UPDATE:
Time to get back on that hamster wheel
Markets - DAX, DOW, AUD/USD and GPD/JPY
DAX - Trading time around 3.00 pm here in Perth so I get a chance to plan out the session in the morning and throughout my day before being involved. Usually looking at around 1-2 hours of setting trades before my journey home.
DOW - Trading time around 9.00pm here in Perth so it's ideal for after kids go to bed and the missus gets stuck watching her soapies. Again similar to the DAX, looking at the levels and being involved around the open for a few hours
AUD/USD - Home market and therefore I am looking at the fundamental base
GBP/JPY - Because everyone likes this beast.
The plan - Weekly and daily levels draw on a line chart and trying to determine what the likely direction will be into those key levels. Watching on the hourly and then trading on the 5/15 min. I am trying to limit the number of market entries and instead find the areas that I am happy with.
Why Line Charts - I just prefer levels that are drawn around the bodies as opposed to the limits of overshoot. I use the overshoots more as validity that a level has held or has broken in trading.
No indicators - Just trendlines and S/R levels.
Trade explorer - Created to help me track my result more accurately. I have tried in the past to run manual journals and tracking trade results but in a busy life where trading is not priority number 1 these things tend to get pushed more to the side. At the very least I am looking towards building more confidence in the approach and seeing whether I can break this mold.
Risk - Is irrelevant in respect to the explorer. I have chosen to put in a small amount of a greater amount of savings (both from income and from past accounts). As trading is not priority number 1 and I have a fairly good 'job' which pays well, the risk aspects of this account will be 1 standard lot for the indices (because that's the minimum) and 5% for the others.
Why so high - Foreplay works in the bedroom but in the markets it is entirely pointless without a large account. The amount in the account does not reflect my true position, its an amount that should something untoward occur then I am not going to be left devastated. As that amount grows (should it grow) then I will at the end of the month move the growth to the bank and revert back to $200 (or an amount that reflects the margin requirements to trade further).
What do I want to achieve - Personal success and to beat a game that so many fail at is part of the ultimate goal. I don't care much for the money aspect, that will be a by product of whether I am successful and how much so. I have been trading on and off for the best part of 10 years, I always come back to it which must mean that I have a passion for it. I have come back after losing streaks and winning streaks so long term it would be nice to have the confidence to make this a 'greater' priority in my life and there is a fundamental reason for this. I want more of 'my' time to be free to explore other things in life. I don't see myself at 40 stuck like so many on this treadmill we think is life. Going to work 9-5 just obtain money to get in more debt to then have to work longer hours or find a better job. I say 'Fuck that'. I would love the opportunity to be able to find a niche in my trading, to make 75% of my current income so I can quit my job, begin a hobby farm and live a greener, richer and more prosperous life. The day to day drudgery bores more and so I am ultimately looking for something that gives me more time to find alternatives to offset the need for greater amounts of money.
So let the games begin!
Time to get back on that hamster wheel
Markets - DAX, DOW, AUD/USD and GPD/JPY
DAX - Trading time around 3.00 pm here in Perth so I get a chance to plan out the session in the morning and throughout my day before being involved. Usually looking at around 1-2 hours of setting trades before my journey home.
DOW - Trading time around 9.00pm here in Perth so it's ideal for after kids go to bed and the missus gets stuck watching her soapies. Again similar to the DAX, looking at the levels and being involved around the open for a few hours
AUD/USD - Home market and therefore I am looking at the fundamental base
GBP/JPY - Because everyone likes this beast.
The plan - Weekly and daily levels draw on a line chart and trying to determine what the likely direction will be into those key levels. Watching on the hourly and then trading on the 5/15 min. I am trying to limit the number of market entries and instead find the areas that I am happy with.
Why Line Charts - I just prefer levels that are drawn around the bodies as opposed to the limits of overshoot. I use the overshoots more as validity that a level has held or has broken in trading.
No indicators - Just trendlines and S/R levels.
Trade explorer - Created to help me track my result more accurately. I have tried in the past to run manual journals and tracking trade results but in a busy life where trading is not priority number 1 these things tend to get pushed more to the side. At the very least I am looking towards building more confidence in the approach and seeing whether I can break this mold.
Risk - Is irrelevant in respect to the explorer. I have chosen to put in a small amount of a greater amount of savings (both from income and from past accounts). As trading is not priority number 1 and I have a fairly good 'job' which pays well, the risk aspects of this account will be 1 standard lot for the indices (because that's the minimum) and 5% for the others.
Why so high - Foreplay works in the bedroom but in the markets it is entirely pointless without a large account. The amount in the account does not reflect my true position, its an amount that should something untoward occur then I am not going to be left devastated. As that amount grows (should it grow) then I will at the end of the month move the growth to the bank and revert back to $200 (or an amount that reflects the margin requirements to trade further).
What do I want to achieve - Personal success and to beat a game that so many fail at is part of the ultimate goal. I don't care much for the money aspect, that will be a by product of whether I am successful and how much so. I have been trading on and off for the best part of 10 years, I always come back to it which must mean that I have a passion for it. I have come back after losing streaks and winning streaks so long term it would be nice to have the confidence to make this a 'greater' priority in my life and there is a fundamental reason for this. I want more of 'my' time to be free to explore other things in life. I don't see myself at 40 stuck like so many on this treadmill we think is life. Going to work 9-5 just obtain money to get in more debt to then have to work longer hours or find a better job. I say 'Fuck that'. I would love the opportunity to be able to find a niche in my trading, to make 75% of my current income so I can quit my job, begin a hobby farm and live a greener, richer and more prosperous life. The day to day drudgery bores more and so I am ultimately looking for something that gives me more time to find alternatives to offset the need for greater amounts of money.
So let the games begin!