7/25/2010 Rant

Posted by FxEpic | Posted in Forum | Posted on 25-07-2010

0

WOW I knew it was awhile since my last Rant but I did not realize it has been 7 weeks! My how time flies. Tempus Fugit. What have I learned these many weeks past? I’ve been distilling an emotion that I have identified while I am in the Market. The simple shift in my mental approach from “Trading” to finding Opportunities has (simple tho it seems) focused my attention on the latter, finding opportunities (based on my DBRS signal) and more importantly, reducing my risk by trading less. Yes trading less. How did I come to this? It all came together SLWM. June 26 2010, 1:30 PM, Bahama Breeze on I-Drive, Orlando FL. What is SLWM you ask? Since Lunch With Mike. In the weeks leading up to our lunch visit I had identified an emotion that presented itself¬† whenever I was up for the week (as I look for 10%), especially when I am ahead way before Friday. I was aware of the emotion but only that it exist and not that I needed to do anything about it, or did I put a label on it. What happens is that this emotion rears its ugly head and….ok, I probably need to describe it here. Ok so I’m ahead of my target and I’m now feeling good, excited but now there is this gut feeling that I’m going to do something stupid….after all I’ve got pips to “Trade” right? Well lo and behold I do not disappoint… I’ll go right ahead and roll the dice ignore the fact that my trusted signal is not there fully or not at all…let’s just see what happens. What happens is that I start asking myself ¬†“Why did I do that”? After the fact everything is clear. Then I begin to defend the position to protect my integrity. And at the point that it becomes ridiculously obvious that I have now “Traded” my gains away I succumb. Now I have the hill to climb again. Mark Douglas talks about such a scenario in his books. What should I call this thing? I’ll call it my Mid-Week Crisis. So Mike and I discuss this Mid-Week Crisis situation and he opens the door to the possibility that I do not have to participate. Hu? Not participate? What a concept. You mean just not do anything? Since I’m ahead why not get waaaaayyyy, waaayyy ahead then? He offered having the experience of ending the week on a high when I have my (newly labeled) Mid-Week Crisis. Trade less, make More. Protect your Capital. Winning is a habit… just as Loosing is also a habit. This is what I have learned these past weeks: I can choose to win. Selah.