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No worries, brother... we covered all the points I was calling for and I didn't get the feeling we cut things short.
I like short concise conversations anyway - just ask my wife
Maybe another visit this weekend... will check in..
I woke up for the London open and things, straight away, were screwy.
The PC partition on my Mac was acting strange, forcing me to reboot initially.
I saw the sellers building strong and I was ready to go short for big ticks. I knew it would, at least
go to the bottom of the hourly channel.
Placed my order and got that crazy NT crash sound ... wtf??
...tried again ... Crash sound ... was finally filled at an instant moderate loss...
Looked at my DOM and it was set to E7!!! ... I was charting M6E, of course.
It seems like mistakes like this never work to make you money.
I closed out and went back to sleep. I don't have the mental juice to bounce from that,
especially, since there appeared to be a bullish bounce happening.
Woke up again just before the US open and of course the sellers had worked their way most of
the way down the hourly channel. I held it together.... just a bit miffed.
I can deal with miffed.
I placed a short order in attempt to gain the remainder of the technical move.
I held for about an hour and my target was hit right at the opening bell.
+20
Almost BE total from the London mishap.
These are things that can only be discovered when you trade Live.
Been taking a break from my futures charts and just focusing on swing trading the cash euro using nano sizing live to learn how to catch these nice trends on the Euro. I find myself on the wrong side of the market too often letting my losers run and cutting my winners short. I cannot progress any further until I resolve this basic trading aspect. I'm still trading live through this because the mistakes burn in deeper when you have to open your wallet. I'll get it sooner or later I cant mark up my Oanda charts so I will be offline for a bit, but trading daily.
Any and all prayers will be accepted with much gratitude
With Oanda you could always use MT4 and if you are trading with size below 1000 units you would just have to manually plot the trades. Just a suggestion.
I have my Futures account funded enough to run a single car comfortably. I'm still working on
my final trading system, so not live yet. Hundreds of hours of screen time on TF and Euro.
I am still swing trading small cash positions in Spot Euro to keep the live money juices flowing.
Emotions are being conditioned well, as planned.
When I lock down a solid system in the TF trading, I will post up a few charts before I switch to
live.
Charts have not changed in months. Just slightly different garnishes on the side
I'm getting better at managing the spot currency swing trades. I've been working on hedging similar
currencies against each other. It is fascinating working with hourly and daily charts. You set up things
just like it were a five minute chart, but when you look at your target amounts on the daily chart it will be
hundreds of pips at times. Of course stop losses are a bit larger.
The TF trading plan is just about honed in. I've settled on a 1 : 4 RR plan, only moving to BE when
PA is close to target. I have a bit of a flexible plan when it comes to targets. It just depends on the Price Action before me. I give myself a 10 tick target on fade trades after large moves. This will give
me time to reload and look for the next entry "with trend".
I'm running about 65% winners in my xml log, with a large increase to the testing account.
But, we all know that is bullshit.
Can I see these same setups when the live ammo is flying over my head? Only combat in an
LZ will let me know. All I can do is practice my setups and risk management until I can't lose. Then
we will proceed.
For now, I have my emotions under control winning or losing in the swing trading. I check my PnL
much less than I used to. I just trade. Seems like the less you stare at it, the more it is in the green
when you do glance at it.
The bottom line is how much is there after the 2 or 4 weeks of trading, when you need to draw out
your paycheck.
Cut your losing days short and let your winning days run. Just like the trade itself.
I'm getting smarter at this. That is all you can strive for.
I'll catch up on all my friends posts this weekend.
PS
I've been swamped at the studio working
up a new business model . The recession has finally hit me.
I would watch as other studios, publishers and labels folded up as I could barely keep myself
healthy working around the clock. I would say to myself "what's wrong with those cats!! Business
is still booming!" Well, now, MY calendar is thinning out!! What, me!!??
I started asking the pickers before some recent sessions and appears the whole industry in Nashville is
down. I just never looked up from my grind stone to see all the carnage around me.
75% of staff writers have released over the last 10 years.
The local musicians union is down $1 million in session revenue dues over the last year. A substantial percentage.
Labels aren't making records. They will release a single or two to see if the artist "hits" and then
cut him / her loose. They won't even make an "album". If the artist does have a little success, the label
will release an "album" of a collection of the singles they attempted to release. This means albums
have no flow - no "art"... just a gaggle of tunes.
...of course this means writers can't earn a living from the old, bread and butter "album cut". Nobody is
cutting cool, interesting tunes that used to fill up the albums of old. Everything has to be an "over the top"
smash single. Except for the rare "country" ballad hit. It is all pop wanna be cross over assault fodder.
ah.... I feel better. That was a good industry rant.
So.... this trading thing may come in very handy after all, if it all comes crashing down.
I'm studying with a bit more urgency and treating it as "live" as possible.
But please do not make the normal mistake of thinking trading for your primary income is going to happen anytime soon. Most in this situation end up burning through all their savings, and really putting themselves in a bad financial situation as they spend day after day trying to make trading work, instead of searching for a "normal" job.
Willpower alone is not going to make you a good trader. It takes a lot of things in your life to be aligned just right, and financial stress does not fit in the picture.
