Thursday, October 16, 2014

You Gotta Know When To Hold 'Em, When To Fold 'Em

 He said, "If you're gonna play the game, boy
You gotta learn to play it right"

This song is dedicated and goes out to my unknown trading shifu, Dale Pinkert who helms FXStreet's Live Analysis Room. When I was just a young buck in the trading game more than a year ago, this wise sage got me all sorted out when I just on a streak just burning away all my money. I sat in his room for months, just absorbing all the information that was so freely exchanged there.

You've got to know when to hold 'em
Know when to fold 'em
Know when to walk away
And know when to run
You never count your money
When you're sittin' at the table
There'll be time enough for countin'
When the dealin's done

One day, I finally mustered the courage to quit the room, hit the road and make it for myself. I wasn't going to get anywhere if all I did was stay in the room and look out for trades to copy. I had to be an independent learner and trader.

And when he finished speakin'
He turned back toward the window
Crushed out his cigarette
And faded off to sleep
And somewhere in the darkness
The gambler, he broke even
But in his final words
I found an ace that I could keep

I have finally broken even from all my losses. It took me just a year to claim back all the tuition fees that I paid to the market, but I've done it. I know how to trade to keep profits and not lose money anymore.

Thanks Dale for all the wisdom you've imparted to me and many other traders. You might not know it, but you made one of the biggest impacts to me in my trading journey so far. I hope your chair stays squeaky, you enjoy all the puffs you take and you continue being happy doing what you're doing.

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