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The Only Reason to Trade Commodities
is to Make Money
Human emotions can be real subtle. Before you know it,
it has you surrounded, and you're stagnated, and don't
know what to do. What happens then? Invariably, people
start looking elsewhere for the answer. Maybe a better
system, or indicator. If they do have some inkling that
they are the problem, then they're sitting in the middle
of the room, chanting, with incense and candles burning.
How many of you have had on a trade that went against
you, so you said when it came back to the entry, you'd
take it off. If it did make it back to the entry, your
first thought was I bet this is the one, only to have
it return to where it previously was. So you say, next
time it makes it back to my opening price, I'm done.
Then it goes down more, so you say, well, when it gets
back to the 2nd price, then I'll take it off.
The next morning you wake up to find your position
continually moving against you. Each time saying that
as soon as it retraces, you'll get out. Sooner or later,
the pain becomes unbearable and you finally do what
you should have done all along. Get out of the trade
and move on to another.
At this point, you've probably lost thousands on a
trade that should've only cost you hundreds. Maybe you
blame the system, advisory service, or if your honest
with yourself, you just realize that you've learned
your fist lesson. Take losses when it hits your loss
parameter, and if you don't have a loss parameter, you'd
better get one before you trade again.
Most business owners spent considerable time, and money
into research to make sure that their product is marketable.
They know who the consumer is, how they spend their
time, average income, job type, age, etc. Yet, once
you bring up futures markets, people will through money
in, on a whim. They read a book, take a course, talk
to someone they don't know from Adam, and all of the
sudden, they're throwing thousands of dollars at something,
they really know little about. It's amazing, but it's
true.
Society has made great strides in technology.
We can send or retrieve information at the push of a
button. We go to buy a car, and we're armed with facts.
We know what we want, what kind of track record it has,
and what we should be paying for it. When we walk out
of this transaction, more often than not, we've paid
more than we originally planned to. Do you know why?
It's on account of what we thought the car could do
for us. Let’s face it, we're looking at transportation
from point A to B and back, nothing more. I look good
in this one. I just have to have it. When people see
me in this, they'll know I'm living large. Let me ask,
and this may seem a little unfeeling, but the majority
of people can't see past their own noses. On account
of this, they don't care what you drive, not really.
So why do you think this new toy is going to make a
difference?
The truth is, you're either OK with who you are, or
you aren't. If you are, invariably you'll be a much
better trader. Most people have the following image
when they think of futures trading, Armani suits, a Porsche,
living life on the edge, and making huge financial decisions
on a whim. This is way of base. If you're a profitable
trader, you're doing the same boring thing day in and
day out. No deviations, no fly by the seat of your pants.
Same stuff, new trading day.
The only reason to trade is to try to make profits and money. That’s
it. There’s no other reason.
If you want to impress people with how right you are,
go on a TV game show, this is not the best place for it. In
the financial trading markets, you can be right, or you can make money,
but you can't always do both trade scenarios at the same time.
