so after 4 years,only now am i beginning to settle down and not feel like i am under constant attack by the markets.now i look to take the fight to them.i now also know to cut losses,still hate them with an extreme prejudice but not blinded by anger and im becoming more accepting of them.
and something else ive come across- traders(probably losing traders) and educators(who probably cant trade) with something to sell who say trading is not about the money.hmmmm wot the f is it about then!!! i dont put myself through the ringer to attain some halo i want the freaking dough to be able to have the choices that money brings.if the only thing that was at the end of this path was some sort of enlightenment or a halo i wouldnt be on it and probably no other trader too.
but if thats what consoles you and it isnt about the money and your not making any money then great job you are achieving what you set out to do.
have a good weekend all.
making steady progress.results for last few weeks +20,+40,+50,+120 and +90 for today.
still making one or two mistakes and then having to chase back losses but now have the confidence to do so rather than being paralyzed by fear.
now im thinking theres no reason why i couldnt take a few hundred points a day but that will come in time as i build an account and also continue to work on psychology.
what a day.after a confident start i nearly self destructed again.started the day well grounded,then at about +40 points for the day seemed to have forgotten all about discipline.broke some rules thinking i could get away with it and spent the rest of the day chasing back losses.ended the day +10.ftse divedend didnt help.
was going to write some more,now i cant remember what.
good therapy this
+50 today.doing more things right and fewer things wrong.but i now feel i shouldnt be making such hard work of it.
support and resistance tripping me up.if i need the damn things to hold,theyl break and vice versa.more work needs to be done on this aspect.and i dont seem to be getting any luck,i enter a trade and the price will move against me by a few points and when i exit it will continue going my way by a few more points.this alone can be worth 10-20 points a trade and with multiple position sometimes up to 5 can add up substantially.thats my reason for thinking i should be taking hundreds of points a day.the harder i work the luckier i should get.
+220 for the week.should be happy with that but with just a little bit of luck could have been hundreds more.
making fewer mistakes but not always sticking to rules which is not really a good idea as habits are like cobwebs at first which then become strands of steel(or something like that)
some news is released 3min before to large institutions who can afford to pay large premiums for this service before the rest of us get to hear it.
so when i say stay out i mean stay out before news,let the big boys fight each other,then when the market settles look to enter.
+85 for the week.had some bad luck and finally a bit of good luck.
started the week badly,losing -140 on dax.clearly stupid entries,not just one but 3(short).the first one can be forgiven as it hightens your alertness once your in the game but the other 2 are unforgivable,they were out of revenge.so anyway i let them play out,went to -100,came back to -10 and now rather than cutting them i wanted something for my time and back to -140 it went when i finally cut it just before closing at 9pm.the bad luck was it fell 15 points straight after which would have saved me 45 points.but i was glad to cut it and be able to sleep rather than having to worry over night.morning arrives and i see it gapped up by 40 points so my decision is vindicated momentarily only then to see it fall by about 120 points!
it was HUBRIS that made me take those trades,thinking i could scalp my way out of it.such a wonderful word.banded about alot in trading,but i didnt think it would have anything to do with me until i make my first billion.yet it affects us all,nobody wants to be wrong from the smallest to the biggest.
so anyway onto abit of good luck.i was trading euro on thursday,thought all news was out of the way with BoE and ECB at around 13.30 and had 3 short positions.my patterns suggested it should soon drop but all of a sudden it shot the other way.i had forgotten to note another news item,US jobs!
so im about -150 and now a friend also wants a lift,previously i wouldnt have been able to tear myself away from the screen but maturing as a trader i thought it cant get any worse and the pattern still pointed down.so anyway,off i went.checking my mobile less than 10mins later i found myself +120 and gladly closed out with relief.the damn thing fell another 60 but what the hell,u cant capture it all.
bit of a boring week,+20.only really traded monday,-40 and tuesday +30 then scalped a few here and there rest of the week on mobile,which i shouldnt have been doing as its supposed to be against the rules.
another realisation is patterns dont work around closeing time(9pm with my broker) which cost me 55 points,so i wont be doing that again.
now i really need to get disciplened,stick to rules and put in a consistent working week.i now know i have the confidence to beat it.before i was prone to getting bored waiting for set ups in the ftse,then less so when i added dax/euro/aus to the mix.i now go in search of setups in other markets too and am less worried about 2point spreads.
having gotten more confident with my trading i thought id look around at other markets for my trading setups rather than waiting around on my usual ftse/dax/euro/aus.
i came across natural gas.clicked on market information and it was showing a spread of 0.03.
3 points i thought and so i shorted at £1pp soon realising 0.03 was not a spread of 3 points but fking 30! who the f plays these markets with such spreads.
i cut it quite soon at -35,confident i'll get it back from my other normal markets.
but next time im looking to play a different market i'll be ringing the broker to explain exactly what 0.03 means.brent crude was showing spread of 0.6,is that 0.6 points,6 points 60 points who the f knows.these ****ers do their utmost to confuse you.
disapointing week,-110,first losing week in about two months but no consolation.still way too trigger happy.i need to get more ruthless and protective of my capital.the gas trade cost me 35 points which i should never have traded.
i should know better by now and not let greed and fear rule over me.i should wait until set ups are about as near to perfect as possible before entering or sit out and even miss a trade rather than entering out of the fear of missing them.really need to work on my mental game.the mind is unbelievably fickle and soon forgets these hard learned lessons.
mondays seem to be my worst days.after the weekend break it seems i forget aspects of my trading strategy and then have to put back together the jigsaw puzzle.so as i write this im reflecting on what i allow to go wrong,some things even knowingly because of the lack of discilpine and impatience.this week im going to be ruthless with myself and sit on my hands and take fewer better trades.with it also being holidays in uk and US today,as a friend would say,no news and low volume sh** might just float up
watching paint dry.
watching the markets has been likened to watching paint dry but thinking about it,you do know the paint will eventually dry.its out of the box,been applied and you can if so inclined,sit back and watch it dry because it eventually will.
but markets seem to be something different altogether.i liken it to waiting for a women to give birth,not knowing if shes even pregnant.
+50 for the week,think i'll close up shop for the weekend.havent been ruthless enough,seems ive spent most of the week chasing back losses.
-fools rush in where angels fear to tread
-a wise man does straight away what the fool eventually does
are you a wise man for entering or are you a fool for rushing in