Trading versus Karate? Monday’s video….
Charlie discusses these two pastimes plus responds to recent client feedback…
Hi this is Charlie giving you Monday’s video.
I’ve got a couple of things I want to go through with you today. The first one is this karate versus trading analogy. I want to go through that with you in a second.
Before I do that though, Friday’s live trading was interesting because it attracted a couple of comments and got me thinking actually. I’ve been doing live trading for three and a half years and the reason I started doing these videos on a Friday was so that I could put my neck on the line and you could see that there is no way I can avoid the truth. If I lose I lose and if I win I win.
If I have some poor trading then you see it all because you know that I have to trade every Friday morning and I have to record it. I can’t just do a random recording. If I was some random educator then I could just put the recording software on every day and only select the day that I actually had a winning day. The rest of the week I could be losing and just put a winning video out.
It’s been a good exercise over the last few years and I think it really brought together some interesting thoughts. If you’re not currently a member in our room then you’re missing out and it has attracted some comments here regarding that, and it’s so true.
A lot of people are sitting on the sidelines. I banked $1300 on Friday, okay I’m trading a position size that maybe a lot of traders can’t do, but if people are putting up a financial obstacle of joining the room, you have to pay to be in the room, it’s a premium service but you have to think of it that way.
How long would it take you, on days like that, to recoup the price of the trading room membership? So you have to look at it like that. If you trade along with Kym in the mornings then with me in the afternoons then the most important thing is you’re learning a lot.
So I would encourage you if you are thinking about it. It ignited some comments there so it’s worthwhile having a look through those.
We did get a comment from Mark yesterday that made me laugh saying “I’m new to these videos, so far I’ve only seen you win on these Friday trades, do you post all your trades?” That’s what got me thinking about what I just said.
Of course I have little runs where I seem like I make money but if you look back over the catalogue from over the last three years you’ll see plenty of videos where I have losers as well. You’ll learn just as much from seeing me have losing days as with the winners.
So I just wanted to bring that up first of all about the trading room and Friday’s video brought that together. What I do now is not only am I recording the video, I’m actually in the trading room on a Friday morning now.
Then we’ve got karate versus trading. It’s not really karate versus trading, it’s not really that but for those of you who don’t know, I used to do karate for about 20 years and gave it up when I was 35 because of back problems. I’d had back problems for years and in the end I just had to stop, my body didn’t like it so I had to quit.
I ended up getting to a Third Dan Black Belt in the time that I was there. Could have progressed more but I was in no rush to get higher, but I got to a decent level. In order to get to that level, in my first ten years of training there were times I was training six or seven days a week, so you’ve got to put the time in. I had a wooden post in my back garden that I’d go out and punch or kick at night time and people thought I was crazy.
But those are the sorts of things you have to do if you want to get good. If you were only training one day a week then how good would you get? You’d get proficient over time but you’re never going to be that good because you’ve got to put the blood, sweat and tears in and you’re not going to get it from one day a week.
I’m using that analogy from back in the day when I had to put all those hours of training in to get to a decent level. It’s no different with trading. You see people saying you can trade a few minutes a week and it’s just nonsense because you’ve got to immerse yourself in order to become a student of the markets and master the markets much like someone who becomes a master of karate or any other martial art.
So you have to put the time in and commit yourself to that. I’m not saying you have to sit at your desk all day every day but you do have to put the hours in to really become a student of the markets.
That’s the analogy for this week, we have to put a lot of time in with every profession, you have to put a lot of time in with this profession as well. Don’t think you can just skirt around it and just do a few minutes here and there, you have to give it some time to immerse yourself and clock up those flying hours.
Those are my thoughts for this week and we’ll back on Friday for the last Friday trading for me personally because I’m off on holiday for a few weeks. I’ve got a feeling that Kym will probably do them in my absence. I’ll see you then.