Saturday, February 23, 2008

Mentoring a newbie and trading your own account

Today's Ny trade was rather aimless. Had two semi decent swings and then
we seemed to faded into meandering trade.

I am a bit reluctant to take on my current role as a mentor. Considering I
am just a newbie in my own right. Sure, more than 5 years in the markets
but I'm certainly not rich yet. I am still learning to handle my emotions
and staying under leveraged. Sure I know the basics of short-term trading
and I understand the emotions as well as the math involved to being
considered an expert. However I suppose I am a bit of a self-neurotic
half-been (no, not a hasbeen, I'm still on my way towards success). My
main concern is that it distracts me from being my own boss and taking my
account to a new level. I have to lay down the ground rules about
questioning the method while in trades. I think that will help

Thursday, February 21, 2008

Quick Work for a "professional"

On good days, I will just make a few trades and be done for the day. I
wasn't in fron the of the pc for more than an hour or two. I entered on my
S/R levels after the confirmed price action, I set my targets and my
stops. I was extremely conservative today as you can see from the chart.
Doesn't matter. My account is sitting at all-time equity highs and I am
just beginning to get a taste of consistent profitablity. The key here is
I am setting hard stops, I am walking away from the PC and my edge is
finding its way down to my bottom line.

I had an epiphany of sorts. One day I am going to take this skill I have
been honing and use it from many new places around the world. it is my
nature to always be moving around, trying new experiences and sharing them
with those of deeper roots in the ground. This trading lifestyle isn't
just a dream, It is my future. I have already been to more than 10
countries and within the next 10 years, would like to have visited at
least 10 more. SInce I'm getting older my requirements are a tad more
expensive and I am finding it harder and harder to just pick up and
go--physically as well as emotionally. So more money will be required.
Trading money.

Wednesday, February 20, 2008

Too many trades, more than enough profits

've been trading gbp/jpy with efx now for a while however I still keep a
record of my trades on the whc demo account. I am a real sucker for the
mt4 platform. So simple, and free. It's hard to complain about its
limitations when the bottom line is a huge savings.

Today I made far too many trades in the Asian session. Had I started in
the European session, my profits would have been in excess of 250 pips.
Instead I am hapy to walk away with about 100 for the day. I am really
starting to groove with my current setup. The primary umportance of any
trade always seems to come back to how it behaves on the support and
resistance lines. First bouncing into and then repelling from. Once the
Heiken Ashi candles signal a short term reversal I can then enter knowing
that if the market reverses again, I have my stops in place to keep my
bank roll for another trade.

Finally, liberation from my darker trading emotions have come under