So, today it begins. If I have heard it once, I have heard it a thousand times: Keep a journal. I have resisted this advise for a long time. I think the perfectionist in me wouldn't let me do something if it wasn't going to be exceptional, profound, and (you guessed it) perfect.
I own TradeGuider EOD and RT versions and have tried my best to use them. The results have been the same as the results with the other 20+ software platforms I have also tried. I will leave it to your imagination to come up with what you think those results have been.
The other day I did something different--I picked up the phone and called someone. I spoke with Ken Y at TradeGuider. I leveled with him and we had, what I believe was, a productive conversation. We agreed that I needed to go back to the basics.
So that is what I intend to do and that is what this journal is about.
My commitment is to stick with the basics of VSA until I feel comfortable enough to read a chart and take action based on my own analysis. Also, I intend to record my journey here with the hope that my learning will be enhanced and I can join the ranks of traders who actually make money in the markets.
When I spoke to Ken, he asked me to watch a video he would send me and then to call him back. I have watched the video.
Ill let you know how the phone call goes...
The following user says Thank You to DonStar for this post:
I wish you well with TradeGuider, I have owned an RT copy for 5 or more years. I think its a good piece of software - unfortunately I can't use it, but that's because of my limitations and habits, not the software. I get it out every 6 months or so just to check, its me that's a work in progress and not it.
If you can avoid seeing the signs of weakness or strength as sell or buy signals and wait until a background context develops and then spot the triggers you will do well. Otherwise its tough, actually no different to catching knives or sitting on spikes in other ways, just watch, watch and watch and use 2 or 3 timeframes.
Looking forward to the journal, take it seriously but it doesn't have to be too detailed to be effective, at least that's what I've found from my short exposure so far.
The following user says Thank You to ratfink for this post:
While trying to figure out where to begin, and how to salvage this thread and try to make it constructive, I decided to just start from where I'm at right now.
I have been trading options and currently have four open positions: Ford (F); Micron Technology (MU); Spectrum Pharmaceuticals (SPPI); and Teradyne (TER).
My immediate goal will be to apply my understanding of the principles of Supply & Demand (my current interest) alone as well as in conjunction with VSA to the positions I currently hold and work my way out of them. The good thing about these options positions is that the risk is limited and already known and I have time to work with them and hopefully get out of them with a positive outcome.
One thing that I have already noticed is that by observing what little I know about supply and demand levels, I feel much more calm and don't feel the anxious need to jump into and out of trades on emotion (if that makes any sense).