This article is taken from the Trader's Journal magazine (February 2009 issue)
The author, Lance Beggs, is a full time day-trader with a current preference for Forex and equity indices. His style of trading is discretionary, operating in the direction of short-term sentiment within a framework of support and resistance.
- As an ex-military helicopter pilot, I was taught to operate effectively within an environment of risk. Failure to appreciate risk within the aviation environment, whether civil or military, can potentially lead to dire consequences – injury or loss of life, damage to or loss of aircraft or other equipment, mission failure and almost irreparable damage to public image or unit morale.
The risk in trading is different, but the consequences of trading failure are no less severe. Not only are you are placing your money on the line, you are doing so in an even more difficult environment, where uncertainty prevails and what worked yesterday may not work so well today.
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