2009 trading draws to an end

Good Morning Dynamic Traders

Apologies for my irregular updates over the past week - I decided to stay out of the markets, so I didn't have any open trades to share with you. With the unusual moves of Santa season, combined with some consolidations, I felt it was best for my trading to take a well deserved break.

I'd like to take this opportunity to share some wise words from Mark Douglas:

"The best traders are in the 'now moment' because there's no stress. There's no stress because there's nothing at risk other than the amount of money they are willing to spend on the trade. They are not trying to be right or trying to avoid being wrong; neither are they trying to prove anything. They completely accept what the market is offering them, and they wait for the next edge."

"Try not to prejudge how long it will take before you can get through at least one sample size of trades, following your plan without deviation, distracting throughts, or hesitation to act. If you want to be a professional golfer, it wouldn't be unusual to dedicate yourself to hitting 10,000 or more golf balls until the precise combination of movements in your swing were so ingrained in your muscle memory that you no longer had to think about it consciously. Skill acquisition and practice will help you win. Learning to be a consistent winner as a trader isn't any different."

My learnings from 2009 have been invaluable. Trusting my edge tops it for me. When you see your account in negative territory your mind starts questioning your decision in taking the trade. But one must remain disciplined and see the trade through. Trading the plan is imperative. Another learning has been the importance of developing trading rules for my strategies and carrying out sample sizes. I have also discovered the importance of strengthening my trading odds through historial analysis, backtesting and larger timeframe analysis.

For me trading is not just about acquiring the appropriate skills, but more importantly having the right mind set, having confidence, discipline and a winning attitude.

I will be out of the country for a few week now, but planning to check in on the markets whilst away - January should be an interesting month! Whenever possible I will certainly do my updates. I wish you all a wonderful Christmas and a fantastic New Year. May 2010 bring peace, joy and of course successful trading to you all!

Sonia Molina