Hi, here is set of my thoughts on trading based on my private experience and approach.
There is no calling trades and trading methods in this journal. Just wandering of mind and some self reflection.
In this first post I would like to give you a little bit of taste of what to expect here.
My great idol is Jesse Livermore. You may have read about him in "Reminescences of the stock operator".
What I have recently noticed rereading the book - the trading foundationn of the "boy plunger" is totally oposite to what most of us - FX fans - present. Standard approach would be to watch the chart, find a method, hone it and start trading. But look how Livermore came to trading.
He was writing stock quotation on the board in a bucket-shop. He would do it for a living. He could as well be a waiter or newspaper delivery boy.
When doing quotation board thing he started noticing due to his good memory for numbers, that there are some repetitive patterns in stock prices behaviour. He started writing these down and for personal amusement when he noticed some particular pattern occuring, he would write it and write what this stock would do the next few days as a continuation. He than check if he was right. BUT HE WOULD NEVER THINK OF TRADING! He was rather poor boy making a living and having this little hobby of his - remembering quotations and spotting patterns (it's really stupid hobby if you think about it - he didn't even paper-trade!).
His first trade was just an addition to his hobby. Kind of "let's see if my notebook is worth anything". Had nothing to do with making money ot work.
That's how I would like to see my trading. Minor addition to chart watching.
I would like to call it "jogging approach". If you think of jogging - there is nothing exciting to it. You run for 30min day-in-day-out. You do as yesterday, and you repeat this tomorrow. Not everyone can do this, but you can, and you do it. It's useless.
You may smoetime run to the bus and catch it because you got fit. But it's not what you have in mind when you jog.
I would like to make chart watching this kind of excercise. I watch it, when I see something, I screen-shot it and write it down. I can do it every day, and probably get some consistent accuracy in it. But accuracy is not my goal it simply comes with time, because things are like this. They come with time.
Consistently runing 3 miles in 30 minutes comes with time and is nothing to get overexcited.
Taking a trade is like chasing that bus. I may do it on occasions, but it's not a goal. It's just a thing that you would do as a natural cosequence of your hobby.
So this is foundation of my trading and of this journal. If you like to read about it - please be my guest!
I'll apreciate a feedback a lot and I will see you soon!
Chirs
There is no calling trades and trading methods in this journal. Just wandering of mind and some self reflection.
In this first post I would like to give you a little bit of taste of what to expect here.
My great idol is Jesse Livermore. You may have read about him in "Reminescences of the stock operator".
What I have recently noticed rereading the book - the trading foundationn of the "boy plunger" is totally oposite to what most of us - FX fans - present. Standard approach would be to watch the chart, find a method, hone it and start trading. But look how Livermore came to trading.
He was writing stock quotation on the board in a bucket-shop. He would do it for a living. He could as well be a waiter or newspaper delivery boy.
When doing quotation board thing he started noticing due to his good memory for numbers, that there are some repetitive patterns in stock prices behaviour. He started writing these down and for personal amusement when he noticed some particular pattern occuring, he would write it and write what this stock would do the next few days as a continuation. He than check if he was right. BUT HE WOULD NEVER THINK OF TRADING! He was rather poor boy making a living and having this little hobby of his - remembering quotations and spotting patterns (it's really stupid hobby if you think about it - he didn't even paper-trade!).
His first trade was just an addition to his hobby. Kind of "let's see if my notebook is worth anything". Had nothing to do with making money ot work.
That's how I would like to see my trading. Minor addition to chart watching.
I would like to call it "jogging approach". If you think of jogging - there is nothing exciting to it. You run for 30min day-in-day-out. You do as yesterday, and you repeat this tomorrow. Not everyone can do this, but you can, and you do it. It's useless.
You may smoetime run to the bus and catch it because you got fit. But it's not what you have in mind when you jog.
I would like to make chart watching this kind of excercise. I watch it, when I see something, I screen-shot it and write it down. I can do it every day, and probably get some consistent accuracy in it. But accuracy is not my goal it simply comes with time, because things are like this. They come with time.
Consistently runing 3 miles in 30 minutes comes with time and is nothing to get overexcited.
Taking a trade is like chasing that bus. I may do it on occasions, but it's not a goal. It's just a thing that you would do as a natural cosequence of your hobby.
So this is foundation of my trading and of this journal. If you like to read about it - please be my guest!
I'll apreciate a feedback a lot and I will see you soon!
Chirs
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