Gold Silver Reports – Happy Friday, everyone! Hope you’re all doing well as we begin to wrap up the trading week. I also hope the trading week so far has been a profitable one for you – though I’m sure most of our readers tend to be – but here’s a little something that Greg shared overnight to get you into the right mindset.
I’ve always emphasised on risk management being arguably the most important thing in trading. Learning the ability to survive in order to be able to make future trades is one of the most understated lessons that one can learn.
A lot of people tend to focus on the rewards but trading is just like constructing a building. Without the right foundations and QC (risk measures), it makes for a very unsound and unstable building in the long-term. Put that with the fact that you only focus on the facade (monetary rewards) instead of the nitty gritty (trading psychology, fundamentals, technical analysis) that makes up the building, the end product isn’t going to turn out well.
I’ve never heard of anyone who managed to “construct a successful building” and yet hate the profession they are in. You may dislike the people and the environment but if you love the job, you’ll find the right way to excel at it and you’ll love it for all the nitty gritty stuff.
And that’s what trading is about. First and foremost, we’re all here because we love markets. That aside, personally I love video games. I grew up playing them all the way till I was 22. And ever since, trading has been my fix for that because it is so much like a video game. The best part is that every single day the “gameplay” is different and the “meta” keeps changing. It’s just beautiful.
And just like any other thing you are passionate about, you strive to the best at it. And to be the best, you can’t just focus on how the building looks from the outside and its final form. You have to know what goes into constructing it and what makes it successful.
Okay, getting a bit side-tracked there. Anyway, here is what’s coming up in European trading:
0800 GMT – Eurozone June current account balance
Prior figures can be found here. A general indicator of flows in/out of the Eurozone economy, not a major data point by any means.
0900 GMT – Eurozone July final CPI figures
Preliminary figures can be found here. As these are final figures, I don’t expect them to produce much – if any – reaction in markets unless they skew widely from the initial estimates.
That’s all for the session ahead. I wish you all the best of days to come and as always, good luck with your trading!
