if your goal is to trade forex profitably, why not just catch the trend and ride it, since these markets tend to trend a lot of the time. i have been trading these markets profitably for a few months and it seems much easier to make the dollars when it's trending than when it's not. although i have position traded and day traded the forex, i make a lot more money with a lot less effort when it's trending. i have read books by others who also advocate trend riding instead of daytrading when it comes to forex. just wondering why you're making something which should be so easy so hard.
What exactly are you suggesting, princessa? I'm not sure that deciding to simply "catch the trend" is quite the difference between profitable and unprofitable trading. Job searching stuff for an hour, screensaver for an hour, and I'm out for the night. Happy New Year
A lot of thinking about stuff today, but I will try to keep this short. As I was going over charts, it finally hit me that I am developing a very profitable strategy that could make me more money than I ever need. Although Iâm sure it will need some refinement and patience (which I think I have now), I began thinking about the point of pursuing perfection. At that point, I began to understand why traders seem to accept less than ideal strategies â whatâs the point? Now surely there are plenty of variables (trader qualities, time, resources, education, etc.), but Iâve always been mystified with position and swing traders are satisfied with barely above average returns when they could be trading shorter and making more (ones that donât run into capital problems intraday), or traders who stick to one or a few very simple patterns or strategies and never drive for further success, but it makes perfect sense to me now. I even understand why traders are satisfied with a little bit of swing or position trend. Why the difficulty, time, energy to pursue more? After a lot of thinking, I decided that my original plan was best â trading most days per week and at least one market day off researching and innovating. Although nothing changed, I think things like this are very important. After all the thoughts of getting a job and this new perspective on trading, I believe it relegated trading down to a more proper role to me. Before, I always felt like I needed to work because I have very difficult goals set in place, or otherwise that this is my top priority (I didnât hang out with my friends when I was watching the market or paper trading at school, for example â usually two nights/week but still). Although Iâm far away from living off trading or even getting a job at the moment, I feel much more peaceful â I am here now because this is what I want to do in my spare time, not because I feel like I need to, but because I want to. I will probably also be spending a bit less time on trading than I have been as well â not in the sense that I wonât be doing much but more in the way that it will be more in my spare time rather than whenever possible. At school, for example, I will probably be doing something else while Iâm trading (helps that Iâm trading off the 15 min+) for maybe one day a week and just keeping up on the hour when Iâm on the computer. Otherwise, if Iâm trading the 3 hr, I will probably just tune in for maybe 20 minutes every three hours. No real need to learn Elliott wave, no real need to move up to the 5 min or 1 min for a while, just a few steps of experience and innovation in my spare time. Today: just made a few charts and worked on my market observations document a bit. I am looking to begin trading again Monday. Chart: haven't posted one in a while. This TL was an uptrend line from the beginning of the parabola, and the PA from the day before (when it broke it) told me it was still respected. Definitely hard to interpret, though - I originally drew it on the hourly a very long time back (which didn't show anything attractive here), but it looked good on the 3 hr as well.
Only a few hours of work today â I see overall very little worth doing to do when the market isnât in session now. Anyway, what I did do was go through a few more observations and find charts for them â only 14 left. I also decided to begin going through Anekdotenâs Holy Grail thread, intending mainly to look for rules and insights attached to charts. I have seen several of his charts and thought I had his strategy fairly figured out, but I actually learned a lot and was very pleased with some of his innovations (which I didnât already know) which I found quite interesting. I spent a small amount of time on the resume as well, and still have to sort out my references and cover letter and such. Chart: wanted to post this one to show that most of my charts Iâm putting into the screensaver is very basic stuff. Everyone knows that dojis are support and resistance, but with one chart I capture a great example, throw it into a folder, see it once or more every week or two briefly, and really capture the essence of the principal. Itâs like a vocab word â once itâs hammered into my memory, I become able to apply it in a normal circumstance two or three times, and then itâs mine. I wonder what dojis do to trendlines... Btw, I only post my B charts. I'll show people little hints and insight, but I think people should put in the real work to be a contender. I think that even the greatest of traders need a base of trading principal and rationality before they really go somewhere; it is something this forum has brought me and something I'm ready to pass on. Best of luck to anyone reading or looking at charts to learn. Edit: just looked at the chart again. I'm sure I won't consistently put '09 until March.
Today: completely finished my market observations, read Inside the House of Money for maybe an hour, tried unsuccessfully to find trading firms around me, worked a little on the resume, and some quality screensaver / nfl playoffs time. Comments: My trading to do list really has nothing at all important on it anymore. I have learning Elliott Wave (of which I have a pretty good overall understanding and donât think is currently worth the time), make a parabola collection once some of these currencies stabilize (which I donât think I will do anymore since low volume for two weeks changes the principal), make charts as they come to me, and watch the movies Family Man, 21, and 1408 again which really shouldnât be on there. It seems my work outside watching/trading will be split between finding a job and reading Inside the House of Money and the two Stock Market Wizards books, and occasionally looking for something. Can't wait to trade this week... I think I decided on what I want to do: trade myself out of the need for a job, keep my money out of U.S. Dollars, be a floor trader, and travel the world â I might even be a floor trader abroad. Chart: simple thing on trendlines I saw at stockcharts.com that I thought was worth an occasional reminder
Computer crashed today. It is now unusable. I have my mom's while I'm home for two weeks (the computer I'm using now), but I'm not going to start trading on it. If I did anything right it is my inherent distrust of computers and saving important things on them, so I keep absolutely everything on a flash drive - which I back up on another flash drive. I'll be back eventually...
when u decide to enter the market , i would really like to discuss fx trades with you as not so many people on here trade FX. looking forward to hearing your trades.