Thanks for your comments Rossored. I spent hours yesterday going over 1 minute charts and comparing them to both 3 and 5 minute charts and the story is completely different.
I see what you mean about noise. There are plenty of trading opportunities with the 1 minute charts but I guess the trick is not to be bounced out of the trade by noise before the true exit point arrives. I am looking at using 1 minute charts for entry and 3 minute charts for the subsequent management of the trade including the exit.
I reckon I will be much more active in the market, hopefully more profitable and certainly a lot less BORED.
For me BOREDOM usually equates to eventual losses because BOREDOM breeds irritation and irritation breeds impatience, which causes me to enter trades wrongly.
If you aspire to become a trader you have to learn to make certain sacrifices, which in themselves are not sacrifices at all, since it is a better proposition to be trading effectively than out there opening the road.
1st sacrifice:~ early nights.
2nd:~ no alcohol.
3rd:~ self enforced isolation.
4th:~ cultivation of serenity.
You must be pin sharp. If you are not pin sharp you cannot be effective.
The idea of self enforced isolation for most ordinary people is surprisingly very difficult.
This is because in ordinary life one is surrounded by people, events, noises, movement,
speech, and what is required here is so different and indeed opposite, that it feels abnormal.
You have to train yourself to be like this if you ever hope to acquire a true trader's mindset, and not
what you think (an idealised opinion) of what you think it ought to be or could be.
People who are not traders never understand. The are apt to barge in, interrupt, ask silly questions,
make irrelevant comments, and so on. If you want to succeed, you have to learn to keep them out.
It is not their fault that they do not understand. But it is your fault if you let them upset your environment.
When you master "the game", it can never be boring. There are periods of inactivity you must fill with
something else that is not related. If you do not fill them the market will fill them for you, badly.
This is because you have to mature in your understanding of what it is you are in.
In ordinary life you would expect to have a schedule, if not a regular scedule at least a variable schedule.
In this business there are no schedules of this sort, so you have to create your own, in order not to feel guilty about your inactivity, so as not to be sucked in as a consequence.
The schedules you must choose must not conflict. I will explain.
You must do something that does not stimulate you to do what you should not be doing.
It must be something totally divorced from the screens, that is neither competitive, performance orientated, or driven by remuneration of any sort.
It is also a very good idea to change environment periodically when all is quiet, but without dereliction
of the main task in hand.
This means also do not put on a position without a stop and then go and mow the lawn, because this is
really asking for grief.
Give a bit of time to yourself or others in short bursts in the form of breaks.
You will then find it easier to hold your attention when you need to.
Good stuff here. I've just sat watching cable for two hours thinking if it got through 1.8075 approx then we were off to test the next top at 8125 or thereby . Quite handy. Of course it hasn't, but there were a couple of opportunities to take 15-20 as the scalpers moved it around within the range. Would I have taken a few out if I had been more flexible? Most likely at best come out even with the nerves twanging. The physical things sound about right for stopping any sense of 'I should be DOing something!' ; knitting dollies, exercise bike with walking plugged into ear; I have just swept the kitchen floor; I go over previous trades sometimes where the grief and joy are there to be seen. Or read Steve Nison. Anything which stops the hand-mouse impulse setting fire to capital....