3 lessons Forex traders should learn from the last season of Game of Thrones
SPOILER ALERT – This post contains Game of Thrones spoilers so if you haven’t yet watched it, proceed at your own risk.
Game of Thrones is a TV show that has forever left a mark in the history of television as one of the most viewed and most expensive TV series ever created. Its ground-breaking ratings starting from season 1, made it one of the most awaited shows in 2019. According to HBO, the Season 8 premiere was viewed by 17.4 million people and that number doesn’t even include those viewers who watched it after the premiere.
The show also owes its success to the amazing storytelling by George R Martin, who created characters and plot twists unlike any we’ve seen before. And even though the tale unfolds in Westeros, the life lessons in it are far from fantasy and are much closer to real life.
We decided to analyse some of these lessons from a forex perspective and find out what traders can learn from our favourite characters.
Lesson 1 – The “Samwell Tarly trading approach”
“I’m tired of reading about the achievements of better men.” – Samwell Tarly, Game of Thrones S07E05
Samwell Tarly is a character that’s hard not to like. He’s loyal, intelligent, honest and good hearted. He also possesses a few qualities that are extremely important for any trader that wants to be successful.
First of all, he understands the importance of learning and has a thirst for knowledge, that essentially benefit him in the future. Thanks to his desire to learn, he managed to save Ser Jorah Mormont from greyscale, figured out the true identity of Jon Snow and saw the first signals of Daenerys’s madness. In the same way a trader, who constantly educates himself and reads about new movements on the market, will be able to predict future trends and market changes, that will help him be more successful in his trading.
Another important characteristic of Sam, self-control, is especially highlighted in season 8. When Daenerys Targaryen delivers him the news about the fate of his father and brother, we can see that it comes as a big shock to him. Nevertheless, Sam handles it like a pro, thanking her politely and hurrying away.
He also manages to push his emotions aside, compose himself, analyse the situation and realises that Daenerys is a volatile, unstable character, who cannot be allowed to sit on the throne. This allows him to take action and tell Jon Snow the vital information about his background in the right manner.
Just like Sam, a good forex trader needs to have self-control and handle losses in the right way. In trading there is no space for emotions and reckless actions, as they would only make a situation worse. Traders need to keep a cool mind, take losses into consideration and not allow emotions to control their decisions.
Lesson 2 – Don’t go “Targaryen” on your trading
“I am Daenerys Stormborn of the blood of Old Valyria, and I will take what is mine. With fire and blood, I will take it.” – Daenerys Targaryen, Game of Thrones S02E06
The transformation of Daenerys Targaryen into a “Mad Queen” was one of the biggest shocks in season 8. Fans were raging as one of their favourite heroes suddenly started contradicting her previous actions and decisions and started acting solely based on her emotions and urges.
The turning point of her transformation is the scene where she is looking over King’s Landing on top of her last dragon Drogon, facing the choice to either back off as the bells are ringing or to go through with her desires and burn the whole city to the ground. As we all know now, she chooses the second and this choice leads her to her inevitable death.
The lesson a trader should learn here is that acting rashly, rather than based on your knowledge and experience, will not lead to success. Making reckless decisions or getting carried away, can lead to more losses and to a fogged vision of your trading strategy. Traders need to understand that acting on anger, disappointment or sadness is a sign of inexperience, and just like the case with Daenerys, will lead to unwanted, disappointing results.
Lesson 3 – Don’t be a Cersei and know when to make an exit
“When you play the game of thrones, you win or you die. There is no middle ground.” – Cersei Lannister, Game of Thrones S01E07
Cersei Lannister is probably one of the most iconic characters in Game of Thrones. Her ruthless actions, hunger for power and massive ego have caused havoc through out all the seasons and made her the villain we love to hate.
However, her overconfidence in seasons 7 and 8, cause her to lose her kingdom and her life. She bet everything she had on the Golden Company and Euron Greyjoy’s iron fleet, had no back up plan and didn’t use the chance she had to escape when her Hand offered. Unlike previous seasons, she lost all control of the situation and ended up being in complete denial until it was too late to do anything.
So, what should a forex trader learn from Cersei Lannister in season 8? To know when it is time to exit. Being confident in yourself is important. Being overconfident, however, is not. Don’t bet everything on one trade and never bet more than you can. Always have a backup strategy for different outcomes and scenarios. If today is not your day, accept it and exit the trade, so that next time you can plan better and come back fighting.
Author: Nadia Ivanova, PR & Digital Marketing Manager at Qobo Group Ltd