A Traders Heart
Any trader that says he has never had a losing trade is a liar. Pure. Simple. End. Of. Story.
Especially for newer traders, with any loss comes that sinking feeling of failure. It’s personal and you flat out failed. Is it just the loss of money, or is there more to this equation?
Gold Went Lower Because Of My Long Position
There, I said it for you to ponder and deny. All those feelings and emotions that come welling up after a loss come from insecurity. From yesterday’s post, I mentioned “Clarity of Purpose”. Well champ, you don’t have it.
No matter what it was that got you to make the trade, your heart wasn’t in it. There was no “Clarity of Purpose” to the trade. Now that it is over, and the loss booked, you beat yourself up because you feel like a chump.
Because It’s Important To You
If you are going to trade, you need a plan; and no, watching CNBC and waiting for some pundit to make a recommendation is NOT a plan.
You need a change of heart. You need to believe in something and stick with it. The question always is and always will be, can you do it? Can you follow a plan and stick with it?
It took me a long time to develop “The Vegas BFSG Algorithm”. There were so many things I had to figure out. I started out with the broadest concepts and then worked lower from this hierarchy. I hit roadblock after roadblock and many times initially thought it was unsolvable.
There were thousands of hours of research and logic experiments followed by the inevitable “what if” questions that always are present. For months, I spent every waking moment off the trading floor putting the pieces together.
While the effort in putting the algorithm together was immense, the real effort came when I was finished and ready to trade it!
It took me 3 MONTHS looking at it every day to finally follow it. I would get a buy signal, and my guts were screaming, “BUY? Ohhhh boy, I don’t know about that! You see, my heart wasn’t in it. I didn’t really believe it.
Just Do It
When I let my pride go by the wayside and gave upTHINKING and CHANGED MY HEART TO JUST FOLLOW IT, MY LIFE CHANGED.
Change your heart and you change your financial future.
Today’s Action & Wrap Up
We came into today’s gold market action in “neutral mode”. Meaning we are sitting on our hands and doing nothing until we get a signal. And by looking at the overnight action in Asia and in Europe, it’s nothing but chop-chop with no real market activity anywhere. Now, how “smart” is the algo to keep you out of this?
With only a couple of hours to go for the day to initiate a new position, and the algo looking decidedly in neutral, we are taking no trades for the day and will await the next signal. So, $ 0.00 / oz. for the day.
Have a good day everyone.