Slow days make for great lessons & in light of our extrodanary busy week of news (FOMC, ECB & BOJ) we were able to have a good discussion on what to expect from the upcoming events & why.
Now when I say “what to expect” obviosuly I don’t mean what the markets “going to” do, because that we never know. Rather, we spent some time talking about what experienced traders were looking for in the news vs. what new traders were.
We’re taught to think a certain way in school, however the reality of trading is that the best traders are playing by a different set of rules. It’s not necessarily that newer traders, including myself way back when, are coming up with the wrong answer to the equation, rather we’re looking at an entirely different set of questions.
You can find a more detailed explanation of this in the video below.
Speaking of getting the right answers but looking at the wrong set of questions. That reminds me of my high school exit exams (called the SAT) where I almost failed horribly due to answering the english questions on the math answer sheet. Talk about almost a major mess up.
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