Something profound just occurred to me [this likely won't make sense to anyone else as my background is likely unique in some respects].
moonchild -...
The job that I performed to make ends meet was as a roughneck on an oil rig in Alberta, Canada. On the rig I was exposed to hydrogen sulphide gas on a regular basis [go read up on h2s gas and then talk to me about risk] and yet I'm still here. I performed tasks that could have easily killed me if conducted improperly [think high pressure flammable gas and tools that could possible create sparks].
And how your heartbeat jumps a little as you watch an internal combustion powered vehicle approaching. With all those exposed electrical connections ! ? ! ? !
My point is that each of these risks was successfully mitigated through proper training, planning and procedure - not unlike the ways that we mitigate risk in FX. The difference being that on the rig I never consciously once thought about whether or not I should cap a gas well that was beginning to blow out - I just did it automatically to reduce the risk of death. Now why is it that its not that automatic to execute stops?
Accountability without mercy.
If you survived it, you had to report proceedures to seniors who would, of course be pleased you succeeded, but moreso checking that you had followed all safety measures while doing so. If you hadn't, you were very likely down the road.
If you had to report all your trades {in confidence to let's say Merlin, or Dial or you pick your Mentor} for Proceedure to be reviewed {not profit} would you still have proceeded in the same way? All the IB, Managed Account {Manager} guys know the answer to that one.
I'm likely rambling here, but I find myself thinking that this FX thing is easy compared to 18 hour days of hard labour for periods of up to 30 or 40 days straight. I was never consciously affraid for my life while on the rig floor with my h2s monitor alarm going off - because i knew that there was an airpack within my reach and I could be breathing supplied air in 10 seconds.
10 seconds is an awfully long time from a Scott Pack when you are downwind of Sour Gas.
Back to what moonchild said, if the rig companies dwelled on these points in hiring new people - no one would ever come work for them. I guess my point is that all the risk avoidance tools someone should need exist in FX, so why don't we simply employ them all, trade without fear, and enjoy the fruits of our labours.
I think there are a few members {probably should be more} who use the Journal Forum to practice this. It's waaay too easy to come up with excuses to yourself for yourself. Semi Public/Private Humbility may do the trick.
Does it need to be any harder than that? I'll qualify all of this by saying that I'm not a profitable trader, but after this realization - I absolutely know that I will be - starting tomorrow.
Saudi Alberta {in joke for Canucks}
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