Wednesday, January 24, 2007

Driving while Distracted

In today's USA Today there is an article on distracted drivers. According to the article 80% of drivers admit to multitasking. 59% of these drivers do not consider themselves distracted drivers! Now I will be the first to admit that I am terrible at multitasking at work. I try but I fail miserable. But I can sure multitask behind the wheel. According to the article the top 10 things that are done by drivers (1200 people surveyed)are as follows:

1.Adjust radio station
2.Drink Beverage
3.Talk on Cellphone
4.Eat snack
5.Eat meal
7.Drive without shoes
8.Experience road rage
9.Listen to books on tape

Now these might seem like trival things but according to Bill Windor, Nationwide's associate vice president of safety 25-50% of all accidents are as of a direct result to self imposed distrctions while driving. "If you are going 65 miles per hour and your distracted even 3 seconds thats the equivilent to driving a whole football field. Now think about this when you are trading. For medium to longer term traders I do not think it is an issue, but for short term traders I think it can have a real effect on their results. Short term momentum traders need total focus to trade in the markets. Trying to take a few pips out of the markets is very hard work and a total commitment to concentrate is necessary. You need to "feel" a change in momuntum. Notice how a similar currency pair is reacting or be ready to react to current market news. Now I do not trade like this but I have seen very successful traders who have. I these types of markets I think it is sometimes better to take more smaller pieces out of the markets and less big pieces.

These are the FX Trading Ideas for today.

Good Luck and Good Forex Trading



Anonymous Rob said...

On number 3 I would suggest to those reckless driver to use the ericsson sony w600i walkman in that case, they will just have to use it’s equipped with a music player that supports MP3 and Apple’s AAC formats

5:45 AM  

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