I feel compelled to write this, as I realize the extent of the total effects of this training. Many of these posts here reflect the new-found success in their trading, perhaps after a lot of experience trading equities, or FX under a different (and less successful) paradigm, so I won't repeat them, save to say they work. When I stray from 4x1, I'm generally less successful.
While my trading is moderately successful, and continues to develop, I am observing more tangential but no less important effects in my personal journey.
I am an engineer by training (and by trade for a lot of years). That mindset, as some of you probably know, is one of certainty, logic, predictability. What I am learning from this environment, and Dirks tutelage, are lessons that are applicable beyond forex, and good for living. They are hard lessons for me:
Number 1: Patience. When I enter a trade, I want it to be successful NOW. Well, the world doesnt work that way, and it might take days or even weeks before it turns out the way you expect it. if you bail early, take a loss, you lose. If you can wait, like a stray dog, the trade comes back. I have seen it many times now, and am becoming a believer. And, I am becoming more patient in real life becaue if it, surprisingly enough.
Number 2: Predictability. I can research the heck out of a country's economy, and predict the direction of movement. Reality is a harsh teacher! as they say, the market can stay irrational longer than you can stay solvent. Needless to say, the disappointment of "irrational" moves is quite deep, impugning as it does my analytical abilities. And yet, I also see irrationality in everyday life, and the quicker I make peace with it, the happier I will be.
Number 3: What if. As in trading, so in real life. Sometimes you see an opportunity, sometimes you dont. Hindsight is not just 20/20, but painful as it makes you feel stupid. Taking profits too early, not listening to those nagging intuitive thoughts.
Number 4: Humbleness. Sometimes (especially after a huge trade), I feel invincible. It might take but the next trade to knock me down to my proper station.
Thats enough- the point being that I am finding trading to be a microcosm of real life- the same lessons to be learned. And once learned perhaps in the crucible of trading, thence applicable in real life. So- you can profit in more ways than pips, learning to trade effectively. You grow personally. Thx, Dirk.
Also something along the lines of not being greedy or jealous - Always set reasonable limit orders - Do not even entertain feelings of missing out, (especially when consnidering new postions)
I do not quite know how to say the next one, but it is something like... Seeing every situation for what it is and not what you want it to be. But a better way to say it would be ...... Not having any problems with yourself.
Then the thing that used to get me the most, (but it is getting easier now with more experience), is ..... Not knowing what the future holds but just doing your best.
A lot like sport too.
FYI ........... I hope everybody did really well this last week, (i haven't seen what the DOW did on friday but the USD got f*****, there was also some nice GBP trading over the BoE).
I like your Number 4 Paul .......... I'll have to remember that come Sunday night.
Best of luck for next week everyone.
Simon
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Life's a lottery, be lucky ! / "Nuke the site from orbit, its the only way to be sure" Ripley .......... and, shoot from the hip
