Monday, September 29, 2008
Monday, September 22, 2008
Sunday, September 21, 2008
Trading
So I am now live (was live this past Wednesday).
Started off to a bad start, sitting off -50 for opening week.
Financial turmoil should have made me stand aside and watch until a trend has formed. Which I am now doing so.
Started off to a bad start, sitting off -50 for opening week.
Financial turmoil should have made me stand aside and watch until a trend has formed. Which I am now doing so.
Saturday, September 6, 2008
Developing my edge
"He who knows when he can fight and when he cannot will be victorious" -SUN TZU
Going to be spending some time away from charts and various other distractions working on what trading is to me, and where I wish to take it. I want to develop a structural trading plan that I can refer to when I am questioning the markets (basically my psychology). And even though I am acting on the now, and the market is never the same, I feel that I need a system in place so I learn to discipline my mind early on in my trading to try and force myself away from bad habits. I have all the tools, I just need to organize myself. I will be going live when I am finished this.
-Patrick
Going to be spending some time away from charts and various other distractions working on what trading is to me, and where I wish to take it. I want to develop a structural trading plan that I can refer to when I am questioning the markets (basically my psychology). And even though I am acting on the now, and the market is never the same, I feel that I need a system in place so I learn to discipline my mind early on in my trading to try and force myself away from bad habits. I have all the tools, I just need to organize myself. I will be going live when I am finished this.
-Patrick
Monday, September 1, 2008
The Market.
He who is prudent and lies in wait for an enemy who is not, will be victorious. -SUN TZU.
Learned more tonight than I have in the past month. Several things became clear all at once. Market Sentiment, Price action, and market timing.
Watch what the market is doing, and then trade the secondary movement. Pros assess risk, Amateurs assess potential. This is true. The secondary movement always has less risk than the initial movement, greed takes over the amateurs trading and makes them swing for the fences trying to hit the ball as far as they can. If the general market is down NOW, then you will look for signals of slowing in an over extended market, and then trade the pullback. Now if the price goes against you, and the market is trying to stop hunt/shake off the short's (in a bear market for example) then you would add once that movement begins to slow and show signs of taking back into the short.
Learned more tonight than I have in the past month. Several things became clear all at once. Market Sentiment, Price action, and market timing.
Watch what the market is doing, and then trade the secondary movement. Pros assess risk, Amateurs assess potential. This is true. The secondary movement always has less risk than the initial movement, greed takes over the amateurs trading and makes them swing for the fences trying to hit the ball as far as they can. If the general market is down NOW, then you will look for signals of slowing in an over extended market, and then trade the pullback. Now if the price goes against you, and the market is trying to stop hunt/shake off the short's (in a bear market for example) then you would add once that movement begins to slow and show signs of taking back into the short.
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