With all eyes on Bernanke and the Jackson Hole speech tomorrow, I do not think its prudent to be giving any trade recommendations (or taking any new positions) till after the announcement with most traders/investors on the sidelines.

Thus, I wanted to do was share an email exchange I had with one of my students which I thought would be really helpful for those struggling with the learning/trading process.  Many traders either now or in the past, have gone through a similar experience with many never really getting past this stage.  Hence, I think you will find this quite informative and possibly reflective of your experience.

The Student (we'll call him James):   

Hi Chris,

I guess my frustrations are cause maybe I am being impatient and doubtful. 

After sending the email last night about being frustrated, I jumped on FXstreet and watched one of your Price Action Webinars, and actually understood much more on the charts as I realised.

I was expecting after two weeks of study, I would be able to read charts a lot better than I can at the moment.

However, after watching the webinar last night, I can see that your education is really starting to sink in as I was able to see a lot more setups than ever before, and interpret the price action much better than anticipated.

My Response:

Hello James,

This might be one of the more self-reflective insights from a student going through the learning process. It's easy to be impatient and doubtful during the early stages.

This market is sooooo seductive, with all the money, movement, flashing lights and potential to make a lot of money in a short period of time. It's like being single for months on end, and being in the presence of really attractive women who are all smiling at you, but won't talk to you.

It can be intoxicating, but also unnerving when the results don't materialize in us winning every trade and becoming rich overnight.

This actually can be intensified if one's current financial situation is not stellar by any means. This only adds to the pressure of wanting to learn and become successful immediately. Another thing which can amplify this impatience is wanting to change your lifestyle for not really liking/enjoying your current occupation (not many do).

What is also great about your response is your impatience stemmed from the thought not everything was turning into matrix code like it did for Neo when he awakened.  However, when you watched the webinars, you realized you understood more in the price action than you had thought.

This is a really good sign and is a reflection (or feedback loop) that you are learning more because you are seeing more in the charts than you did before. This is the most important sign to have in the learning process because this signifies you are moving in the right direction.

Keep at it and eventually, that will translate into more wins than losses, along with your profits starting to build.

As long as you don't believe the impatience and doubt as being actually representative of you (and your learning process), you'll keep moving in the right direction.

Eventually, with enough effort, patience and practice - the matrix code will start to appear :-)

I hope this helps.

All the best.

Views: 228

Comment by matloobhussain qureshi on August 31, 2012 at 7:06am

wht    r u   thinking   tody   mkt   situation   e    hort   euro   or   buy   after

Comment by 2ndSkiesForex on September 1, 2012 at 12:55pm

Hello Matloobhussain,

Sorry for the late reply, I had already put my positions into the market earlier and spent most of my day yesterday with my Dutch trader friend who's in town.

I think EU will be somewhat muted until ECB Sept. 6th conference on whether draghi will use monetary easing or not.  That plus the FOMC meeting I think will cap any major upside moves in Euro.  

Short term I think there is a slight bullishness to EU, but unless there is monetary easing by ECB or FED announced this week, then my bias turns bearish.  Although I may technically be interested in shorting here because of the failed breakout in the pair.

Hopefully that gives you some idea of what i'm seeing in the market, but i'd rather taking new longs on gold (already long) along with silver (already long).

Kind Regards,


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