Easter Sunday morning, a fellow London-based trader (coincidentally with the same name!) wrote an inspiring comment on my blog. In keeping with the theme of “letters”, here is his comment as a separate blog post – only the R18 language has been edited out. Entertaining, useful and uplifting reading – enjoy & happy Easter!
I think it safe to say that we have very different approaches; you short-term, me long-
term but I truly feel your pain/frustration/bemusement (delete as applicable). I traded short-term for 2 years the 5-minute chart on the EURUSD, I kept a blog of this too and left it up for posterity, you can see some of my anguish here [click here for George’s earlier blog], I suffered all that you mentioned in your recent letter to your trading coach.
I just wanted to say that I think you’ve got all the skills you need to succeed…
I read your bio, you are a successful poker player. When you played you knew you had a good chance of winning, in fact, I doubt you were ever fearful of your opponent. You
might have respected them but there was probably a healthy bit of self-respect in there too, maybe even a little bit of contempt for your opponent. You were never scared to act as you needed to, be it defensively or aggressively. I am not a poker player but I was an amateur boxer for many years and from experience, I can tell you if you that if I entered the ring with anything other than self-respect I got beaten up. It’s not that I didn’t have the same skills as someone else it was that without self-respect and often a bit of contempt for my opponent, I couldn’t act (defensively or aggressively), I would just shell up. I think this happens to us as traders too.
What I’m trying to say is; you’ve got this mate. You’re a bad@@s back testing, forward testing, poker playing, inline skating motherfu@@er. Trust yourself more and price action less.
You know how this game works; use your framework from poker. Treat the market with a bit of contempt, treat everything and everyone with a bit of contempt, me, your coach, even your setups, nothing and no one is infallible. Markets move fast but so what? trust your analysis, your actions don’t have to be perfect, just effective. No perfect setup but you like the level? Try averaging-in. I’m not saying you make this a habit but I think one of the dangers we suffer as from as traders is being too tentative. When day trading we’re trading with complete c##ts, they want to throw you off your game (you know this) IMO it’s not a coincidence that at the best levels the price action is shit, the big players are trying to throw you off, you don’t have to go “balls deep” [this is coined phrase from Bund trader Tom Dante], but don’t let these f@@kers make you doubt yourself, say “good effort” but call.
Wishing you a Happy Easter break and every success,
Yours trading mate,