| Thoughts on Trading |
| I never thought I'd put these words to paper -- but Donald Trump may be right. At least about how you should approach your work. In an interview in Entrepreneur magazine he said, "Part of being a winner is knowing when enough is enough. Sometimes you have to give up the fight and walk away, and move on to something that's more productive. 
JOIN TODAY! EVERY SUBSCRIPTION TO BKFOREX INCLUDES TRADING SIGNALS & TRADING EDUCATION "I've learned that there's a big difference between perseverance and stubbornness. Stubbornness involves me forcing things to work, while perseverance requires me to work consistently with what's already working. Some of the best decisions I've made involved saying 'no' to a potential partnership or pulling the plug on a product that wasn't working."
Trump's distinction between stubbornness and perseverance is actually very instructive for us traders. I think this difference manifests itself most clearly in the way we approach individual trades versus trading strategies.
How many times do we find ourselves in some stupid, unintended trade ( we were bored, we hit the wrong button, we jumped on the move too late etc.) only to stubbornly refuse to get out of it because it is bleeding pips? The natural human reaction is to wait, hoping for a retrace or better yet to double down as we try to pick the top/bottom and hope to average out to a better price. Since FX markets are generally range bound such stubbornness can sometimes pay off, but when markets go into parabolic trends the price of stubbornness is a blown account..
On the other hand, how many of us have perfectly respectable functioning trading systems that we abandon at the first sign of drawdown? Few of us have the perseverance to trade and refine the same idea for more than a month much less a year or a decade. Yet in the long run that's the only way to succeed. The irony of trading is that even if you daytrade like an monkey on Red Bull, to make real money you need to do it consistently -- day in and day out for many years. Just like any other job.
So, my thanks to the Donald for pointing out something very perceptive. We should be much less stubborn with individual trades and much more persevering with our trading strategies. Call it the Trump Way to Trading Success.  |
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