The Best and Worst Thing for Me21st April 2019
It was with some trepidation that, near the end of 2017, I decided to issue signals again. I spent my first year at FX Renew issuing signals and was aware of the toll it took on me.
When I do signals, I can’t help but become much more emotionally invested in the process than if I place a trade in my own account. It’s the observer effect in action. While in theory, you can trade the same way in your own account as you can doing signals, in practice the psychology is different. With people looking over your shoulder at every trade, you can’t help but change the way you operate.
Not only this, but the stakes are much higher. The business is signals and the performance of the business at that time rested on the quality of my signals. Technical challenges change how you trade. The signals need to come out at a certain time and they need to be sent out in a format that allows clients time to implement them. They need to be easy to execute.
After my first year of doing signals, it was time to hand over the reins so I could focus on other aspects of the business. But the truth was I missed it and I wanted to do signals again—this time on my own terms.
After much testing, I began to issue signals again in 2017. Of course, I did not fully learn my lesson and in practice I made plenty of mistakes. This is what happens when you worry about profit instead of focusing on the process. Still, things worked well enough and a return was generated.
Fast forwarding to 2019, despite all the practice, I was still making errors of the same nature. My processes and discipline were not enough to handle the spotlight. To solve this issue once and for all, I took a step back to gain some clarity.
I realised that the signals had been a bane and a boon. While putting my trades out to the public lead to some psychological challenges, it also pushed me to be better. There is no hiding in the markets, but you can pretend in your own account as you are the only one watching. For me, there was no hiding.
The returns are on the front page of the website. Each loss is meticulously recorded. There was nothing to do but be honest with myself and take ownership of what has stopped me from achieving my goals in past.
Through this process, I now feel clearer, calmer, and at peace with my trading, perhaps more than I ever have.
About the Author
Sam Eder is a currency trader and author of The Consistent Trader and the Advanced Forex Course for Smart Traders (get free access). He is the owner of www.fxrenew.com a provider of Forex signals from ex-bank and industry traders (get a free trial). If you like Sam’s writing you can subscribe to his newsletter or get FREE access to his acclaimed How to Be a More Consistent Trader Short Course.
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