Today I mention Kimi to promote her new album release project on Kickstarter, the world’s largest funding platform for creative projects. Click Here to find out about her promotion and all the groovy details regarding her breakout success so far!
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I have been working at Forex trading for more than two years now and have yet to turn the corner. However, each month brings renewed hope as success grows ever nearer – fewer mistakes, fewer losses, more patience, etc. As my life goes up and down I infrequently return to this blog and it becomes active again. It seems when things are going poorly I have little impetus to contribute to this site other than paying the monthly fee to maintain its hosting.
But one thing I’d like to do is share some great pearls of wisdom from a successful trader who has a knack for explaining the vagaries of this business perfectly. Boris Schlossberg has appeared on several trading news programs and offers weekly analysis and tutorials. I don’t necessarily use his flow system but have picked up on its nuances and recognize when in a live trade that a flow move is happening.
The reason I mention Boris relates to his weekly emails, which I find inspiring as they are among the few I’ve read that seem to perfectly encapsulate those lessons I have learned in this journey. So on occasion I’d like to share some of these passages from Boris. Below is this week’s message in it’s entirety. Good stuff:
]]>The harder I work, the luckier I get. Samuel Goldwyn
In a recent NY Times article Jim Collins and Morton Hensen (authors of Good to Great) argue that positive luck has little sustainable edge in business but negative luck can ruin even the best laid plans. They write, “There’s an interesting asymmetry between good and bad luck. A single stroke of good luck, no matter how big, cannot by itself make a great company. But a single stroke of extremely bad luck, or an extended sequence of bad-luck events that creates a catastrophic outcome, can terminate the quest.”
The article is peppered with many interesting examples including a harrowing story about the first day of operation for Southwest Airlines. “During the takeoff run, the right thrust-reverser deployed. Only the captain’s instantaneous reaction allowed him to recover control and make a tight turn for an emergency landing on one engine.” If the pilot wasn’t skilled and lucky Southwest may not exist today.
The history of human progress and civilization is essentially a never ending attempt to assiduously remove as much luck as possible from human affairs. From irrigation, to climate control, to micro surgery to wireless communication we use science to get absolute control over our lives.Yet when it comes to trading, control is illusory at best. No other profession is so vulnerable to luck because no other profession is so dependent on interpreting the vagaries of human behaviour.
Trading in the long run is all about value, but in the short run where most of us operate it is all about sentiment. And sentiment, as we very well know, can change on a dime. That’s why its critical as traders to never take luck to seriously and more importantly to always take your success with a grain of salt. After all if you were a chef, or a surgeon or a plumber your success would be 95% dependent on skill and 5% dependent on luck, but as trader those numbers are vastly different. I don’t think that its a stretch to say that amongst best traders in the world skill is only 50% of your success while luck makes up the rest. For novice traders those numbers are much worse – probably 90% luck and 10% skill.
Given that formula, it is easy to understand why trading can be so frustrating, but once you realize the role of luck it can be also very liberating. You stop endlessly blaming yourself for losses and more importantly you begin to accept the mercurial nature of the market. That in turn allows you to focus on your strategies and setups allowing you to constantly improve that mix of luck and skill.
Happy 4th of July weekend!
Have been out of pocket for a week or so here as I muddle through a rough patch on my trading account. Money is tight and my umpteenth time through the Atkins diet is not yielding the results it has in the past. In any case, looking for trading to improve and the weight loss, too, as I give the South Beach Diet a try (another version of a low carb diet).
In the meantime, enjoy this article from Tru TV detailing some of the myths, legends and outright lies of this, our most befuddled nation.
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OK, this is another 70s soul song I love and have listened to probably a hundred times in the last several weeks. So now we get to see if it sticks with you, too.
Download audio file (Bloodstone – Just Don’t Want to Be Lonely.mp3)
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I’d say hello but sound doesn’t carry as high as my ass is getting kicked. The last two weeks has seen a lot of choppy, muddy action in the currency markets. There has been very little volatility and momentum and that’s been playing havoc with my flag trading strategy.
There have been significant losses and I know now that in times of consolidation and indecision like these I have to sit on the sidelines quite a bit and wait for determined movement on the higher timeframe charts (ie, the Daily). At least I have stopped the bleeding and although I took losses last week and so far this week they have been very small and I am trying to be patient.
This strategy works and I shall see it through.
I dare anyone who call themselves Christian to watch this gripping and powerful clip. If you consider yourself at all intellectually honest, I dare you. I double dare you.
]]>Here’s the latest hit, Jack Sparrow, featuring Michael Bolton:
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