the Pound, gorilla’s and juggling dynamite …
“once you decide to deploy capital, in any market, realize that you are entering a cage w/ gorilla’s and OBTW they are juggling dynamite”
Joe Dinappoli (www.fibtrader.com)
STUDENT: Larry what is a good month of trading? (www.tradingtutor.com)
MENTOR: “looking at your P&L and seeing $.01 or 1 cent”
I deploy capital in one of the hardest markets in the world … the SPOT FX market.
I can only manage risk.
I have posted 3 prior “real time” blogs around trying to SHORT the Great British Pound vs the US Dollar and the wonderful pumpkin soup that I have eaten based on ANALYSIS … another true confession time, I have not deployed capital and have sustained ZERO losses since AUG 2013. Yes, I have not captured this pretty major move UP because I am dedicated to the short side so I am WAITING in CASH to deploy capital. Judge me or judge me not – the “look and feel” after spending 10,000 hours + on the charts – read the TIPPING POINT – has just let me allow the market to come to me and that is the beauty and the chain of a discretionary investor.
The above paragraph is the testimony to why I am blogging …perhaps someone will read this and 1) learn and 2) realize that the only thing we can control is the amount of losses we will sustain.
I am entrusted w/ other peoples capital and, quite frankly, I consider it the holy of holy’s. So, when the decision to deploy capital presents itself I simply ask myself “have I done everything I can to manage the risk…?” If YES deploy, if NO then don’t. See the chart below …