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One Great Trade
Here's something to think about...
I just entered a position trade that has a 2% risk and a 7.68% target and will take probably around 3 weeks to get there. I then sat back and realized that if this trade works out over the coming month then it alone would obliterate my usual ditch digging efforts; the day-in day-out intraday trading... Combine this with the fact that just before the beginning of May I made a trade on the ASX buying one stock (using my current level of skill on the technical analysis front) and this trade is now up 8% and still looking good. Compare this to the fact that during the same period I worked my ass off intraday trading forex and achieved 5%... And this morning I was reading Way of the Turtle, and he claims that a common illusion amateur traders have is that by doing more trading they can achieve more than a longer term trader. If you wait for one golden setup on a higher time frame you can potentially beat a trader who does a hundred trades during the same period, churning his account. This also requires one to have patience and avoid the other amateur trader issue - the NEED to trade. Think about these two things: The illusion that more trades will equal better performance. The need to trade (which I think comes from the emotional feeling that you are progressing, going somewhere - where as conversely sitting on the sidelines gives one a feeling of going nowhere). This month certainly proved the case for the above. |
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