Patience and trading

Author: Giles Coghlan | Category: Education

It's called trading for a reason

One of the programs I have been enjoying over the COVID-19 induced lockdowns is a fishing program called 'Wicked Tuna'. If you haven't seen the program it revolves around a group of blue fin tuna fishing teams who try to compete with each other to win the most dollar value of tuna. In it there is a great assortment of characters and it combines fishing with competition. I love it, but my wife hates it.Ok, her loss ;-).  

It's called trading for a reason

A waiting game

Sometimes those on the boat will have to wait 2 or 3 days for a tuna bite. You see them getting very down. It is hard to wait. However, landing a $10K tuna soon brightens their day. Land a couple in a day and all is well with the world. Patience is key here. This was underscored by my wife scrolling through reviews to prove to me that women did not watch 'wicked tuna'. It was a 'blokes' programme. I explained that there were some women on the boats fishing (argument won in my mind - my mind alone I might add). So my wife read through the comments as we enjoyed some marital rib taking until we got to one review that made me laugh.

The review that made me laugh

One star was awarded out of a possible five stars.'Terrible program', it began. 'These people sit around on boats all day and call it 'work'. I actually work for my living. They should come with me and see what a proper day's work really looks like'. 

Ok we can look aside from the chaps obvious ignorance to the hardship and dangers of fishing. He did not realise that patience is a needed quality. Not everyone will have the patience, They will give up, come home or look for another job.  To land the $10 tuna, you sometimes have to sit around catching squid bait for 3 days and earning nothing. It's a test, for sure. 

Patience pays in trading

FX, fxnews

In trading patience will actually pay you. Avoiding unnecessary losses will be your saving grace. So, be more a blue fin tuna fishing team. Sit around until there is something to do. As Jim Rogers famously said:

"I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime."

The more we can sit around waiting for the 'easy money trades' the more success we are likely to have over the long term. So, be more like the blue-fin tuna fishing teams. 
 
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