Don't throw that coffee cup at your screen, I'm only being honest. Do some people get rich trading?...Absolutely.
“3% annualised GDP”…… Is the expectation/hope/dream set out by the new US Treasury Secretary Steve Mnuchin this week, as he and his fellow ex-Goldman Sachs colleague and now White House chief economic advisor Gary Cohn, set out “the biggest tax reform in American history.” Tax cuts, set to slash corporate rates from 35% to […]
“7th May 2020”…… was to be the date of the UK’s next General Election, in line with the fixed-term Parliaments Act 2011. However, the British Prime Minister, Teresa May, called for an 8th June 2017 snap election this week and was backed by the two-thirds majority required from the 650 MPs in the House of […]
Just nine months after British Prime Minister David Cameron resigned, following his failed “gamble” on calling a referendum on EU membership, his successor Teresa May announced a snap election decision this week, to be held on the 8th June 2017, mercifully only 7 short-weeks from today and despite her denying any plans for an early […]
“Liquidity”…… is defined as a measure or extent to which a person or organisation has cash to meet immediate and short-term obligations, or assets that can be quickly converted to cash to do this. Put another way, it’s the life-blood of the markets without which they cease-up. There are numerous clues to assist in […]
In the late February overview, “¥en, a Desire to Watch Closely,” the message was “if ever there is a time to keep a very close eye on the ¥en, or more importantly the $US/¥ cross-rate, it’s now.” At the time the cross rate was 112.5 with four charts outlining the close correlation of the $US/¥ […]
“Rock On”…… is a song written by British singer/songwriter David Essex and recorded in 1973 shortly before a UK referendum took the nation into the European Union. In the week when “Article 50,” the process by which member states may withdraw from the EU, was triggered by the British Prime Minister, “Rock,” hit the news […]
Italy……the birthplace of the “Treaties of Rome,” which ushered in the European Economic Community, also labelled as the “Common Market,” is a fitting place for the great and the good of the now “European Bureaucratic Monster” to celebrate its 60th anniversary this weekend. Originally attended in Rome on the 25th March 1957 by representatives from […]
“Shock and horror” this week as UK CPI inflation breeched the Bank of England’s target rate of 2% pa, a target that the bank has hardly ever met over the past couple of decades, whilst across “the pond” the financial media talking heads are seeing the current 2.7% annualised rate for US CPI as a […]
Optimates……is defined as the “nobility or aristocracy” who held power back in the Roman Empire times, aka patrician politicians, whereas the “Populares” were the people or the people’s party who favoured the cause of the plebeians (plebs or commoners) and in particularly the urban poor. The latter were in effect an opposition party which has […]
Hogging has a variety of definitions, including ones of a nature that wouldn’t be included within this column, but “Hogging It,” as in “taking or keeping too much for yourself and not sharing” is ideal. Not sharing took on a whole new meaning of late within the hallowed halls of the “Bank of England,” the […]
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Don’t throw that coffee cup at your screen, I’m only being honest. Do some people get rich trading?…Absolutely. The internet is filled with talented pitch men that can hype anything from watching the stars to the latest and greatest make you rich on auto-pilot software program for your trading signals. (but the stars thing does work great with my wife) Well, here today on the World Wide Web I am going to reveal the Holy Grail of trading. The surprise is it won’t be found sold on the ‘net in fact it is not a trading system at all. It is (drum roll please) being honest with yourself. My goodness, that’s not very exciting after all the hype we’ve been fed by the guru’s.
The truth is there are many trading systems that work, but there are precious few people can be honest enough with themselves to pick a system correctly. Most people that want to trade start off by looking for that system that will beat the market. Now I know that some systems out perform others and by all means you should seek the best one. Where many struggling traders miss the boat is they don’t understand the best system is the one that matches your own personality. If one trader has good discipline he may not need a system that is very rigid. On other side of the discipline spectrum, a trader would need many rules to protect him. If either of these traders try to trade with other’s system they would probably fail. When you try to trade a system that does not align with your need for discipline as an individual you are destined to fight the very system your trading. The holy grail that many seek is the ability to correctly identify their strengths and weaknesses. This sounds simple but you would be surprised at how many people will disregard certain weaknesses that they do not want to admit to anyone, even themselves. If more traders would first be brutally honest with themselves and then design a system tailored to their own attributes we would have many more Rich traders.
Will you get rich trading? If you have the honesty to choose the correct system, and the discipline to follow that system it may be possible.