hooey.

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