Can’t say I really like the term kaizen. It reminds me too much of work, where management try and get you to do more, whilst they reap the benefits, and you should be grateful for improving your job security. Where brown nosers are saying yes, to climb up the ladder, on the backs of those who will have to spend their life implementing the changes. It reminds me of those Japanese factory workers who are transformed into robots for the benefits of the company. I prefer the tradesman mentality, the cottage industry approach, where you benefit from your own skills, as well as the pride in the quality of your own work as an individual, and also the pride in the achievement of any apprentice that you steer in the right direction. Never the less, continuous improvement is what all individuals or groups need, to succeed in our ever global economy. None more so than the aspiring discretionary trader. Currency trading is a truly global industry, and to succeed we need to keep improving enough to find our tipping point to success. Then to keep on improving, to keep up with its ever changing nature and to keep control of the cycles of our own performance, to above the level of our previously attained tipping point.
It really doesn’t matter about the content of that previous rant. What matters is me and my improvement. This week I sat down with the charts, to put on my trendlines, my support and resistance and then to watch what happened. I wanted to see my lines being acted upon by price in the future, as opposed to retro fitting lines on past charts and kidding myself that it would work in the real life future. Really this week, I was only playing at it. I didn’t keep to any routine, it was all haphazard, a load of notes that I wrote up everyday on my blog, but anyone can do that with little consequence to the outcome.
However it was a start. I was thinking about this before I read the latest of James Clears weekly posts, http://jamesclear.com/inside-cuts and realised I’ve made an excellent, if slow and lazy start. Previously when starting things, I’ve dived in head first with huge amounts of enthusiasm. I did this when I first got into forex with forextrainingworks.com and then later at theforextradinginsitute.com, both times giving up when the enthusiasm died and realism of the struggle kicked in. This time I almost feel like there is something wrong, it is lethargic, almost boring. But I’m going to slowly build on my process, without the dreams of success interfering, as at the moment I feel like they have almost been knocked out of me.
I am basing my plan on LR Thomas’s High ROI Scalping method, but developing my own entry, during the trade and exit strategies based on various things that have resonated with me from various sources. I am veering towards entering right on my lines, with no post bounce price action confirmation. I need to improve my charting and concentrate on the best support and resistance with confluence of trendlines and 50, 62 0r 76 fibs. I need to know how to deal with a zone as well as a line of support. I need to know the influence of the announcements on my barriers. I need to know by how far my barriers are normally pierced, so as to place the most effective stops. The times of day when they work best. How fast the price should be travelling and from how far away before they hit. When a squeeze on my line is occuring. Of course the effects will differ for each pair. With eight pairs to look at this appears to be quite a task, for each will have its own influences and outcomes. I’m loath to cut the number down, but I know it will come. Some traders only end up trading one pair. Maybe I’ll get rid of the loonie or the eurgbp cross, both of which spent a lot of time in small ranges. Maybe I should get rid of the aud or jpy pairs that move during the Asian session, or maybe I should have a mixed bag that don’t correlate or focus on certain groups that do?
This week I’ve had a few days off work to look after my daughter for the school half term holidays. I’ve been relegated to the laptop whilst my desktop has been commandeered for Minecraft and Skyping school mates. She’s with her Mum today, but I’ve only made a quick analysis of my charts. I’m in for one day shift on Sunday then I’m off for four not going back until Friday night. It is only once in a while it works out like this ,so I better make the most of it. I need my charts updated before Monday morning. I’ve got a few ideas of proforma paper work that I will fill in for my journalling and my announcement calendar analysis, and Monday morning I will be at my charts set up for 06:00am gmt, after a good nights sleep, for an improved week of observations.
See you then.
I’m outa here.