Sunday, January 31, 2010

I Love the Sound of Coping…

Skateboarders love the feel and sound of a grind on cement coping.  A focused grind is loud and proud, slightly on the edge and always controlled.  The trading world is not much different; one must be focused, confident and willing to take risks.  Success in both endeavors requires the credo of never give up.  A common mistake that we often make is to bail early on a trade or give up on our method.  Usually, stepping away to regroup before trying again solves a losing streak or a bailed trick.  It would seem that the technique is as mechanical as it is mental.  I’ve had the experience that having the mental edge breeds sustained success.

January has been a good month here at Grinder Trader.  I think it has been in large part due to success early in the month that bred focus and confidence.  My modest monthly goal of 200 pips for the month was both challenging and reachable.  Once I reached the goal, I placed a stop on the amount but continued trading.  At month end I doubled the goal ending the month + 405 pips.  Here the lesson was to go with the flow while the momentum continued.  It certainly helped that I was riding what seems like a change in direction for the EURUSD pair from a year ago.  The 200-day SMA was a magnet; we shall see how the level reacts overhead.

So ends the first month of then year.   The trick now is how I transfer to February with confidence in place, but with a clean slate for the month ahead.  Past results are no guarantee of future success they always say, yet success must breed sustained achievement.  The skater in me certainly knows the path to the next successful trick is paved by the success of earlier work. 

Lance Mountain knows how to make the transfer, check it out…


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