One hit wonder or the Stamina to over-run the course?

Honestly, I have seen them come and go. The seasons have rolled by in endless song; a new Spring follows close at heel with every Winter's close. But the stars that once shone so brightly are no more; like scattered leaves before Winter's choppy hand, in time, death does take it's toll; only that some seem to fade away rather faster than others whilst a few just mellow and plod on.

Show me a trader that can truly say that for odd days in the year he has sat by his screen every single trading session and fought the good fight day in and day out with the wounds and scars to show. Then show me a trader who has extended this remarkable feat over a 10 year period and lived to tell the tale and truly we are in the midst of a great warrior; a survivor; an enlightened soul who has fought through blood, sweat and tears to make 15-20% per annum return, year in and year out, consistently whilst the bright luminaries rise and fall all around him. 

The truth is that time takes it's toll on all of us and for those of us that dare to swing upon the high ropes of momentum following every data release then the pendulum swings even faster for he who jumps on the band wagon of a knee-jerk reaction is likely to get caught within a vicious whup-saw as markets turn on their heel all of a sudden. The odds are not good at all; momentum traders thriving on data release moments are more likely to end up in failure in the long run not to mention suffer from adverse physical and psychological damages. The FX world is full of one hit wonders; they come every day in their legions and sign up for trading platforms; but most of them do perish in the long run and the smart soon learn through the pain that to truly have stamina in the arena one must learn to graft a new way of fighting with the giants and matching them blow for blow over a longer course of time. In the long run, position traders who take calculated positions around moving averages for longer time spans are more likely to obtain greater results than to daily pile on multiple trades where the risk of failure is even higher due to the volatile nature of the FX markets.

Mental health is so vitally important for the trader. All traders must learn to maintain a balance of healthy mind and body in order to grind out the results that need to acquire a fortune. There are those traders that do not have responsibilities of family and those types of traders are more likely to take greater risks and become more prone to market accidents. Then again there are those traders that do have families who depend upon every action of the trader and where even greater responsibility for mental and physical discipline becomes paramount.

Over the years I have enjoyed very much listening to the lectures of Dr. Michel J. Duckett. There is always something to learn, something to listen to and something to dwell upon as we seek to better our mental capabilities and sharpen our instincts to fight towards the success of the self and the family.

In the currency markets creatures of habit are more likely to succeed than creatures of the moment.

Here are 2 interesting videos for you to watch, one short and one long by 
Dr. Michel J. Duckett. 

1. Title - Creating Successful Habits.

2, Title - Running Your Life.

I hope that you can enjoy listening to the speaker who provides some very practical tips on organizing yourself to acquire the right sort of habits that can help you to become a successful trader in the long run. Sooner or later the individual simply cannot cope with the pace of the Forex markets. For the sake of the mental and physical heath of the trader it is paramount to learn how to organize time and slow down to prolong the chances of success in the markets. Position trading may not offer the excitement that scalping pips may after data releases; but in the end it is a tool that is requisite for longevity in the Forex markets. Take up a hobby; play chess, go fishing, play golf; find something that can relax your nerves whist stimulating your mind in other ways. 

Often we need to walk away from our own selves to come back a better, new person and fight on.

Yours sincerely

Pieter Bergli - DeLoren Trust Holdings

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