Wednesday, April 26, 2006

40 - There's Time On Your Side By Joel Rensink

An extract of an article from Traders World Magazine issue #40

There's Time On Your Side

By Joel Rensink

To accomplish anything worthwhile, it requires a plan that is understandable and has elements that are reasonable and effective for the user. This especially applies with trading. No trader should ever wonder if they’re gambling instead of trading with an edge. I want you to have that edge.

Back in 1975 when I started trading in earnest, it was a part-time endeavor. When you start with small capital—like many of us have had to— it better be part-time or you could be carried out soon after you start.

But now, successful trading is definitely becoming a more-than full-time job. It used to take about 5 hours a day, then 9… now, I need to get up twice in the night for about 5 – 10 minutes each time just to check where my positions stand in the overnight markets. Last week I placed 20% of my trades in the night markets. A rarity for me now, but I doubt it will be the last time. The world is getting to be a smaller yet richer place. Financial consequences for world events are getting quicker in many ways, as people around the world are realizing that they have to embrace the changes and opportunities that a robust world has to contend with. And it is all because of cycles.

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