Some words on Thursday
As planned, didn’t trade yesterday. Caught up for a beer with my trading coach – very useful conversation, a bit of a pep talk as well as some challenges that my coach put to me think about on the psychological front. He also said that he fully believes that I have got what it takes to be a good trader – it’s just a matter of time. He believes I would really regret it if I decided to stop with the trading (I pointed out that giving up had a rather low chance of happening – but as some people pointed out – writing it down on the blog is more intense than just thinking about it). My coach also said that he has seen a lot of sh*t, and he assured me that I am not sh*t when it comes to trading. I think that was effective and direct feeback. Thanks coach!
I did explained my tendency to stop working on things once they become reasonably successful – e.g. speed-skating, poker, IT consulting, accounting, Christianity….. Thus it wouldn’t be out of character at all, if I decided to stop trading once I had shown that I could do it successfully. After all, that’s what I have done in my life repeatedly thus far.
After the beers with my coach, I went to have a hot chocolate with one of my colleagues from the trading office and discussed some recent trades that we had done as well as the markets generally. He again tried to convince me to move away from trading the lower timeframes, as he believes that is the reason for my lack of profitability. In any case, the result of spending some time with those blokes was a restored self-confidence, and it put a smile back on my face.
Real problems with insomnia last night. Took more than two hours to get to sleep and then slept in till 10.30am this morning. Then (finally) made my way back to the trading office to work from there for the day. The morning session had been rather quiet – being squeezed in between yesterday’s ECB rate decision and and press conference and today’s Non-Farm-Payrolls (NFP). On the whole the ECB event was slightly more dovish than expected – earlier this week there had been comments from ECB sources stating that there had been disagreements between Draghi and some other voting-members (which triggered a 50-70 pip rally in EURUSD), whereas the press conference showed that the views of the council were unanimous – the ECB provided more guidance as to their QE plans.
Watched NFP from office. Got settled back into the new trading office with some routine. Nice. My psych assessment shot back up to 8.5 (from yest’s 3.5) – it was certainly good to take a day away from the screens! God knows how much more damage I could have caused had I traded!
Did three trades following NFP. GBPCAD, DAX and Cable. Below, I thought I share some chart analysis and thoughts from the DAX trade.