Didn't trade much this week as I was out of town Sun-Wens, but at least I broke my 3 week losing streak.
All in all, the last 6 weeks have just been a complete waste and I've just been spinning my wheels. In fact, staying even over that time is somewhat of a victory, imo. Clearly I need to adjust my trading to this new market which is just boring beyond words. I think the best strategy going forward is to be extremely selective on set ups and perhaps incorporate a few swings trades even. One of my better trades this week was a swing and I probably sold way too soon I have a feeling. Oh well.
Given that this summer has been nothing less than brutally slow and boring with very few decent set ups on any given day I may well take a trip next week too. It seems to me the best idea of all maybe to just chill out and wait for better days to come. Patience, patience, patience.
For the week:
Mon +50
Tue +427
Wen (474)
Thu (833)
Fri +1133
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Total +303
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Hello. I've been reading your posts over the past few months and can empathize with your situation. I chose to leave a mid six figure job in June 2008 to trade full time. The learning curve has been hideous. Anyway, I just wanted to write because the HCPG is the only thing that has kept me from quitting. (No, I don't work for them or even know their real names..) They have a great blog and offer a free trial to their daily newsletter. I just wanted to let you know because I'm glad I've had them from day 1. I have learned more from them and paid them the least. True story.
ReplyDeletehigh chart patterns group you can find it in google. good luck
Thanks Nanci. If HCPG is working for you thats great but I prefer to stick to my own setups which have a long history of being successful.
ReplyDeleteAnd actually my situation is quite good and if I've indicated otherwise that wasn't my intention. Summer is always slow though this summer is much slower than normal. On top of that I've been pre-occupied with selling the house and planning for my family to move 1000+ miles so my focus isn't what it should be. That said, I'm quite lucky that the hedge fund I'm invested in has been doing quite well.
Plus, once we get the move over with (end of July) our expenses will fall several thousand a month and our income outside of trading will increase several thousand a month, as well.
I'm really looking forward to just chilling out between now and Aug. Hopefully by the time I'm back into the groove the market will have a little more action.
Sorry - I guess I sensed frustration that wasn't there. I must be projecting! I also didn't mean to suggest my own situation was dire - my husband is Treasurer of a global bank (not that there is much security in that these days); just that I would have hoped my own journey as a trader had progressed faster. I look forward to reading your updates and adding to my own limited but ever growing knowledge base. Good luck with your move. Take care.
ReplyDeleteOh, there's frustration alright!
ReplyDeleteI'm mostly frustrated by my own stupidity and lack of really great setups. I learned along time ago that it's better to just sit on your hands then trade marginal setups and I haven't followed that as much I should have. That's why I plan on traveling some and just generally trading less until the market opens up.
If I understand you've been trading for about a year.(?) I'll tell you what, if you make it through this you'll be fine. I've traded since 2001 and without a doubt this is the hardest it's ever been- by far.
I guess the bottomline for me is, this is a good time to take a vacation.LOL!
Good Luck!