PipStop

Recently I've gotten into some of the older desktops we have at the office and have started taking apart and putting together. It's a pretty fun, and while our IT guys probably cringe when they see me swapping out hard drives, adding RAM, replacing power supplies, etc., I have fun doing it and the computers are working.

My work desktop now has a much needed 2GB of RAM which makes me more efficient - and I guess it helps that I'm still running Microsoft XP on that machine.

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++ Oh boy. When you think of the rising oil prices, you probably think of simple things, like how it affects the price of operating your vehicle(s). There are theorists out there who look at the skyrocketing oil prices and wonder when a confrontation is going to take place. I tend to agree that something has to come to a head. The United States will do something ... won't it? And I don't want to get too political, but I'm sure that any confrontation would be done on the President Bush watch. Then again, it's not my place to say, but it does make for some interesting conversation.

++ It surprised me years ago when I saw the emergence of Vietnamese traders on the scene. Trading Post has seen it's fair share of Vietnamese traders in its community. Vietnam's official dong rate fell 2% against the dollar yesterday. For a country that has seen an average of 7.5% growth a year since 2000, it's a currency that at the very least bears some interest in observing.

++ What is the DEAL with Lehman Brothers?!? Well we all know the root of problems with most of the major US investment banks. Their greed has caught up with them. Yesterday shares of the bank fell 13.6%. Today it fell almost 5%. All told in the past five days the share price has plunged to the tune of about 30%. Not to be outdone, Merrill Lynch is looking to sell assets for more cash. Since January its share price has fallen by about a third. I'm sure the bad news will continue.

++ In brighter news, FXstreet.com continues to saddle up speakers for its upcoming October traders conference.

++ The dollar continues to strengthen.

In a couple of technology notes:

++ For all of us who have our computers as our best friend (or pretty close to it), Mozilla is releasing the Firefox 3 browser on Tuesday, June 17! If you are browsing with Internet Explorer, time to take your blinders off. I'll remind everyone on Tuesday, too. In what will put a smile on the face of our New Media Developer Ray, the new Opera (9.5) browser has also recently been released. Ray is officially the ONLY one I know who uses Opera. But we don't treat him like an outcast.

++ The more I read about Friendfeed, the more I think of how we can better bring members of the Trading community together. There is a better way than your run of the mill forums, chatrooms, etc.

++ Last but not least, I TOTALLY forgot about the Online Training Room that I teach in on Wednesday nights, last night. John, I definitely owe you one. It's been crazy for me recently, but it's no excuse.

You all want to know it, heck I want to know it. Many are looking for it, yet it doesn't exist.

I was Skyped by a trader named Mike last night, a call that I appreciated because it really made me think. Mike brought up some great points. One of which I have continued to think about.

It revolves around essentially who to hitch one's wagon to - a trade mentor - one who can show the way to a trader. Show the way to success. One of the points that I made to Mike was there is one way to success and that is his way. Likewise your success lies with YOU.

One of Trading Post's Trading Coaches Nikhil Patel is mid-stream i his journey of achieving some aggressive trading goals, and he is successful in his own right, but he continues to drive his growth.

He is in charge of his own destiny. He is always thinking, always challenging, always asking questions. He has had mentors in his life who have given him perspective in HIS trading. They haven't driven his trading.

One of the most common issues that I've seen with traders who want to be successful is not fully grasping that trading long-term requires a commitment - a commitment that can't be founded in hitching ones wagon to another trader.

It requires time, it requires effort, it requires a great deal of patience. It's easy to get lost in your trading journey. You only have to spend 10 minutes Googling before realizing that there is a dizzying mish mash of information on the Internet.

There is definitely logic that needs to be followed in trading as Ray Barros explains through some classic examples of where traders veer off the logical path.

Brett Steenbarger goes one step further in detailing out his thoughts on Ray's third point. Breet is often therapeutic, and has a great blog. Read it often.

Steve Croft also offers a great trading psychology weekly podcast that is worth your time.

The bottom line is don't rely on someone else's triumphs or failures to base your experience on. There are things you can take from every trader, but the focus, YOUR focus, should ALWAYS be on YOU.