1/ Why am I going back to covering my face indoors despite the fact that I am fully vaxxed?
The delta variant is starting to really wreak havoc almost everywhere and is sure to get worse.
2/ Yea yea I know the chance of dying from COVID is basically 1%, so even if you get it you have a 99% chance of surviving it. This is a gross oversimplification and the odds are actually a bit worse, but I’ll give you this argument.
3/ I’ll also ignore long COVID which affects about 10-15% of the infected population and is a fate you wouldn’t want to wish on your worst enemy.
So let’s assume we have a 99% chance of survival even if infected. No biggie right?
4/ Ok let’s consider another activity where we also have no control over our fate once we do it - air travel. Sure some people are afraid of flying but most of us are totally fine with it.
5/ That’s because the chances of death from an air crash that is not terror related are so infinitesimally small that we don’t even think about it. About 1 in 11 million. That's not even a basis point of a basis point.
But suppose you flew Air Covid?
6/ Did you know that an average person flies 6.5 per year? If you are a road warrior you certainly fly 10 times per year or more. That means that after a decade of flying on Air Covid you are GUARANTEED to die. That sucks.
7/ That is a much bigger risk than driving a car, slipping in a shower or getting assaulted by a mugger that so many of you worry about.
8/ I spend all my days playing around with risk and I can tell you categorically that as a species we are horrible at assessing our true dangers. So hopefully this slaps of dose of reality into some of you who think this sh-t is no biggie.
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Everything in life is conditional. Even love. If you don’t believe me, just ask a divorced person and you will quickly realize that love like everything else depends on context.
2/ Don’t marry your position is an expression used often in trading and it carries more truth than you know as it points to the fact that the relationships we develop with our trades can sometimes be more binding than our relationships with people.
3/ Understanding the conditionality paradigm does not make you a cold heartless human being, it just makes you a better trader. I am in no way arguing that you should treat people around you in a purely calculating, transactional manner.
1/ This month Welles Wilder, a titan of technical analysis, passed away. He was the inventor of RSI, Parabolic SAR and Average Directional Index.
2/ There is no trader alive that has ever pulled up a chart and threw a few indicators on it that has not used Mr. Wilder’s inventions at one time in their life. bit.ly/wilderrip
3/ Mr. Wilder was a trained mechanical engineer and he brought the mathematical discipline of that profession to the field of price analysis and for that the trading community will forever be grateful. bit.ly/wilderrip
Three simple reasons why you should always use a robot to Day Trade
I am bored - let me try this random entry
You are sitting around staring at the screen for a good hour or so and the market is doing absolutely nothing.
You’ve read the twitter feeds, caught up on the news from your CNBC/BBG stream, and are now basically twiddling your thumbs. You are bored and eager to start.
Suddenly the price action comes alive and whatever you are trading - EURUSD, Dow, Gold starts to rise in price.
The candle looks good - it’s breaking out! Ok, time to rumble, let get long baby!
Does this stupidity describe your everyday life? It sure describes mine.
Weekly Technicals
Dec. 16 - 20, 2019
EURUSD shooting star at 1.1200 suggests the top holds
Weekly Technicals
Dec. 16 - 20, 2019
GBPUSD 1.3500 rejected but uptrend still in place. Buy the dip until 1.3200 if that breaks the long bias no longer holds
Weekly Technicals
Dec. 16 - 20, 2019
USDJPY Still can't get through 109.50 The 109.50-108.50 range still holds
Dec. 2-6, 2019
EURUSD - no major data
Legarde speech on Monday
1.1000 holds for now but US data drives flows
Dec. 2-6, 2019
GBPUSD - UK Services PMI and polling drives trade
The election now Johnson's to lose
1.3000 still acting a big resistance
Dec. 2-6, 2019
USDJPY - both ISMs and NFPs on deck
Market looking for confirmation that we turned the corner on ISMs - if we get upside reads 110.00 comes into play