Over my years of currency research, strategy and trading, I have met some great people and have had a great ride. I feel privileged to have found a career in the markets. It isn't easy and an unfortunate fact is that most people fail, mainly through greed and lack of experience. It can be tough to know when to stop trading and take a back seat. You will have noticed over the past couple of months (especially throughout August), I've taken a bit of a back seat.
I had one member email me and say - "Joel, why didn't you trade this. It went up by 500 points and you didn't make a recommendation?" Hindsight is a powerful motivator and new traders often believe they could have predicted the outcome with full certainty. If you can predict that, I'm sure you will be a billionaire in no time.
You're not a machine - Try not to act like one
It’s highly doubtful (in fact impossible) that you'll be able to capture every single possible combination of trades. If you want to look into how probabilistic that is, check out how computers use search knowledge to play Chess. Chess has 10120 possible combinations of play. That is 10 with 120 zero's after it (one trillion has 12 zeros)! The average humans can search up to three moves ahead, whilst the famous chess computer Deep Blue can evaluate up to 200 million potential moves in one second. The point I'm making here is, just keep it simple. Why over complicate your trading, thinking you can capture every possible trade?
Love Your Trades and Nurture them
From my perspective, the quality of the trade is more important than the quantity. I want to make sure I love all the trades I take. It helps me sleep better at night. Sure, I might miss some that someone else *might* have taken in hindsight, but that's perfectly fine. There's plenty to go around.
Another example - Warren Buffet decided not to invest in technology companies back during the dot-com boom. Did he miss out on opportunities? He sure did. But he is still considered to be one of the greatest investors of our time.
My Trading Advice To You
I have taken the time to put together my objectives and thoughts on what makes a good trader. I want to share these thoughts with you so that you can understand why trading is about the longer term goal of being consistently profitable and not burning out.
Important Note: You will need to be a JKonFX PRO member to view the ebook, so make sure you get your JKonFX membership if you haven't got one already.
Download: 19 Rules Every Trader Needs To Learn
Best of luck with your trades and feel free to reach out to me if you have any feedback or questions.