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Tackle Today: Dying of boredom 😩

March 6, 2019

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≈ I’ll die of boredom if I keep reading the news. ≈

Having a Coach like Keith “The Don” King among us is a blessing. He is like that experienced Doctor—with God knows how many years in this business— that always has this precise, meticulous and surgical diagnosis about almost anything in this market.

He can even help us diagnosing ourselves.

You just sit to read one of his pocket pearls of wisdom in the Forex Report and the diagnosis appears quite spontaneously:

“The biggest problem with a discussion of the fundamentals of the world’s currencies is that you may be listening to currency analysts. Through my 21-year career as a floor trader, […] I was frequently amazed by the questionable prognostications of financial market analysts in general, and currency analysts in particular. Adding to my consternation, was my observation that financial markets generally react to news in an illogical fashion.”

My problem is boredom.

Not only reading the market analysts is pure masochism, but also if I try to manage my trades and my portfolio following their opinions, it’s over. They provide us with the wrong map. It’s better not having one in this case.

Opening any newsletter sitting inside in my inbox is an exercise of resistance. I try not to sleep reading them. More or less this is the default order of the news snippets:

• U.S. vs. China + Opinion
• Theresa May vs. Brexit + Opinion
• Some problem with a certain country (roll the dice) + Opinion
• Some economic reports coming out + Opinion
• Markets up/Markets down + Opinion

I miss last year. I really do. I want Elon and Trump back on Twitter. Release them, let them tweet or I’ll die of boredom.

Chart of the Day

Gold Futures

Gold Futures

“Adding to my consternation, was my observation that financial markets generally react to news in an illogical fashion.”

Last Friday we had the weekly Scouting Reports meeting and Gold was a the center of a long discussion. What happened with the bullish run? Resistance? Dollar strength? Trend reversal? Healthy profit taking? Short-term sell signal? Long-term buying opportunity? Bottom of a channel? Falling knife? Fed? Global economic growth? The Kardashians?

Whatever the case is, traders always have a built-in edge: they trade what they see.

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