Chatter

Wednesday night was my last night shift of four and I made sure I didn’t get up to trade after my disastrous day the last time I finished nights. ( Rule 1, to protect myself from myself). Instead I had a good sleep until 15.00 uk, did 30 mins of Paul McKenna hypnotic meditation, got up and had a light late breakfast of scrambled eggs and tomatoes and coffee . My weight had gone up to 18 stone recently, so I’m on a low carb diet. No bread, rice, pasta, potatoes, pastry, batter, beer 😦  Maybe I’ll have a few beers at the weekend, but I’ve become a bit of a lard arse, so in the spirit of taking control of my life to improve my trading, I’m now on day six. I remember reading John Carter’s ‘Mastering the Trade,’ and was rather shocked at the extreme’s he goes to eat and live healthily, but now I’m coming around to the idea in a somewhat smaller way. Of course six days is nothing, watch this space.

Anyway after easing my way into my four shifts off, I’ve only been left with Friday and Monday to trade. Not the best of days to trade when learning anyway and with markets moving to the 28 Feb Greek loan expiration deadline, days may be more unfavourable to trade. After a poor week last week trading breakouts I’m going to try and be more selective in my trades. This brings me to my title of ‘Chatter.’ When not trading and in a relaxed mind it was interesting to go through traderAllen’s chat room that I have missed this week. A conversation that I really found to my liking was this;

dd: Probably 50-60% of valid set-ups are with NTR and NTS (near term S and R). Gotta skip em or face up to lower odds.

Allen: You don’t need many trades when you are not digging yourself out of a hole.

SPJ: IMO, so many ”bad” days in Feb, days to be just waiting, not trading.

stefer: And learning to recognize and understand that is the key to profitability.

Allen: up and down swings are smaller, need to target less and move stops in maybe 8 for a start instead of 10 stop.

stefer: NTR everywhere you look.

dd: so then you sit out. Allen claims to trade mostly two weeks out of the month, so there you go.

Allen: right, during the good trending markets lots of trades, when it’s unfavourable, sit on hands.

Yes, great content which is most significant for me after having 9 losers out of 13 for -30 pips last week. Also sitting on my hands will be a lot easier when not mentally and physically fatigued.

Whether anyone else gets anything out of the chat may depend on how they want to trade, and the point they are at in their own trading, but if you want to learn to scalp you may like to take a butcher’s at traderAllen’s website, forum and chat at http://www.wallstreet2easystreet.com/  And also to find out the fundamentals of scalping like traderAllen you might want to watch this excellent video which he did recently which sums it up.

Anatomy of a forex scalp trade

May join the chatter myself tomorrow, although I try to stay in the background so it doesn’t distract my focus.

See you soon. I’m outta here.

2 responses

  1. always excited to read your posts simon. of course i like that im quoted. ha!
    no beer. ouch!
    anyways, you have zoned in on the key to success, which is patience. not everyday is a good trading day. i made 3 live trades this week for 20 pips and one demo trade which i lost 6. (probably would have got out +2 if it was live). i was very selective. im asking myself the following questions before every trade. if they fail to get the correct answer, i skip it. 1) is it a valid setup? 2) is there near term support/resistance? 3) is there enough buildup? 4) did i wait for the edge? this eliminates the risky trades and increases my odds. i know i’ll still have losers and i need to work on managing losers and not giving back pips unnecessarily to the market but there are enough good trades out there to SLOWLY buildup your account. and once we do that, we will continue to be more selective and protect our capital.

    I’m not sure if you know that I followed Steve’s advice to set a goal of pips per day and then trade the demo. you probably know fit already rom reading the stuff on allens site and forum. this is great advice for newbies like us. i suggest you follow it and start to slowly build up the pips. But regardless, we dont want to trade the risky stuff. We want to be very selective and have high odds. We can do it!

    cheers. enjoy the weekend (and the beers)! dd

    1. Yep, I’ve been watching with interest how you have been following Steve’s advice. It may take me a little more time for me to change but the more positive vibes I see the greater the attraction to follow too. Thanks for your great comment.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: