Trade Like a Traveler Not A Tourist – Part 2
This is Part Two of Three Part Series
Lesson two from my trip to Singapore boils down to -- don’t sweat the small things. Singapore is notorious for its tough traffic jams. Despite the fact that it can cost up to 200,000 USD to buy a regular sedan, the country is chuck full of cars and rush hour commute can be a nightmare.
I had a seminar scheduled in the financial district, so I took a cab with plenty of time to spare. But about three minutes into our journey I remembered that I forgot a small piece of equipment in my hotel room. Just as I asked the driver to turn back we came to a crushing halt as traffic stood still.
Now I had to make a quick decision. Go back to the hotel and risk being late for my seminar, or plow on without my remote. The remote was a nice to have but not a got to have part of my show. It was much more important to make the meeting on time since we were trading live and I had a limited amount of time to set up the presentation. I told the driver to keep going, which turned out be a smart choice as the delay was caused by an accident that held us up for more than half an hour. By giving myself plenty of time and by keeping my focus on what was important, I made the seminar on time, we had a great session trading the NFPs live and banked pips on all our positions.
When we are trading we often get sidelined with minor distractions. For example, I have seen countless traders become obsessed with getting just the right price for the position at the expense of either missing a trade or missing their profit target and turning a winner into a loser. When we are trading we need to keep the focus on the goal and that goal is to anticipate direction properly and make sure you protect your profit once the trade goes your way. We don’t get paid on woudda coudda shoudda -- the three most popular words of losing traders. So don’t worry about making that last perfect pip -- care much more about making money.