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That is a good point there about the need for continued practice. I think if I were to extend this metaphor a little farther ... the way I see it there are two primary reasons continued practice is necessary for trading. First, the market is evolving so you need to keep honing your skills and adapting. Second, your objectives are evolving. You're adding size, adding methods, to improve your bottom line.
So imagine if you first learn to drive in los angeles, but every month have to move to a new city, a new climate, a new legal system. Drive in London on the left hand side with roundabouts. Drive in India with rickshaws and motorcycles with 6 people on them cutting you off, and people driving on the wrong side of the road. Move to Russia and drive in ice storms. Then, also imagine that you're upgrading your car to bigger, heavier machinery. Learn in a sedan, then upgrade to a moving truck. Then a bus. Then to a 18-wheeler. Then upgrade to a tank.
And everyone else is upgrading their cars too. And trying to drive faster and faster. And run you off the road. Sounds like a fun game.
So I guess trading is exactly like driving, except the landscape, the traffic, the climate, and the vehicle, are changing day by day. And everyone is trying to ram you with bigger and bigger cars.
I slept through my alarm and so it's after the open here and I'm starting my prep. So far, seems like I picked a good day to sleep in. CL continues to track in a sideways range, though I am surprised to see that hypothetical upward channel I created yesterday still holding as higher lows have held course, for now.
The lower timeframe chart looks like a dumpster fire to me. Looks like a choppy mess and a good day to favor countertrend fades, as it seems every move is likely to be short lived and whip back.
Blew the first trade. Played it too tight and got shaken out. Got the second one. -4 +8 = +4.
That brings me to end break even for the week on 3 sessions. -14 +10 +4 = +0.
Dumpster fire, haha... good analogy on the driving, one a car guy can identify with
Seems to me you've got a pretty good handle on where you are and what you need to be doing... how long have you been trading? I'm looking forward to moving past the baby-deer-wobbling-legs stage myself. Journals like yours are definitely helping me understand in a much-accelerated fashion. As always, appreciate your insights, even if they are from an alternate universe
I've been pursuing this since 2010. Always part time, always very conservatively. Lose some money, go back to sim, lose some more money, go back to sim. Last a little longer, eventually lose some more money, go back to sim. Every time, last a little longer, lose a little less.
I'm really happy if my contributions here can help someone get there a little faster. I believe that if I hadn't been running around on my own that whole time, and had landed some place like this sooner, maybe I would have moved along faster.
Around 2015 is when I stopped looking for new indicators and started really focusing on Higher High / Higher Low and Lower Low / Lower High patterns. It wasn't new material, but clearing away everything else and focusing on that, things started to come together. In 2016 I started the journal here and have been progressing since.
3 month highs made overnight. Up-channel breaking out of range.
If we stay in this overnight channel through the open, keep on the buy side. Careful around 51.50 resistance. Consider shorts if we flop around up there. Buy 51 and below down to 50.75 support. If the open can't make new highs and hold them, short for a retest of last week's high.
Market was slow going during the open. Still slowly pressing higher, but both my trades were fades as I just wasn't seeing enough energy on the buy side to make me think a break of HOD was coming very soon. 2 + 7 = 9