@jayfroneman: Hypothetical story: One trader spent the entire day trading. Another placed a position, walked away, and finished up 34%. Now ask yourself something. Are you trading because there's an opportunity? Or because you feel like you need to be doing something? This is something I think a lot of retail traders misunderstand. More trades don't automatically mean more money. Every entry and exit comes with a cost. Spreads, commissions, slippage. The more frequently you trade, the more often your strategy has to overcome those expenses. Meanwhile, some of the best traders I've seen might only take one or two major positions in an entire year. Take our cocoa position, for example. I publicly called it back in March. Seven months later, we were still holding it, with the market having moved over 90% in our favour. Not because we were doing nothing. Because the investment thesis hadn't given us a reason to exit. And that's the distinction. I'm not saying scalping or day trading can't be profitable. They absolutely can. Position trading has its own risks and costs too. But trading activity and trading performance are two completely different things. A professional doesn't need to be in the market every day to justify their existence. Sometimes the job is to find the opportunity. Sometimes it's to manage the position. And sometimes it's simply to leave a perfectly good trade alone. The market doesn't pay you for being busy. It pays you for making good decisions. So here's my question: How many of your trades were genuine opportunities, and how many were simply because you couldn't sit on your hands?

Jay Froneman

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Sunday 11 October 2026 16:00:14 GMT