Thanks man, I plan on adding some grains and other stuff to the mix on the journal.....but want to focus on the FX contracts for now. Grains have been very volatile lately, and I am trying to learn options, so I want to stick with what I know will treat me right. In combat and under stress you revert to your training......well, currencies were what I cut my teeth on and so I am going to focus on them while I'm studying options and all that stuff. This options stuff is pretty involved! I can tell it will be a while before it all comes together on that front. I haven't checked out the AUD/NZD cross, I stick with the Aussie, Pound, Euro, Swissie and Yen mainly.....but I may look into it. Thanks for the info.
I liked this because it is succinct and applies to your daily trading drills particularly when you are building your experience. So for trading in which, as it happens, you must train yourself, have a methodology with precise signals you follow. Index futures or liquid commodity markets are assumed. Those signals will turn you around at the end of each downswing and upswing as they follow each other in sequence so that you cruise the trading day Open to EOD, revolving your continuous position going long (downswing ended/ending) to short (upswing ended/ending) to long again to short again etc and so on.
You are absolutely correct. Good post, Champ. You hit the nail right on the head...I have my basic method, and I essentially free hand it until I do something stupid or get nailed/proven wrong...then I revert back to the basics...also, when learning other subjects (like options right now), or dealing with something else important or time consuming I stick to the more strict interpretations as much as possible, since I am aware my mental resources are being stretched too thin....and I don't have much of them in the first place. Anytime I get hit and go back to the basics, or start over of my own volition, as is the case right now due to my intensive studies, I start branching out again using the new knowledge gained to add it to the basic "control" method.
You heard right Anek- Bartender's already expecting you, he knows the tab's on me. Thanks man. You're one of the guys that inspired me to start this thing! Try not to blush now.
Reaver Journal looks great so far! I see you trade the pound. I also trade the pound (futures) intra day during early morning hours. I don't know how long you usually hold trades for but take a look at a weekly chart of BP. From the looks of it I think we are headed to 1.85! I do think we are due for a pop to around 2.00 in the short term from looking at the daily chart. Best of Luck and Good Trading Man! YT
Hey thanks YT, I usually stay in trades anywhere between 1 to 2 up to 10 days or so...that can change at any point, as each trade is different...but if I had to pick, I would say I am in for 2-5 days on average if I have things my way....but you know, this ain't Burger King, so I'll take what I can get. Yeah I really think the Pound is headed up soon, the other Euro currencies are heading up strongly, so not sure why GBP is lagging so much....I do think it's on the way up at some point....I just got in a little early and don't want to fight the trend.
Alrighty- I am back in long GBP, AUD, and I'm short CAD. (I'm using Mar 08 contract info). I started looking at the charts again and still like the Pound and Aussie long...for just one more night (Phil Collins was playing in my head as I typed that lol) So, I am in GBP long at 1.9582...if it goes below 1.9534 for any meaningful period of time...I'm jumping ship. I am in long the Aussie at 0.9004, I am gonna be cautious if I see price go below 0.8970...my GTFO (Get The Fuck Out) stop is .8890, just in case something happens while I am asleep. Shorting CAD at 98.25, in spot speak that is 1.0160 (thereabouts). Not the best of situations, but I am gonna give these a shot and see what the cat drags in.