”People’s zeal for battle increases in direct proportion to their distance from the front line.”
Chief Leabua Jonathon (a former Prime Minister of Lethoso ).
I’ve been away from the trading front line for a couple of months and from blogging for a lot longer, however my zeal has not diminished. My blogging is about my attempt to put it all together and often that is helped by the input from other like minded souls trying the same as me. Thanks for all the comments received to my articles last year and to the small dwindling number of blog followers. The thing is though, I’ve recently withdrawn from everything, not listening to the traders podcast, following blogs and commenting on other’s journeys and have been hiding in my cave, spending time in the wilderness, so to speak.
”Traders talk amongst themselves, not necessarily to discuss bullish or bearish market opinions, but rather to share insights into the nature and quirkiness of this business. The mental toll trading exacts definitely forms bonds. When we open up it is always surprising to discover the similarity of lessons learned, experiences shared, and how we all independently arrive at the same conclusions. Often in talking with each other we’re really looking for clues into our own heads, hoping to understand ourselves a little better.”
from ”Street Smarts,” by Laurence A. Connors, Linda Bradford Raschke.
I think this is why I always like listening to Shonn and Matt discussing trading like this old edition of thetraderspodcast Ep 179 – Shonn & Matt at The Cigar Shop or, MoneyShow.com: TRADER TALK PODCAST – The Magical … They also appeared on a recent video on Chris Pulver’s website rhino-trader, but I don’t know what’s happened there, as the site has vanished from existence.
2015 Was a frustrating year in one sense, but a massive learning experience in another. I started off by trying to trade swings off longer term support and resistance and entering using the Bob Volman tick-chart set-ups, from his books. I was edging my account very slowly upwards, but to improve had decided to try and emulate Matt LaCoco (without really understanding the way he trades), by getting my stop to break even as quick as I could and waiting for the trades that just flew away into profit. Took a number of stop outs, many almost to the pip, some only by the spread and got frustrated, boiled over and overtraded. My profits vanished and I ended up on a loss. I then decided to split each trade into two. First half profit would be taken as a scalp which would allow my stop on the second to stay the same number of pips behind my entry for an overall break-even. I started to make progress again if rather slowly. Then I lost my free Ninjatrader platform and continued to trade whilst getting frustrated with several attempts at using different platforms. My mind wasn’t on the trading and I ended up boiling over again into overtrade mode, losing all the gains I had made and more. Decided to take a break after the damage was done to do some reading and a few courses. Took a month to train with Kim Krompass and entered about 180 trades using my own version of her methods. I must have hit the worst 2 weeks in Kim’s year for trading her methods with little follow-through in her range breakouts and clear directional move pullbacks which started me off on a downer (it wasn’t just me this time) but started clawing most of those losses back in the second two weeks. Her monthly fee’s are rather expensive at $197/month, so I could only take a month, but got the gist of most of what she does, if not the experience of putting it all together.
2016 Where do I go from here? Well each time I boiled over last year, I was either adding something new to the way I traded, or my mind was attempting to do something else at the same time, so I will be watching out for those occasions again, to stop or reduce my exposure before I do the damage. Recently I’ve been hitting more books and courses and pdf’s and making a plan and trying to simplify my plan and now I’m testing and re-evaluating my plan. This will take me much longer than I first thought. It’s almost like I’ve returned full circle back to where I started. I’ve been mainly been re-reading old stuff and re-doing old courses that resonated in the past with how I want to go. Check out this short article from fxtcmagazine.com about trader Matt LaCoco for an idea where I’m trying to get to. <Matt LaCoco – Continue Reading>
”Even though we present many different patterns, you only need ONE strategy to be prosperous. Some of the best traders are successful because they trade only one strategy. Hopefully, all of the patterns in the manual will increase your awareness of certain market idiosyncrasies and will serve as a confirmation of your own market observation.”
from ”Street Smarts,” by Laurence A. Connors, Linda Bradford Raschke. This book I haven’t read before and is my present read.
Just finished another book, ”Profitable day and swing trading,” by Harry Boxer. (Not recommending this one as the trading charts in this are so tiny and on a black background they are almost useless.) Still I did enjoy the last chapter 17, ”38 Steps to becoming a successful trader,” which I wanted to print out here as it’s only a couple of pages long, but Wiley refused me permission. So sorry for this shortened post, but I just needed to dip my toe into the blog again, to get things going and rekindle my enthusiasm for waffling on about my thoughts and directions. Hopefully I will be heading a new post later in the year, ” The Ubiquitous Fxoutlier,” although by that time you will probably be hiding in your own cave and will be going your own way.
I’m outta here.
See you soon.