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Sorry gang for the lack of contact and late emails response…I’ve been messing around with a new little strategy…hope to get it out to everyone this week sometime.
No friday q&A today…got a bit sidetracked today with some computer issues and the masters :-)….ok mostly the masters.
Something I’ve been doing lately is printing out some charts where I took trades to review…winners and losers…. i leave them on my couch, coffee table, wherever..just a change from sitting at my desk.
Have a great weekend.
Nfp this Friday and pending home sales Monday at 10am EST.
off course any and all news coming out of libya and japan can and will move the market.
Also waiting on some news about a new product you’ve all been getting emails about (not from me though)…am hearing it is expensive and the refund policy is a bit tricky.
Checking the forex factory calender shows the usual kind of econ announcements to watch for.
The big news to watch will be the obvious;
I don’t trade based on news, but these two events move the markets and must be respected.
….Here are the rest of the steps.
This is where the rubber hits the road and you realize that trading requires work and like everything in life…there are no shortcuts. (unless you take steroids and are a body builder…that is a short cut that works…but not recommended 🙂
15. We get serious and start concentrating on learning a ‘real’ methodology.
16. We trade our methodology with some success, but realize that something is missing.
17. We begin to understand the need for having rules to apply our methodology.
18. We take a sabbatical from trading to develop and research our trading rules.
19. We start trading again, this time with rules and find some success, but over all we still hesitate when it comes time to execute.
20. We add, subtract and modify rules as we see a need to be more proficient with our rules.
21. We feel we are very close to crossing that threshold of successful trading.
22. We start to take responsibility for our trading results as we understand that our success is in us, not the methodology.
23. We continue to trade and become more proficient with our methodology and our rules.
24. As we trade we still have a tendency to violate our rules and our results are still erratic.
25. We know we are close.
26. We go back and research our rules.
27. We build the confidence in our rules and go back into the market and trade.
28. Our trading results are getting better, but we are still hesitating in executing our rules.
29. We now see the importance of following our rules as we see the results of our trades when we don’t follow the rules.
30. We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better.
31. We continue to trade and the market teaches us more and more about ourselves.
32. We master our methodology and our trading rules.
33. We begin to consistently make money.
34. We get a little over-confident and the market humbles us.
35. We continue to learn our lessons.
36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account continues to grow as we increase our contract size.
37. We are making more money than we ever dreamed possible.
38. We go on with our lives and accomplish many of the goals we had always dreamed of.
This is a realistic but also tongue-in-cheek list of steps that a successful trader goes through….I can’t take credit for creating this list and I can’t remember where I found it but saved it and share it with traders as often as I can…enjoy 🙂
1. We accumulate information – buying books, going to seminars and researching.
2. We begin to trade with our ‘new’ knowledge.
3. We consistently ‘donate’ and then realize we may need more knowledge or information.
4. We accumulate more information.
5. We switch the commodities we are currently following.
6. We go back into the market and trade with our ‘updated’ knowledge.
7. We get ‘beat up’ again and begin to lose some of our confidence. Fear starts setting in.
8. We start to listen to ‘outside news’ and to other traders.
9. We go back into the market and continue to ‘donate’.
10. We switch commodities again.
11. We search for more information.
12. We go back into the market and start to see a little progress.
13. We get ‘over-confident’ and the market humbles us.
14. We start to understand that trading successfully is going to take more time and more knowledge than we anticipated.
MOST PEOPLE WILL GIVE UP AT THIS POINT,
AS THEY REALIZE WORK IS INVOLVED…..
Check back tomorrow to see the rest of the steps.
While I was sick last week I had my laptop nearby and continued the roulette/trading/discipline project and am now up to “$60” following the original bet/trade plan….just wanted to update everyone on it’s progress.
…not the gambler.
Chatting with a cousins friend this weekend, he liked the idea of trading and likened it to hitting a large jackpot at a casino. I told him I don’t want to be the guy who looks for the odd big score…I’d prefer to be the casino and have the odds in my favor…all I got was a blank stare…lol…followed by “oh that’s no fun”
This is typical when ever I talk about what I do to people with regular jobs…they think it’s one pull on the slot machine after another…nothing could be further from the truth.
I sincerely hope anyone who reads/follows this blog is not looking to be the big shot gambler, but instead is truly interested in being the casino with a trade-able edge.
Monday there is a Bank of japan press conference…any/all news coming out of japan could really effect the yen pairs, obviously, as well as the eur, usd and gbp. I’ll be trading with caution…smaller size, and smaller targets.
P.S. Forgot to mention the FOMC meeting on Tuesday at 2:15 EST