USD

more strong us data just out..gold pulling back off pos+us recovery..fomc out soon today:)..hopefully same reaction as dec minutes:)gl:)

interesting this morning cnbc talkn about how 1st mth of pos+ trading dictates the othere 11mths.85% of the time it proves correct,dow was up 123pts but now failing back ..with 45min remaining how will we finish...@ the moment gold copper oil all trading lower an do +90pts s&p much lower an to be fair i only mentioned that i closed out my position to see if it would reverse an as i mentioned it it pulled back lol ohh the mental games we play with our selfs lol..still short pl now having said that im sure we start to trend lower but i did close out all blocks @ break even an ive decided to use break even stops:) fomc this week will be interesting in reaction to statement an bens tone..gl guys get short daveo &forextrader i need ur backing on this trade :(

http://www.bloomberg.com/video/65339478/

Nouriel Roubini. Good update vid from great master.

Yes Elder is seen by some as a stodgy ole boy but you really couldn't do any better than to absorb and implement his money management disciplines. His methodology for trading stocks is very basic indeed imo but I use his MM 5% and 2% rules at all times in my trading. This is a discipline which will protect you from the most drastic unforeseens which many traders ignore until its too late, it happened.

For trading psychology I particularly like Bill Williams early edition of "Trading Chaos". The later edition was JV with his daughter and also worth a read for methodologies. Also his "New Trading Dimensions". All are Wiley I think. Guys should also read up on "market profile", enough to gain a basic understanding of how ALL markets work (inc forex) You don't have to become an MP purist but you do need to understand what causes market fluctuations and the climax just prior to breakout. You can almost liken it to sex, markets reflect human behaviour and emotions. A thorough understanding has great value in reducing the frustrations. Trading is probably the most difficult occupation we could choose to pursue :-) easier and more predictable to become a brain surgeon.

One problem I often see is traders who are encumbered by their own intelligence. Its mostly about discipline rather than intelligence.

another hard part to being a newbie is building our confindence up im in no way a cockey person .i really try hard to dissect every angle to my trade b4 i enter it, just not with the audusd.lol.an then to have it go against me crushes the confindence then the emotion kicks in then i really find it harder to get away from it cause i feel i have covered all my bases but i guess i have to accept that im gonna be wrong an i need to embrace that part of trading an putting my emotion in check:(.looking forward to learning how to apply stops-trailing stops an gettn more tech with the charts in 2011..i think tech trading would really help me get away from fund trading&emotions...thanks:)