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Defence Defence Defence ....

heres my Lance Beggs email this morning and something i keep banging on about as well to all the traders I work with ..... Start with a strong defence !!!

Trading is a totally brutal and unforgiving game.....absolutely no quarter is given by the market may look great in hindsight ....but thats the moment its as confusing and tough as it can be ....

a lot of traders talk to me about their projected win ratios 2:1 , 3:1 and so on ..........

seriously ? waste time worrying about that ?

heres what you worry about ..........

your win / lose ratio.........and more importantly ......your % of incorrect executions

thats it ......dont worry about hitting the ball out of the ground .........lets just start by hitting the damn ball a few feet ....ok ?

in other words ....i ant you all ONLY taking the best trades and executing them well

is that hard ?

No in theory ........but 100% yes in practice............

Defence Defence Defence ..........worry about the rest later

Hi Lance, I heard this recently while watching football. It's not how many great plays you make, it's how few bad plays you make. I immediately emailed this to myself because it is so applicable to trading. I know where the good places are to trade, but the key is waiting for price to get there and not "forcing" a trade. Here is the full quote I found online: "Like I always say, it's not how many great plays you make; it's how few bad ones you make. I know fans, and even some losing coaches, are enamored with long pass completions or the great run plays, but that doesn't offset the interception or the fumble."... Jimmy Johnson

this morning was all about conservative plays and being tight ..until the doors opened and we got the real moves

an inexperienced trader will have lost a few pips trying to hunt cable until it was ripe ...i did warn people earlier .....

then the markets opened and offered up a brief period of good good trading .......

so the experienced trader moves in and hits it hard !!!

then steps out again and puts the defensive shields up until the next opportunity arises it is much much cheaper to not take a trade in the first place than suffer a foolish loss and then have to get 2 1:1 winning trades or a 2:1 return trade to get you back to B/Even !

so - play the odds into your favour dont HAVE to trade !

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