Lessons in Trading from Joe DiMaggio


Reporter: "Why did you play so hard?"

Joe DiMaggio: "Because there might have been somebody in the stands today who'd never seen me play before, and might never see me again."

FOUNDATION - Things have gone well for me on the trading side in recent years and after so much hard work and many many setbacks, it is that much more gratifying to see the reward on the other side. I have spent a lot of time over the years talking about how you need to 1) love your trades (not just like them) and 2) make sure you are able to sleep at night (if you can't sleep, reduce your size). These 2 rules have been at the core of my trading ideology and have had a lot to do with my success as a trader. These rules are simple but they also promote discipline, eliminate impulsive behavior and help me measure appropriate risk exposure. Over the past couple of days, I have been thinking more about my strategy and have realized something else.

OBLIGATION - Each day I get up and jump out of bed excited to scan the market and see what major developments are impacting price action and ultimately inviting new opportunities. Now....I am no professional athlete, but at the same time, I am up and at it each day, expecting to give it my best shot when I step onto this field that is financial markets. Of course, not only am I at it with the trading, but I am also committed to sharing my insights, thoughts and trading ideas with you. This is something that has been most helpful to my process as a trader, as it allows me to think more clearly and talk through my ideas. It also forces me to really think about what I'm doing as I also have an obligation to you which I do not take lightly.

PLAYING HARD - And so, when things are going well, I don't look at it as a chance to take an unnecessary risk or ease up on the brakes. I don't look to force anything just because it might be worth a shot. I take my job seriously and do my best to give it my maximum effort every day. Joe DiMaggio was one of the greatest baseball players of all time and equally respected as a professional. So looking back at his quote in the intro to this piece, I am inspired to do the same. JKonFX has been growing at quite the pace and this growth has been an amazing thing to see. I don't take this for granted! I want to give each new member the same dedicated analysis, strategy insight and trades that I have been putting out over the past several years. So if you're already a member, know that I will continue to give it my best. And if you're thinking about joining up, know that I recognize you have never seen me play before and will give it my everything.

Sometimes #inspiration comes from the most unlikely of places. Via @joelkruger

STRATEGY - Plenty of data out in the US today and we could see volatility ahead of the Fed. I'm keeping my eye on USDJPY, stocks and GOLD.

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