Trader Quote #16Posted: August 31, 2012
Trader Quote #16
“The opportunity of a lifetime must be seized during the lifetime of the opportunity.” -Leonard Ravenhill
=== One day I heard that if you do not know what you want, the opportunity can pass right in front of you and you will be completely be blind to see it! Opportunities come and go, if you Know what you want, you can train your eye to identify it, prepare the Setup , execute to ‘ride’ and place an exit.
For trading, this is practically our work summary. We have to develop a system to identify and trade the lifetime of an opportunity. Sound easy said, but its quite a challenge when you construct & develop it.
I think its very important to mention as well, that an opportunity will come and go and another will appear. Some traders (including myself in the beginning) think that a move in the currency or stock is a “now or never” mentality or “we make or break” with this trade. We have to be more long term traders,meaning that many opportunities will come by to sell or buy, our job is to Prepare, confirm, enter, monitor and exit the trend to get most of the “juice” of the move.
There is the common saying “Follow the money” and I totally agree with it and it is the core of trading profitably, but we have to add something. So it would look like this, “Follow the money, Untill it Stops!” One must train himself and develop a method to know when the market is “exhuasted” and the lifetime off the trade is complete.
“when the bus leaves the station, another bus always comes”, There are and will be many trades to take, dont focus on one, or risk everything on one, spread your account over 100 trades and not 10. Register the trade and forget about it, even in profit or loss and move on to Setup for the next trade. All the best , Dimitri F.
Do you agree or disagree? Any suggestions or experiences you would like to share? How do you take opportunities?====