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The very name of the subheading above is a massive clue. You see, most people lack patience. For those who commute to work and are forced to sit in rush hour traffic, you know this all too well. Look around at how many drivers nearly rear-end the car in front of them just to get a few feet closer to home. And yet, their turn toward home is always the same and driving closer to the car in front of them never speeds up the process.
Trading is much the same. Why do you do it? Not many. Is that a mere coincidence or something more? So how do you develop patience? The journey never ends, even once you achieve consistent profits. Rather, it takes most individuals years, not weeks or months, to become successful in this industry. Trading is a career choice just as others choose the medical or law professions.
Both of those paths require years of education and experience before the individual can be considered successful at their chosen career. Why should trading Forex be any different? For those who embrace the journey and understand the effort and time required, the results are well worth the wait.
But what effect would it have on your trading? It may even put you right in the middle of the pack. Otherwise, why spend any time or effort on developing patience as a trader? At the top of that list is patience. Plan your trades ahead of time When the market opens each Monday, do you have a plan?
The only way to utilize patience as part of your trading edge is to plan your trades ahead of time. Having a plan is enough, regardless of how the market decides to behave that week. As for what information you should capture, there is no one-size-fits-all answer. It depends on your style and preferences. Personally, I keep notes inside of the same online trading journal I provide to new Daily Price Action members. You can be as detailed or brief as you like. However, I would recommend that you keep track of the currency pair, any key levels of interest as well as any potential opportunities that may develop.
Above all, keep it simple. Track only what you need and keep any pending opportunities to a minimum. Remember, the quality is more important than the quantity. Why should that even matter? Those who attempt to profit or even focus on making money before understanding the process are destined to struggle—and perhaps even fail. For those who are chasing quick money, the Forex market is the quickest way to the poorhouse.
On the other hand, for those who understand and accept the process and are willing to put in the time, the Forex market can eventually be a stream of income. It gets into the one factor that you cannot control, yet can prevent you from becoming a successful Forex trader. In practice, ITF is implemented using a policy rate as a signal of monetary policy and the interbank rate as the operational target.
The Inflation Targeting Framework was formally adopted by Bank Indonesia on 1st July , replacing base money as the target of monetary policy. Flexible ITF was developed around the core elements of the existing Inflation Targeting Framework ITF , including a publicly announced inflation target and forward-looking monetary policy, namely monetary policy oriented towards achieving the inflation target in future periods due to the time lag effect of monetary policy.
Public accountability of monetary policy remains an inherent element of Flexible ITF. Flexible ITF was developed based on the following five core elements: Inflation targeting as the fundamental strategy of monetary policy. Integration of monetary and macroprudential policies to strengthen policy transmission and maintain macroeconomic stability.
The role of exchange rate and capital flow policies to support macroeconomic stability. Strengthening policy coordination between Bank Indonesia and the Government to control inflation as well as maintain monetary and financial system stability. Strengthening the policy communication strategy as a policy instrument. Why Flexible ITF? The Global Financial Crisis that occurred in forced central banks to rescue the economy and maintain financial system stability.
Furthermore, policies that focused solely on ITF implementation were no longer considered sufficient due to the narrow monetary policy mandate of maintaining inflation in line with the target corridor, which was insufficient to maintain overall economic system stability. The role of the financial system in the economy is increasing, with the impact of financial system instability becoming more significant. Such conditions raised awareness of the critical central bank function to maintain financial system stability.
Consequently, ITF implementation to maintain price stability was necessary but not sufficient. After the Global Financial Crisis, however, growing demand emerged for central banks to strengthen financial system stability in order to ensure macroeconomic and financial sector stability. To that end, successful ITF implementation required support of a macroprudential regulatory framework. The embodiment of Flexible ITF is the flexibility to integrate monetary and financial system stability through a policy mix of monetary, macroprudential, exchange rate and capital flow instruments, while strengthening the institutional arrangements in order to optimise the role of policy coordination and communication.
