TECHNOLOGY - Over the past several years, we have seen an incredible technological revolution which has brought with it so many amazing things we use in our daily lives. Of course, with the good, comes the bad and we need to be mindful of the fact that just because we have these things at our fingertips doesn't mean we should be using them every second of the day. There is a discipline that needs to be assigned to all of these amazing things we now have, so that it can act as a filter that prevents us from losing sight of the real world around us. Of course, this is a trading blog and you may be wondering how all of this applies to trading? The answer is that it has everything to do with trading.
JUST BECAUSE - I have found that as amazing as it is that so many people now have access to trade financial markets in ways that were not available to them, this new world of the self directed trader is also a dangerous one. I think one of the biggest mistakes aspiring traders make in today's world, is getting sucked into the idea that just because they now have access to their trading accounts everywhere they go, they need to always be thinking about taking positions. It's true, the idea of trading from a cab on the go, from the airplane, from your friend's wedding or from the beach is a pretty glamorous idea. But it's also he type of idea that if acted upon excessively will likely result in you blowing up your account.
SNIPER - So yes. It's amazing that we can live our lives from anywhere we want and trade wherever we want. But at the same time, make sure you respect and cherish this fact. Treat it like a privilege and make sure you aren't taking advantage of that privilege. If you do this, then all of a sudden you put yourself in a very good position. But it's not an easy thing to do and you need to be mindful of the fact that just because you can pull up a trading app on your phone, doesn't mean you should be taking a trade. Many market makers would love for you to be taking positions all the time, but that isn't what you should be doing as a trader. Trade less. Pick your spots. And strike only when the shot is there for you to take.