The dollar’s supremacy will not crumble overnight. These divergent elements, while inspiring, present challenges to the harmonious orchestration of a new currency. As they embark on this journey, we also have to acknowledge the differences in economic magnitude, structure, policy orientation, and strategic visions between these countries. The path forward is laden with challenges, such as a delicate choreography of design, governance, issuance, distribution, exchange rates, and global acceptance. However, fashioning a new currency is like sculpting a masterpiece. The potent Yuan has knitted stronger ties between Brazil, India, and China, while the New Development Bank (NDB) stands tall as a testament of their collective might-enabling BRICS to channel investments into robust infrastructure and sustainable dreams, all while dealing in their own currencies. Consider Russia and China begging to trade in their own currencies, or the flourishing partnerships fostering alternatives such as the Euro and Gold. Yet, BRICS nations have weathered the dollar’s storm-navigating sanctions, trade tensions, debt quandaries, and inflationary waves.Įndeavours to free their economies from the dollar’s grasp are well underway. It is a proposition with profound implications, wherein some BRICS members are aiming to offer an alternative to the dominant US Dollar, which holds the reins of international trade and finance with an iron grip-commanding 88% of global transactions and 58% of foreign exchange reserves. The 15th BRICS summit is set to unfold from August 22 to 24, 2023, with Sandton, South Africa’s iconic skyline, painting the backdrop.Īt the epicentre of this summit rests a notion that could potentially recalibrate the global financial paradigm: the inception of a unified BRICS currency. This annual convergence navigates a spectrum of vital concerns: trade, investment, innovation, development, and the orchestration of global governance. The BRICS summit serves as a gathering of strategic minds hailing from Brazil, Russia, India, China, and South Africa - a formidable union constituting nearly a quarter of global GDP and embracing 40% of the world’s populace. To DoOrDie's point about your strategy if your strategy is not good, then it's all noise.īRICS Summit’s Bold Gambit: The Drive Towards a New Currency Takes Centre Stage. That's a personal evaluation you must make about yourself. The issue is about how you perceive, process and act on the information. Price does exactly the same thing whether you are looking at a 10 minute chart or a 1 minute chart. What is "noise" to you, might be opportunity for someone else. If the price is moving very fast, and the speed somehow causes you take your focus away from what the trend is really doing, then it's "noise". So back to my point about how fast you can make a decision. To me, noise is something that is distracting, you can't make any sense out of it, and it's confusing. I'd like to make a distinction between "noise" and speed. You can get "hypnotized" by the price moves and stop paying attention to what you really need to focus on. What you might be experiencing on the shorter time frame, is loosing track of what is really going on with the trend by focusing to narrowly on what the price bar is doing in the short term. How fast are you able to make a decision and act on it? The faster you are able to make a decision and act, the shorter the time frame you can trade. Noise implies that something is not very useful and it can't be understood. I was trading a 5 min chart, but decided to try a 3, now Im thinking about a 10 Ive been trading 6E, 6A, CL, GC, and TF on a 3 min chart, and havent been doing well at all. Less noise w a 10 min chart= higher probability trades? and pros and cons of these 2 time frames? Will someone please explain the difference.
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