In accordance with the inflation targeting strategy, Bank Indonesia announces the inflation target for a specific future period. Bank Indonesia regularly evaluates whether the inflation projections remain in line with the target corridor set.
The projections are based on several models and the various information available that depict inflation conditions moving forward as the basis for the monetary policies instituted. This is due to the implications of the time lag effect of monetary policy, with the monetary policy target thus based on future inflation projections. Efforts to achieve the target are implemented through a policy mix response based on transparency and accountability.
Furthermore, Bank Indonesia also routinely publishes assessments of the latest inflation conditions and outlook moving forward, the decisions taken as well as future policy direction to maintain inflation in line with the target forward guidance.
This is not only done under the auspices of transparency, yet also an important aspect of strengthening Bank Indonesia credibility to ensure policy effectiveness. To strengthen the effectiveness of monetary policy transmission, Bank Indonesia set the BI 7-Day Reverse Repo Rate as the policy rate on 19th August , representing the monetary policy response signal in terms of controlling inflation in line with the target corridor. Previously, Bank Indonesia had used the BI Rate as the reference rate, equivalent to a month interest rate in the term structure of monetary operations.
Through the BI7DRR, however, the tenor of the monetary instrument was shortened to 7 days, which is expected to accelerate monetary policy transmission and steer inflation towards the target corridor. There were three main objectives of monetary policy reformulation. First, strengthening the signal of monetary policy direction. Second, strengthening monetary policy transmission effectiveness through its impact on interest rate movements in the money market and banking industry.
Third, accelerating financial market deepening, particularly in terms of transactions and formation of the interest rate structure in the interbank money market for tenors of months. In practice, monetary policy reformulation upholds four salient principles. First, reformulation does not change the monetary policy framework as Bank Indonesia continues to apply flexible ITF. Second, reformulation does not change the current monetary policy stance.
Third, reformulation ensures the policy rate is reflected in monetary instruments and is transactable with Bank Indonesia. Fourth, determination of the operational target based on various considerations can be influenced by the policy rate. Consistent with the second principle, reformulation does not change the current monetary policy stance because both the BI Rate and BI7DRR are part of the same term structure with regards to guiding inflation towards the respective target.
The implementation of Flexible ITF also aims to achieve financial system stability. To that end, Flexible ITF implementation is supported by the application of macroprudential policy. Macroprudential policy focuses on the interactions between financial institutions, markets, infrastructures and the broader economy, including measurement of future potential risk.
Such policy aims to prevent systemic risk that could trigger a financial system crisis due to macroeconomic conditions. An in-depth explanation of macroprudential policy is available at the following link: Link ke kebijakan makroprudensial. Flexible ITF implementation is also supported by exchange rate policy. Bank Indonesia institutes exchange rate policy in order to manage rupiah exchange rates in line with the currency's fundamental value and market mechanisms.
Furthermore, exchange rate policy aims to reduce shocks that emerge from a demand and supply mismatch in the foreign exchange market through selling intervention in the spot market, Domestic Non-Deliverable Forwards DNDF market an FX futures market as well as through purchases of tradeable government securities SBN in the secondary market. This strategy simultaneously maintains exchange rate stability an adequate rupiah liquidity. The various aforementioned policies are strengthened through policy coordination with the Government, particularly on the supply side.
Government policy is predominantly oriented towards maintaining affordable prices, uninterrupted supply and distribution as well as effective communication in order to stabilise food prices and control inflation. In addition, policy coordination also reinforces financial system stability. Monetary Policy Transmission The overriding objective of monetary policy is to create and maintain rupiah stability, as reflected by low and stable inflation.
To that end, Bank Indonesia sets the BI 7-Day Reverse Repo Rate as the main policy instrument that influences economic activity, with inflation as the ultimate goal. The process of setting the BI7DRR to achieving the inflation target is transmitted through various channels with a time lag.
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