Jankovsky on the 'Art' of Trading

The markets are a brutal place to find out who you are or what you can do -- especially if you don't know who you are and don't know what you can do. That is why I wrote The Art of the Trade.

The Art of the Trade is the story of what I learned by becoming a true futures/FOREX trader. I don't think my experience is all that unique; most brokers and traders have seen a lot of what I have seen. But what makes my story unique is the nature of what I learned. I discovered that the markets and trading are about a lot more than just "making money." In fact, I think "making money" is the smallest part of the business. I honestly don't think I would have developed as a person to quite the same degree without the years of constant losses and suffering that I endured trying to make a career as a full-time trader.

Successful speculation is one of the most difficult things an individual can attempt to do. For example, many people were buying crude oil as it rose above $100 a barrel. Sure, that would have made them some money, but the real money was on the short side, as that oil market dropped to less than $40 a barrel recently -- more than $100 from the highs! Both a long and a short position would have worked from that important $100 level. But which was the best option?

Successful speculation requires time, energy, guts, originality, hard work and, to no surprise, some capital. Along with long hours, speculation requires education and hard choices. ...