Boris Schlossberg
BKTraders and Prop Traders Edge
My wife is never on time. It's a true testament to the strength of our relationship that I’ve been able to tolerate this trait given my own ADD-addled nature that refuses to wait even five minutes for a restaurant table. (She in turn is a saint for having to put up with many of my personality flaws)
It's a running joke in our family that when Mommy says that she will be ready at 5:30 the actual start time will be 6:00. So last night my daughter and I were waiting for my wife in the lobby of our building and as usual the clock was long past 5:30 as we sat there flicking through TikTok. “Hey,” I said to my daughter,”do you think Mommy will be down by 5:55 or later?”
“Later,” she said without hesitation.
What happened next was really interesting. Instead of being bored and annoyed we became completely obsessed with the clock monomaniacally watching every second tick away. We basically turned the typical family waiting game into an all consuming over/under bet.
In real life I never bet. I don’t play card games. I have no idea what a sports line is and at the racetrack I mainly admire the beauty of the thoroughbreds. But I do trade. And last night I realized that I actually bet far more than I should.
If you’ve ever placed a trade out boredom.
If you’ve ever placed a trade out of greed.
If you’ve ever placed a trade out of anger.
You are not trading. You are betting.
Betting is unbelievably seductive. You can take any mundane event in life and instantly turn it into the most important thing there is by wagering money on its outcome. I don’t know the evolutionary trait that is responsible - perhaps it triggers the hunt instinct in all of us - but whatever it is betting is a universal impulse that we all fall prey to.
And just to be clear I am using the word “bet” in its purest colloquial form - that is to make a wager on an event without possessing any special knowledge about its outcome. If you are betting on a sports team because you have some analytical edge - you are not betting, you are trading.
Alas, many of us - no one more so than yours truly -make far too many bets rather than trades. I have an unbelievably great day trading system that has an edge nearly every single market day - yet I regularly forsake its rules for the thrill of “trying something new” that inevitably leads to some very difficult drawdowns. Bets may be a great antidote to boredom but they are a very expensive drug.
I wish I had a full proof way to only trade rather than bet - but there is no nicorette gum for day traders. Perhaps, the first and most important step is to simply acknowledge the difference between a bet and a trade. That alone could help snap you out of the vicious cycle of losses that you are about to see.
Markets are an unbelievably fun game to play, but in order to play them well you need to play them right.
Oh - and my wife was downstairs at 5:54 and 43 seconds beating the under. Proving that even when you have the edge in the markets - the trade does not always not work out.
Past performance is not indicative of future results. Trading forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial advisor if you have any doubts.
Editors’ Picks
EUR/USD deflates to fresh lows, targets 1.1600
The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.
GBP/USD breaks below 1.3400, challenges the 200-day SMA
GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.
Japanese Yen weakens further; USD/JPY hits multi-week top on firmer USD ahead of US NFP
The Japanese Yen adds to its intraday losses through the first half of the European session amid the uncertainty over the timing of the next interest rate cut by the Bank of Japan and escalating China-Japan row. This, along with worries that consumption momentum could fade if inflation continues to outpace wage growth in early 2026, overshadows an unexpected rise in Japan's Household Spending data for November.
Editors’ Picks
EUR/USD: The world gyrates around the United States at the beginning of 2026 Premium
The EUR/USD pair started the new year with a soft tone, falling for a second consecutive week to settle around 1.1640, its lowest in a month. The US Dollar (USD) stands victorious across the FX board, backed by geopolitical uncertainty and pretty solid United States (US) employment data.
GBP/USD: Will Pound Sterling extend the corrective downside? Premium
The Pound Sterling (GBP) witnessed a steep correction against the US Dollar (USD), sending GBP/USD down from four-month highs of 1.3568 to test the weekly low near 1.3400.
Gold: Volatile start to 2026 as markets assess US data, geopolitics Premium
After losing more than 4% in the last week of the year, Gold (XAU/USD) gathered bullish momentum as trading conditions normalized. Although XAU/USD entered a consolidation phase following the rally seen earlier in the week, it managed to register weekly gains.
Bitcoin: Early-2026 rally falters as BTC investors await key catalyst
Bitcoin (BTC) is trading lower toward $90,000 on Friday after encountering rejection at a key resistance zone. The price pullback in BTC is supported by fading institutional demand, as spot Exchange Traded Funds (ETFs) have recorded net outflows so far this week.
US Dollar: Greenback or Greenland? Premium
Another positive week for the US Dollar (USD) saw the US Dollar Index (DXY) extend a promising start to the new trading year, managing to at least scare away the spectre of being one of the worst-performing currencies during the last year.
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