Think of foreign exchange trading in regards to likelihoods. Nothing in investing is ever a certainty. Sometimes, you will lose, even if you did all the right things. That does not suggest you made a bad trade, it just suggests that the likelihoods turned against you. Thinking in regards to likelihoods will help you concentrate on the truths of the situation.
William Blount, veteran trader and our daily voice of humor and wisdom in the Trading Room sent this chart mid-morning with a technical look at the S&P 500 (SPY:NYSEArca), leading up to the release of Non-farm Payroll on Friday. William has drawn several lines marking several points of interest, from the points of view of trend followers, Elliot Wave afficion...This chart shows all you need to know about the S&P this week
You can always stand out of a trade, you have that personal right. If you are uncertain about your position of a trade, it is most effectively to avoid of it. If you do not have adequate info to make an informed choice, it's better to sit out of the trade than to make dangerous uninformed decisions.
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