So what does it take to find financial rewards in your trading career? I guess the answer comes from many facets of the adventure and may rely upon the approach in determining the levels of achievement, or better yet the bowling ball bumpers along the way. That tends to be the thought that I picture frequently enough that it has evolved into a fair description of the trading experience.
I picture a really wide bowling lane that narrows to the pins as it approaches them. Initially the first third of it has no bumpers and this is where retail traders find an abundance of errors. Some quit trading entirely here while more persistent personalities continue.
As the approach gets closer to the pins, a third of the way down we find bumpers guiding the ball closer to their objective. It’s the initial influence of persistence that helps the intermediate level trader achieve this perspective on the markets. It is this mid section that creates the plateau of success. But this is also where those who become professionals relentlessly continue and others fall to the wayside.
If the determination is strong enough the difficulty fades in the final attack on the profits of pins as the bumpers are removed. The lane has constantly narrowed but the problem here is that there’s still the need to be effective and strike while profits are in sight. Eventually the financial rewards of persistence and perseverance pay off and routine profits are relatively easy.
But how do we eliminate the final roll to consistency? I don’t mean average levels of consistency but real consistency at 80, 90 or 95%? I can only say, as many times I have enjoyed those days, the only thing resembling an answer to the puzzle is the number of times I have dissected and discarded analysis on the charts as worthless.
It’s not the charts that cause the movement. It’s all in the values of the underlying national currencies! The last trade of the day Thursday this week was done without the candles being visible. This is because I know how exchange rates move and the candles are in fact taking your attention away from proper analysis.