This is going to be quite a brief update – whilst I am busy with an important family visit, and recovering from spending a day the British Masters Golf tournament. Another four day week this week (well that excludes the whole of Saturday spent in the office).
What did I do this week?
[FYI, here was the plan for this week.] Most of the week was spent working on developing the “early entry” refinement to my trend-following strategy. This comprised reviewing price action over the last fortnight, developing and experimenting with the early entry refinement, and then testing the rough parameters in a simulated environment. By Thursday morning I was ready to trade the updated strategy, though only took two trades that day.
One change will be that my working day will now start an hour earlier at 6.15am, rather than 7.15am. The “early entry” reference does not actually refer to the point that I start earlier, but rather to the price action patterns that I look for. I will start an hour earlier because I think this will allow me to have more setups and higher profits. I have already been doing that all week this week, and it’s taken a huge toll on my energy levels – so I will have to figure out how to handle this going forward.
Two traders talk trading…
The other highlight of this week was a 4-hour long intense conversation with a professional swing trader at the offices of a hedge fund in the city – the trader was looking for a bit of a bouncing board – and the meeting seemed to be quite beneficial and interesting to both of us. We covered many topics from position sizing, psychology, futures markets, volatility, emotions, trading frequencies and so on. We might be doing some work together in the near future (though I will only make very brief mentions on it here if that should be the case).
What will I do next week?
In contrast to developing stuff, next I plan to simply trade all day every day (well from 07:00 to around 14:15). I will let you know how the refined strategy is working out by the end of next week.
Have a good weekend everyone. Meanwhile I shall go and celebrate my birthday.