Rufus

I have been doing a lot of thinking this past month of things that used to hold me back with trading. All of this was brought to light to me when I read "Trading In The Zone" about 8 Months ago.

I grew up on a farm in northern Minnesota and had to work hard for every nickle I ever had. My Dad was my teacher for this mindset.

Now as I start to tell you of some things I had to overcome don't get me wrong I still believe in hard work. But there comes a time when it is to hard. My Dad is a firm believer of working physically for every dollar. This trait he passed on to me. So as a result I tended to feal guility at times for earning money by investing or trading. This would in turn start to shatter my confidence. There's my Dad broken hip, and all, going out to work cattle to make a few thousand dollars. I sold a gold option spread and made the same amount.

The difference in perspective is screwed up. I used to work so hard for so little, and now my body's paying for it. Not only farm work with cattle and horses kicking the crap out of me but now construction for the past 30 years.

So when it comes to trading I had to get rid of the fealing guilty mindset to be successful. There is no way you can look at a chart with a clear perspective when you feal this way. So what to do?????

I am now most of the way through the book "The Creature From Jekyll Island" about the federal reserve. The how and why it was set up. My dad and I with all the work we were doing were just players in this game they have set up. What is the true value of the currency in your wallet?? Zero.
There are players in this game of money and finance who absolutly don't care about you or the work you do. You are a cog in their machine. If you want a good read this is it. It will piss you off. Thousands or millions of people have died because of the policies and games central banks, world bank, and big money have set up. So do your part to kick them in the "nads". Take money from them. Not them from you.

I have made it my job to sergically remove money from the coffers of the world. Then as I can, put it into assets of real value. Gold, realestate etc.

All right I am done ranting for awhile. Do something nice for someone today. Few people do. Kiss your spouse. Hug your kids. Give someone without a job 20 bucks. The world will be a better place as a result of your care. Then fill your coffers with all the cash you can from the big banks arround the world.

Rufus

ps. The brand we used "Lucky M"

Eurusd is running to tight. Then the spurts of news further mess up my charts. The way I handle this now is not trade. I have been considering adding another trading system to handle the aftermath of news. I am just not sure I want to add another.

Tried two positions right at Tokyo open. one with EU the other UJ both started nicely and stalled. I baled. Picked up 3 pips. The PA was not favorable. I think the markets were waiting for the Aussie anouncement.

I called it an early night. Might try a late one tonight.

Rufus

Hurried my ass arround all day gathering and delivering parts for a stair case I will be building. Then setting up other work for latter this spring. Got myself home in time for Tokyo open and hurried two entries. I was right on both for their direction but wrong in my entry. The lesson cost me $3.89. Was down substantually more. But the S/R protected my stops till I was able to get out with a small loss.

The lessons learned.

1. No need to hurry when I sit down to my computer.
2. Eurusd positions don't open till Tokyo opens. Not 30 min before.
Liquidity to low
3. Wait for price to move closer to S/R if it has not commited itself to a direction.
4. The jpy will take its sweet time at times to make its move. Let it.

Many pips to all

Rufus

Something I do whenever I start to trade. I will open up the platform and look to see what is going on on my pair and immediately place a trade. Not full size, but 1/10 size - I just shave a zero off the order. I treat it like a normal trade but the idea is to rush into a few of those. If the first one goes in profit I will add to it. If it goes into loss I will kill it quick and enter in the other direction. I just did two and made $5. But hey that's no way to trade! Exactly. I am just starting out reminding myself that I don't need to rush into trades and I don't need to rush out of (winning) ones either. Then I can take a deep breath & look over the markets some more & get ready to trade full size.

Years ago while in college I did a little poor on a math test. I made a series of bonehead errors that carried through the problem. I rushed into it and attacked the test. My solution then was. When I got my test, before I even put my name on it I would pour myself a cup of coffee and take two or three sips. Then start. I never again rushed a test.

I know for my fx hours I don't want coffee, maybe tea. My scotch will put me to sleep.

any rate I might give your way a shot. It may be the ticket.

Rufus

I did a few more and gave $15 back. Thats good. Now I am afraid. Fear focuses the attention.

Great way to start the evening

20+ pips so far. I have taken over half the position off. Will let rest run. Also have a piece still running from this morning.

Yesterday I traded like a zero. Today Hero.

I even hit the wrong order button yesterday.

Rufus

I just learned (again) I was watching my trade stall at 3882 and couldn't figure out why.

Then it dawned on me..... That was yesterdays low!!!!!. I was sreaming at the chart DUH. Cool how it all works. If you can look closely at my screen shot in my previous post you will see the "0" fib line.

I draw fibs from previous days low to high. I guess if it was bright yellow I would have seen it. About a week ago I started doing this on my 5m chart. It is interesting to see how price reacts arround them. Sometimes I will get a little trade out of it. Others a full reversal.

Many pips to you
Rufus

Almost 10 pm and I am tired. To much Fx last night and to much work today. Built a cool little liquor cabinet.

I am looking forward to the day when I can cut back on the work and increase the Fx. So till then stay focused on the ideal set ups, wait for them and trade them.

I will get a good sleep tonight and hit the Fx tomorrow. And I get to work in the rain tomorrow!!!!! yeaaaaaaa. I f thats not incentive to get Fx very profitable with a large account, nothing is.

Sweet pips everyone

Rufus

I have decided that there is one area that I need to focus on in my trading,

I get into to much of a hurry. Not that I am quick to take just any signal. But I get in a hurry to get home from work and get on the computer. Then grab a signal without checking out the other details surrounding the position.

