It has turned out to be a mistake to take my profits early and sit out the end of the month not just from a trading point of view, but from a psychological point of view as well. I am bored — dreadfully bored. I know I can’t do a trade, and I don’t have any capital at risk, and the movements of the markets either frustrate me or leave me cold. This is an awful state to be in, and I can understand why people trade just for the thrill of it. It is all very well to do research and read interesting things, but you can’t do that all day long — I read for hours yesterday, until I couldn’t take in any more, and still had hours to spare. I want action, and the action I want is to fight and win. There aren’t many things you can do in modern life that give you that.

You have to learn lessons for yourself, and the lesson here is what I have always thought: trading for the sake of your monthly performance is a mistake. I don’t think I will be doing it again.

This highlights one of the great things about trading: it is a reason to want to know everything. What does a professional, say, or a factory worker, gain from reading economics, science, psychology, market theory, international politics, and so on? Nothing except the satisfaction of curiosity. I can use, and have used, understanding gained from all these fields in my work.

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