Trading and Basketball

A DIFFERENT PLAY - It's getting close to buying time again for the Pound. We're now getting down to about 3% lower than where the last position was exited, and as per my commentary, we're into a different zone here that once again has me feeling comfortable taking that next shot. One of the things I spend a lot of time talking about when I get into strategy, is the fact that it's very important to know how separate after a loss. It's important to be able to take a step back, and it's important to make sure that when you're ready to get back in again, it's a completely different trade. If you don't do this, you run the risk of fooling yourself into taking the exact same position you were just in, a position that had a lot of negative energy around it. But if you do step back and get yourself back to a place where the sting is no longer there and you're thinking clearly, you'll know that the next decision is the right decision. I'm not going to pull the trigger just yet, but stand by for the order.

cartoon aug 16

THE ANALOGY - I suppose with that said, there's another important idea I'd like to share and I can think of no better time than right now to share it. When I was younger, I played basketball. I was not too bad of a player and I happened to have a pretty good shot. I could come down the court and launch up a shot from far out, already knowing that when the ball left my hand, it was going to drop through the hoop. But there were also times when I felt good, was making the right decisions and believed it would go down when I let the ball fly.....and yet, the ball just wasn't going through the hoop. So what was the right thing to do in those situations? Should I have stopped shooting, even though it still felt right and I believed I was making the right decisions?

You will never be able to truly appreciate your profits if you can't figure out how to manage through a loss.

KEEP SHOOTING - Luckily, I had a wonderful coach who understood that your shot isn't always going to go down. But he believed that as long as the decision making was right, I felt good and wasn't forcing anything, I needed to stay true to myself and keep shooting that shot. The point here is that just because I've struggled with some recent trades, doesn't mean I'd have done it any differently and certainly doesn't mean I should stop shooting. I believe in myself and what I'm doing and have the confidence that over time the shot will be there. That's all that matters. The bottom line here is this - If you see it and love it and the shot is there to take, don't hesitate. Don't worry about what happens when the ball leaves your hands. Just let it fly and forget about the rest of it. None of that is in our control anyway. So maybe try to redefine where exactly the reward is. I think the real reward just might be in the process itself. If you can think like that, you'll find things will start working out for you a whole lot more.

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