Day 24 Back at it... Its always hard getting back on trading if you are a feel-trader after, after two days of exile. Anyway... I decided my goal must be to put together 18 solid trading days per month, and not necessarily everyday. Thus, it is OK for me to take days off when I have other obligations. So that, in my mind I wouldn't necessarily missing out a trading day as a negative. And would be in a mind set to trade when I do get back on it. I like to type out a key paragraph, or key point from the current book I am reading. The key concept therefore is reinforced in my mind. Thus, here he is key paragraph typed out from: The Dollar Crisis ...Like the classical gold standard, the Bretton Woods international monetary system contained inherent adjustment mechanisms that acted automatically to prevent persistent trade imbalances. Any such imbalances resulted in cross-border transfter of an internationally accepted store of value (gold, or dollars fully convertible into gold) and changes in national price levels in a manner that eventually restored equilibrium to the trade and fiscal balances. When Bretton Woods collapsed in the early 1970's, those automatic adjustment mechanisms ceased to function. In their absence, government budget deficits increased dramatically and current account imbalances between nations became immense and unyielding. In 1892, the U.S. budget deficit surpassed US$100 billion for the first time. A long series of triple-digit deficits was to follow....
Thats a awesome statement Pekelo. Thus, we can conclude: Lotteries are a tax on the poor. Gambling is a tax on the mathematically challenged. Trading is a tax on the rich.
Well, rich people gamble too, and poor people lose money in trading, so I stay by my original statement...
I didn't felt like bragging.. Thus, I deleted the last four trade pic I posted. But, hope you had a chance to take in the kind of trading I do.
Day 25 Patience... Be Patient & Capitalize on opportunities when they present themselves. Patient, and Capitalize. Keep it Simple, and Stay Away till points are lying around. The key thing I need to do is preserve myself for the whole day of trading. Things can happen so fast, its just you have to have bullets left.. preserve bullets and capitalize. Don't expect a trader ever to accurately recount his commodity record. If a trader boasts about how well he did last year, chances are he just cleared commission. If he tells you he's breaking even, you can bet he dropped quite a bit. And if he admits to a loss, it may be that he's close to being wiped out.
Todays chart is shaping up to be almost a repeat of Jan 03, 2006.. & I realized it after I am short huge...
since im on the penalty box, im not trading... only watching. But i'll be a son of a bitch...... now that im watching only... i would have accually made nice points today! Moved my layout around...... changed alot of things... would've rode the YM down into the dol-drums... and caught the 2pm rally...... of course its easy to see these things now.... since i have no money on the line.
Day 26 Wild Day Today was a Wild Day to say the least. In terms of how the prices moved, as well as how my trading went. I was 1 point from shutting out for the day, and then I was almost 10 point from reaching my profit target for the day.. only to see it all wiped away since I got this brilliant idea to leverage my winnings. But, I came out of it without any significant losses. You have to know where you are going to get out of a trade before you take the trade. Stick with the trading plan. I disappointed myself today, I had huge amounts of paper losses where I held on hoping for the prices to come back. This isn't my type of trading, and this is not how what I am supposed to trade. Lets just hope Monday will be better. Any system trader who consistently doubles his money on an annual basis has achieved the financial equivalent of skiing to the North Pole in a bathing suit.