Learn From Every Trade

I know many traders who can’t figure out why they don’t make the returns they know they can have.

I’ve tried to explain to them that they need to track what they are doing to identify mistakes.
Without a trading journal where you track your trades, it’s hard to remember what made you act in a certain way at the time.
The best traders in the world track their trades. That enables them to learn from every trade and thereby advance their skills as traders.
And when you advance your skills as a trader, you make more money.
Tracking your trading does not have to be complicated.
For example:
Take a screenshot of your chart, use an Excel document or pen and paper to write down the security, date, price, stop price, setup, and thoughts behind the trade.
When you close your position, you write down the date and price if you followed your rules, gain/loss, and thoughts about the trade.
Simple as that!
“A peak performance trader is totally committed to being the best and doing whatever it takes to be the best. He feels totally responsible for whatever happens and thus can learn from mistakes. These people typically have a working business plan for trading because they treat trading as a business.” – Van K. Tharp

Some of the most successful traders and best trader in the world to learn from are:

  • Jesse Livermore is known for both colossal gains and losses. He made $million in 1929, and by 1934 he had lost all of it (an example that confirms the huge risk involved in stock trading).
  •  George Soros is one of history’s most successful stock and forex traders. He gained the nickname “the man who broke the bank of England” when he made $1 billion profit from selling $10 billion worth of pounds. He is the chairman of Soros Fund Management.
  • Richard Dennis is a successful commodity trader based in Chicago. He made an estimated $200 million over a period of ten years from market speculating.
  • Paul Tudor Jones became famous after the market crash of 1987 to make a whopping $100 million from shorting stocks. He is the founder of Tudor Investment Corporation.
  • William Delbert Gann is known for developing technical indicators like Gann Angles and the Square of 9. He was a trader who used market forecasting techniques based on astrology, geometry, and mathematics.
  • Bill Lipschutz turned $12000 investment in the stock market to $25000 in a few months but lost all of it. He then moved to forex trading, where he has made over $300 million.
  • John R. Taylor Jr started as a political analyst for a chemical bank before becoming their forex analyst. He is the owner of FX Concepts, which is a currency managing firm.
  • ​Stanley Druckenmiller is a successful trader who started as an oil analyst for the Pittsburgh National Bank. He was a part of a deal while working at George Soros that raked in $1 billion.
  • Andrew Krieger is one of the best trader in the world. He sold kiwi, a New Zealand currency, a trade valued more than the total currency supply. He got revenue of $300 million from the trade.
  • Michael Marcus is one of the best and most successful forex traders in the world. Legend Ed Seykota trained him. During the presidency of Ronald Reagan, Marcus held positions of almost $300 million in German marks.

Saudi Aramco refutes reports claiming that the company is planning to start mining Bitcoin

Aramco denies that it will embark on Bitcoin mining operations

There were reports over the weekend that Saudi Aramco, the third-largest company in the world, is planning to dive into the crypto space by expressing interest to mine Bitcoin. This is being denied now by the company:

“With reference to recent reports claiming the company will embark on Bitcoin mining activities, Aramco confirms that these claims are completely false and inaccurate.”

Oil – US & UK governments say Iran attacked Israeli-managed tanker off Oman

An update on what appears to be an Iranian attack on a ship carrying petroleum products

  • off the coast of Oman on Thursday
  • 2 people died in the attack
  • Iran denied it was involved
  • “Upon review of the available information, we are confident that Iran conducted this attack, which killed two innocent people, using one-way explosive UAVs,” U.S. Secretary of State Antony Blinken said in a statement, adding there was “no justification” for the attack.
Also, in the UK a ‘Cobra’ meeting was held over this on the weekend – attended by officials but not ministers. Ministerial-level meetings of the group are held on the most serious of matters – this not one of them apparently.

US vote on $1tn infrastructure bill could be held “in a matter of days”

DJ / Market Watch with the latest on US infrastructure talks:

  • Senate Democratic leader Chuck Schumer says the vote could be held “in a matter of days”
  • the text of the bill would be released “imminently”
  • Two of the negotiators said Sunday morning that action could come soon. Sen. Susan Collins, R-Maine, said on CNN, “We really are just about finished.” Sen. Joe Manchin, D-W.Va., said on CNN that there will likely be “text today and by this evening, hopefully we can start the process.” Like Schumer, both said the bill could be finished this week.
This is familiar stuff … but maybe its accurate this time.
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