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TO CONQUER WITHOUT RISK IS TO TRIUMPH WITHOUT GLORY Pierre Corneille: "El Cid" Pressure for short-term results instead of long-term progress implies ignoring the big picture and missing out on the likelihood of ultimate success. "Liquidity Black Holes"*) are undermining the trading fabric: stop-loss orders are suddenly being filled 50 or 100 points away from the presumed price. No system modeling can account for such occurrences because they are completely random. They are the result of manipulative moves by the Bank of Japan which tilt the playing field for an unexpected split second. The motivations of central banks are not guided by profit but rather by political and power motives, economic opportunism and competitive devaluation. They are violating the pure principles of market mechanics. Therefore conventional wisdom has it that central bank activities provide profit opportunities for the astute trader. *) a term coined by Prof. Avinash PERSAUD |
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