6
Sep

The Morning Report - Luck

 

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A great saying from Thomas Jefferson. "I am a great believer in luck and I find the more I work, the more I have of it.

I often wish traders "good luck" whether that be for other endeavors or in their trading. This is not to say that I am wishing them luck in being profitable. Sure we all get lucky as traders sometimes, but its not something we can count on. More accurately, I wish you luck in your approach and in being disciplined. Because that hard work will indeed bring you more luck in in your profits.

I am not one to look a gift horse in the face and I admit to getting lucky now and again. Once in a while I will be in a position that has some great announcement that sends my position up higher and faster than anticipated. It can work the other way too. I neither pat myself on the back or chastise myself when it happens. I do not have a crystal ball and I can't change these types of outcomes. To think of profitability in trading as luck  sets up a gamblers mentality. If I am making money gambling, that is pure luck.

But when I make money trading, 99% of the time it is due to keeping the odds on my side.  All I can do is stick with my strategy and remain as disciplined as I can. This is how I stay profitable over all. I stick with my rules. This includes respecting the trend and taking advantage of opportunities when they arise by reading the candlestick signals and not being deterred by a pull back in my position. This includes holding the winners and dropping the losers and knowing when they are winners or losers.

As I read the market signals earlier this week, I saw that the market was making a turn to the upside and I looked for good opportunities to start dipping my toes into the market with my long strategy. It is working and my positions are doing well overall. It is not because I am gambling but because I am using my same strategy and adhering to my signals. It works consistently to keep me in profits overall. As nice as luck is to have on your side, it is not a strategy for trading.

Markets continue to look bullish this morning as we start the morning with higher prices. I will put out some charts as the day progresses.

Good luck!   wink

2 Responses for "The Morning Report - Luck"

  1. Katniss says:

    Thanks for the great post!

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