No trading today. I continued thinking about how to continue to navigate through these waters. As you will be aware, from the last few posts, my trading confidence and my view as to whether I will ever make it as a trader, has taken a bit of a beating the last few days. I am trying to think what’s going wrong, and what I need to do to change things.
Clearly I am progressing in some areas, but the bottom line is that I have not been able to create an edge from the way that I have been analysing and trading the forex markets, the indices and the commodities.
This morning I bumped into a fellow enterpreneur at the local Cafe 1001 and we recounted some of our experiences of trying to make money on one’s own two feet. It made me think of some of the projects I have done in the past, and some (with the benefit of hindsight) bad decisions. But nevertheless it was a good uplifting and enjoyable conversation. Later in the afternoon I went to see the Imitation Game film – which tells the great inspirational story of Alan Turing, the mathematician who was instrumental in breaking the German Enigma codes during World War II. This film also created inspiration and motivation for me (even though Alan Turing committed suicide at age 41, just a few years after the end of the war). Armed with all this inspiration I tried to plot a plan forward for the rest of the week. And I think I have got one. So I will just take it forward one step at a time, one day at a time. It’s much better than just last Wednesday, at which point I had been completely clueless.
Gee, some of these blog posts don’t have much to do with trading at all – they just tell the story of someone trying to make it and not giving up.
Just for the sake of adding in some technical-type material – I looked at the issue of win-rates, implied ‘house edge’ in the form of transaction costs, how to go about refine the EMA strategy, and how to go about implementing the idea of focusing on a small handful of financial instruments, and applying various technical pattern setups to them (depending on the phase of the market that they are in), and planning for the news-based strategy that my mentor put together.
I am unlikely to put on any actual trades this week.
Good luck to any other individuals who are trying to make in this game of trading, and/or in other money-making adventures!