Over the weekend:
- Looked at building a model for testing the Udine 00 scalping strategy. Made some progress but not yet usable – maybe my Excel skills have taken a dive? This strategy (on the forum of Forex Factory website) caught my attention because it seemed to be built around the premise of 00 numbers. The trader is actually referring to single zero levels rather than double zero levels for example 1.6040 (rather than 1.6100) but nevertheless – still interesting.
- Read a good chunk of The Pit Bull book, lent from a friend – thanks James! Written by a very successful trader with decades of experience in stocks, options and futures. Found the quality of the material mixed at this point. At the end there is a good 20-page summary of recommendations for how to trade. If pressed for time, I would suggest to read that chapter first. On page 263, there is a fantastic quote from Thomas A. Edison – “the reason a lot of people do not recognize opportunity is because it usually goes around wearing overalls looking like hard work.”
- Did a bit of testing on Wallarchi trading strategy.
- Went to skaters’ Halloween party – awesome! Drank lot of beer – also awesome!
My pipeline of trading strategy ideas is growing and growing. But you really only need to make 1-2 ideas work and then have some other strategy fairly ready to go, in case existing strategies stop working. I think this is actually a trait/skill of mine that I tend to overlook – being able to generate, document and prioritise ideas – it’s a numbers game – if you fire off 100 shots, 1 or 2 are bound to hit the target, right?
For now I am putting nearly all of my effort into one single trading strategy (as you will have noticed from reading the blog here). However I am also trying to get 1-2 others going, in case EMA doesn’t work out, or in case I want to have more than one strategy going at a time. So, notice that I never stop looking for new ideas and new material – to give me potentially new angles, to continue learning, to continue getting better. Thus, my work never seems to stop.