Diary of A Trader June 13th — Fortunes Are Made & Everything Is Lost

Today was the big day…FED DAY. What that means is that today was a day full of fundamental releases involving interest rate hikes & future outlooks on monetary polcy. For many newer traders this can be a day when fortunes are are made or where everything is lost. Here’s what I mean.

Typically a newer trader falls into 1 of 2 categories on a day like today. 1) They are unaware of the news & are holding a current position or 2) They are aware of the news and are looking to gamble on it. When the reaction to the news goes in their favor, a new found over-confidence is formed as this was “easy money” and the trader can’t believe that trading is this simple, or that they are that good. Unfortunately for them, the market has an interesting way of filtering out the real traders from the lucky trades & eventually that traders true colors will show.

On the other hand, if the reaction goes against them, they’ve probably lost a good amount (taking slippage into account) which will lead to revenge trading & a handful of other trading mistakes.

Many of this have been down both of these roads including myself & because of that the best thing to do in my opinion is just stay away. Let the dust settle and return to the market once the story is clear again. In may not be sexy or exciting, but you know what they say… “good trading is boring.”

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Trader — Trading Coach — Host of The Trading Coach Podcast — Author for Entrepreneur & FX Trader Magazine — Proud Husband & Father — Sports Nerd & Coffee Addict

Trader — Trading Coach — Host of The Trading Coach Podcast — Author for Entrepreneur & FX Trader Magazine — Proud Husband & Father — Sports Nerd & Coffee Addict