Monday, January 10, 2011

Nothing to add…

It’s been quite a while, since I posted an article. The reason is very simple:

I’ve said, what I have to say.

And you can find my trade rules here: http://globetrader.blogspot.com/2008/03/trade-rules.html

There is nothing new, spectacular, which gives me instant access to these riches mentioned in all the emails I receive daily.

Looking through all the articles I’ve written, I ask myself one question:

Why am I no millionaire?

I know what to do, I have a system, I can trade … really?

The answer, why I’m no millionaire (yet), is quite simple and is actually the only argument I remembered from a trading book I recently read.

Why can you find more than 36,000 entries on weight loss at amazon,

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when there is a very simple, always working method to lose weight (if you are overweight, of course):

  • eat less
  • do sports

36,000 books teaching you this simple concept!

 

Discipline .. traders have no discipline to follow some very simple rules

  • Have a system, which tells you what to do at any time (I got that one some time ago)
  • Take your stop loss or target, if hit (I struggle with that one from time to time, with disastrous consequences)
  • Stop, when you have made your daily, weekly or monthly goal (I failed that one completely)

I have started a daily workout in November (6 days on average with one rest day), I eat healthier and … surprise .. I’ve lost weight.

It’s slow going, it’s sometimes hard to motivate myself, but I feel better and already miss it, when I can’t do it … (I’m no gym guy, I like to exercise at home, when it fit’s in my daily routine. I got myself some Gilad DVD’s, as I like that Hawaiian background, when it’s freezing outside.)

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I have adapted that same routine to my trading now. 

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  • I have a weekly goal, which I can make with 3 winning days
  • I have a daily goal, which I can make with one or two winning trades.
  • I know the market I trade, as I trade just one instrument.
  • I stop trading after two losing trades.
  • I stop trading after two winning trades. Actually most days I do just one trade.
  • I’m usually done with trading 30 minutes after the open.

Why?

It’s my system. It works, so why mess with it.

And of course

… Discipline

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