Kruger Insights Tuesday – December 31, 2013 by FirstMacro

BinaryOptionsNow | Published on January 1, 2014 at 2:14 pm

AnyOption review

By: Joel Kruger

The Enemy – Over the past several years the retail foreign exchange market has gained a reputation as a market for gamblers looking for the fastest possible way to lose all their money. This is a terrible misfortune as it really has nothing to do with the actual market and more to do with the leverage this market affords. Leverage aside, the reality is there is no better market to trade than FX. After all, what is it that we look for when trading? We want volatility and we want liquidity, and FX gives us both. It is by far the biggest market in the world, and it is constantly on the move. It is open 24 hours a day, and it exposes the trader to happenings across the globe. No matter where you are in the world, you are able to trade (if you so choose) in the regular business hours of your country. You can also be anywhere or meet anyone, and already feel connected in some way, with a knowledge of the economic and political drivers of the person’s country. So for any of you out there that had a tough year, don’t be discouraged. If you love it, stick with it. I would venture to say you aren’t even being fair to yourself. The truth is, if you got hit hard, it means you probably didn’t even give yourself the chance to succeed. You can’t expect to put everything you have down on one position and let that determine your entire fate. You can’t leverage yourself to the max, blow-up, and then say you couldn’t hack it in the FX market and FX isn’t for you. It’s the LEVERAGE that isn’t for you.

kruger insights december 31, 2013

The Challenge – Give yourself an honest chance. Stop the constant blowing up and remind yourself that this is the most scalable market in the world. If you can trade successfully with a $1000 account in FX, you will be able to do the same with a $100M account. Give yourself one good year where you aren’t focused on the money and instead committed to the percentages. Tell yourself that you are in training this year and are not going to make any real money with the trading (the irony being that this will be the first real money you actually make and lose). Commit to taking unleveraged positions where you can feel confident and more certain with the outcome, without having to stress about the downside. Commit to not allowing one trade to determine your fate. If you can do this and look back in 12 months having been up 10-20%, or even up or down marginally, you should pat yourself on the back and feel confident that the next twelve months will be even better. Don’t underestimate the power of compounding or the value in being able to stick around. If you can hang in with small victories, before you know it, these small victories will grow larger than you could have ever imagined. But you have to give yourself a fair shot.

A Real Chance – So this is my challenge to you this year. Forget about the dollars and cents for the next twelve months and just focus on enjoying the markets and taking positions that will let you think clearly. Specifically, come to the market each day looking for trades you love, and take position sizes that will let you sleep soundly at a night. Don’t take any trades that you don’t love. Every day there are bad trades you will be able to convince yourself you like. But it is much harder to convince yourself you love something if it really aint right. And even then, when you find something you love, don’t bet the farm. Just take a position size that won’t consume you and that you know will let you focus on enjoying your life outside of trading. Err on the unleveraged side. All of this will significantly increase your chances of being here in twelve months. You owe it to yourself to be able to look back at a year of trading and to be able to analyze a legitimate performance period. Like anything in life, if you stick with it, the results usually present. But you just need to give yourself the chance to stick with it. The leverage allowance in FX does a very good job of taking this chance away. So this year, don’t let that happen. Be disciplined. Be responsible. Trade unleveraged, focus on the percentages, enjoy the process, and look forward to knowing that if you do this, you are basically guaranteeing you will be here in twelve months. You will have learned a great deal about yourself and the market over that time and you will have given yourself the best lesson you could have ever hoped to have learned from any book or online course. Do you accept my challenge? If so, here’s to 2014, a year of awakening and great new beginnings! See you in twelve. Happy New Year!

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