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Just passed the link on to my nephew who's in his first year at music school - thanks. Hopefully good for my trading too.
I can't help wondering though whether the ability to shut oneself away and train intensively is a hell of a lot easier if you are suffering from a bit of autism or obsessive-compulsive disorder - or like me are just a bit anti-social and prefer books and computers to social interaction.
You can discover what your enemy fears most by observing the means he uses to frighten you.
Yesterday after I had posted my final chart and pnl, I had an urge to trade. I lost 100%+ a bit on the very next trade and then the old urge to make it all back came over me....I succumbed and went +/-/+ to end the day at +600 at which time I quit and watched for three hours without a single trade.
The first three trades after getting the urge to be in the market were the ones that leave you feeling a tad hung over, like you're not quite sure what just happened. After the last one though, I recognized what had just happened, took a break, reset and came back for a winner that ended my day. I was clear headed after that but forced myself to not trade as a punishment or exercise in discipline.
While not happy with the relapse, i am glad I short circuited it before it did serious damage. Today was back on track with clear headed thinking and trade planning. probably done for the day.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
see the market for what it is and not what it appears to be
understand market structure, liquidity, and price action
develop a framework for analyzing the market
somewhere between bottom-up & top-down lies the sweet spot
which allows you to see the market in the proper context
this provides you with a compass,
which will keep you from feeling lost
and will show you the way
Took a huge risk on the first trade, got stopped out and spent the rest of the morning digging out....I took smart entries, managed them somewhat poorly and manged to get back above break even....
I think I am done for the day....unless we get something that looks good, I'm probably staying flat.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Sitting here trying to decide where support might possibly be. Fundamentals dictate 85-95+ a barrel. So from a macro standpoint, I think long just because I know the producers need it. On the other hand, inventories have been creeping up dictating a further reduction in prices. From the chart standpoint, I see no further support until the mid 70's.
The question now is, what its gonna do? Its already gone through all the major fib levels, so deep pull back buyers are underwater at this point and the 88-85 target zone for some of the major funds have been breached with no real trouble at all.
So for longs on a macro level, I am waiting until I see price action tell me its long. So far, its telling me the selling isn't quite over yet.
In the meantime, on an intra day basis, I have no bias. I will trade the chart the way it unfolds. I don't hold trades for hours so I have the luxury of not caring which way it goes.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
