Wednesday, June 29, 2005
100+ day :)
Had another storming day today as follows
Cable Trades +8, -10, +1, +114, +5
Grail trade (cable only) +56
Total +174 pips
Looks like im finding form again.
Ive turned down the scalping commission - for me trying to tune a scalping strategy is almost impossible - Im not a scalper - havent trained for it, dont want the stress. Im a trend trader and there is always a trend somewhere - today it was on the 5 min and 15 min - tomorrow it might be another timeframe and thats what i learned to do for over 3 years now.
lets see if i can add some logic to my rather erratic system trading of late ...
I was talking to a collegue in the last few weeks and we both agreed that 2005 has been a poor year as far as short term trend goes. We agreed to try and get our heads around scalping as a system that can be done in any market.
To be honest it was time well spent. I did get into it at one point but at the end of the day i was exhausted falling asleep for hours in front of the tv before bed.
Ive realised that to get to the standard that bb and duckfu have acheived may take me many years or re-training my psyche. Im not prepared to invest that time again when i have a perfectly good methodology that makes good money.
So, from now on im working purely on trending systems - although to be honest trends exist everywhere - even on a one minute chart - hilda works fine on a one min chart for example.
Heres the problem i had with scalping. Being a trend trader i had always learned to let your winners run. scalping on the other hand involves taking profits off the table when the market is showing strength at the target area.
this was causing a severe conflict with my brain which kept on saying "you cant close on strength - are you crazy?" - thats the way ive been programmed - to eek out the maximum possible from a trend when in place and not let the wiggle dance of the currency shake me out - its something that has served me well over the last 3 1/2 years.
So thats that - im back to form trading as always - those of you who know me of old will know what that means :)