If I sit down and relax 15m. My trading would be much better, and I would not miss little details that make all the difference.

So that my friend is a new rule for my personal preperation for the Fx market.

No trades for 15m minimun while I unwind from my day. If one shows up, I will wait for the next. Better yet leave the charts off the screen.

Today I was trying to put on a position with UJ. I placed my order then noticed my internet was messed up. By the time I got it back I lost 20 pips. If I had been taking my time rather then flying through trying to catch Tokyo open. I would have caught the situation.

Well live and learn. I am sure there are greater tales of woe out there.
Sometimes being honest with myself and presenting some of my situations here on FF helps to figure out the solution. Not to mention imput from others who have gone through the same things.

Rufus

I am looking forward to next week. This past week wasn't pretty. Rushing things, stupid mistakes, stc.

As for the NFP announcement I just sat back and watched the action. So far a lot of flying up and down but right back to where it started.

I learned some more things this week about how I function. When it comes to my "day job" I will fly through projects. For instance the liquor cabinet I spoke of earlyer. I had a picture in my head and then built it. Very little on paper. (Drives people nuts at times, employees, homeowners etc.) This is because of so many years of doing the work I do. So as a result I will get a project to do and fly through it. "Balls to the Wall". Time is money and I have more to do. A fireplace mantle that is beautiful in 1 hour and 45 min. for example.

This mindset does not suit me when it comes to the Fx market. Sure I have a picture in my head of the perfect setup. But I need to make sure to take the time needed to see what the conditions are arround the trade. I get a long signal 10 pips under the Daily Open. If the daily open is not on my chart I may get a loss. The time to lay out my trading chart is invaluable. A cheklist or even a mental one to make sure I have all the details in order.

One of the things I like trading off of are S/R lines for bounces. These are usually a shorter term trade, but once in awhile I will catch a runner and will let it go. So all these potential lines need to be laid out before I place an order.

Well gotta get ready for my day job. Today I am finishing up triming a small house.

Get some pips
Rufus

Happy Weekend All,

Fot the last year and a half, I have been trading the Fx on my little laptop with a touch pad mouse. Today my eyes have been opened to new vistas of understanding. I picked up a new computer and monitor. I have been missing out. Maybe my eyesight is not as good as it used to be. But I tell you what, this is a difference I like. I can see a chart from accross the room. It is like the chart does the trading for me. Which come to think of it is how it should be. It is my job to execute the trading plan as I see it on the chart that is yelling "trade me". It is my trading plans responsibility to make a profit.

I guess you can tell I am like a little kid with his new toy and can't wait to play with it.

So for the last few hours I have been getting charts, indicators, favorites, etc. set up. Now I need to clean up the accompanying mess. Then reorganize my desk. Its been a good day.

Rufus

Congrats on the thread and new hardware Rufus!

Nothing better than seeing your charts in a new-found higher resolution! :nerd:

Just wanted to swing in and give ya a GOOD LUCK on your journey!
I'm embarking on my own, like you, as we speak!

I'll keep a watch on a from the sidelines...

I think the week ahead is going to be an interesting one. Personally I am surprised the dollar has shown so much strength. I don't see any significant change in the fundamentals of the American economy. I live in one of the best places in this country economically, and there is still a lot of fear in the minds of those arround me. Especially because I am in the construction field.

As you can see in my attachment price has retraced just over 50% from the lows of October 2008 to highs December 2009. The 61.8 fib falls on a resistance line right arround 1.3430.

So are we going to continue to see strengthing in the dollar or are we going to see it weaken?

I guess that is the money question all the talking heads are speculating about. I thought this recent climb in the Euro was going to reach the 1.6095 level. Maybe we still will.

So untill we see what happens. I am going to trade it as we see it, up and down.

Right now I am sure Obama and his cronies are patting themselves on their backs for "turnuing arround this economy" We will see. I doubt it. In my opinion it takes business's spending money to move economies not governments. The amount of money the current administration has poured into economy is about equal to $10,000 for every person in America that files an IRS 1040 form. What would you do with $10000 extra right now? I know, give it to a failing buisness so they can continue to fail. Billions of dollars have poured into banks yet people have a hard time getting a loan to build a home.

Ah well, I read to much at times. Like I said this week and the ones ahead are going to be interesting to see how it all plays out. I am working and have a lot lined up to do. One reason is the contacts I have and the experience. I used to have 8 people working for me triming houses. Now me and one other. I feal bad for the folks that have been knocked to the ground by all this, hopefully all turns arroung soon with a legitimate recovery and no false hopes.

Many pips to all

Rufus

I agree, the last u.s. manufactures looked promising though. Couple that with the issues going on in Europe = current price action. imo

Yep.

It wasn't to many years ago that the Euro was the golden child for the hope of a new world currency.

It is hard to get a married couple to agree on finances, how on earth can you get 22 countries to agree.

Rufus

LOL X10....that was a good one

It will be interesting to see how it plays out. Hopefully nothing bad. I don't recall anytime in history where a signal currency was used over such a wide range of commerce. Except maybe Rome or US Dollar and one of those is dead the other sick.

Rufus

I will finally get back to my charts and the Fx market today. I have been busy with projects. Anyway Tokyo open if I can finish up the last couple little things. I am glad I enjoy my work.


Rufus

LMAO!

Sounds like a personal experience.... Not to say I can't agree!

I always seem to think that what I'm spending the money on is a better idea then she does....... hmmmmm

Good to hear your able to get back to the charts today, I'm sure your new gear has just been beggin' to make some pips!

Good Luck to ya today buddy and many pips to ya!