Today marked the day that I was preparing for, for the past two months. For those new to this site, this past November I was contacted by Expert Trader Jason Stapleton and asked to run a Live Ratio based trading room for his company. I accepted this offer and the plan was to start off the year with a bang so we decided to offer the public a free two week trial in the room. Originally, we meant to close the room after the first 200 people signed up. Unfortunately (or fortunately I should say) we forgot to put that cap on the room and ended up with over 2,000 people signed up. Therefore Jason decided to turn this into a bigger event then what is was originally suppose to be. Instead of just offering two free weeks, we added a "Trading As Your Business" presentation by Jason himself, along with a special guest speaker that will becoming in this and next Friday to talk about trading psychology. Needless to say I was pretty excited. When I entered the room today it was the biggest audience that I have ever spoken to. I usually don't get nervous about much, but I felt that way this morning. I think it may have been more of a combination of lack of sleep and too much coffee but that all ended within the first five minutes of speaking. We had a great group in the room and every one of them asked intelligent question which was great since I was expecting there to be at least one "smart guy." You know, that guy that attends something just to haggle the presenter. Anyway, the opportunity was great and I received many positive comments during and after the presentation. I look forward to working with those other traders tomorrow and for the rest of the week and
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Hey guys welcome to my first trading rewind of the new year, I've been trading since Monday, but today was the first day that I actually received some valid signals. Actually, I lied, I did have two valid signals yesterday but I hesitated and missed out on about 70pips between the two. No biggie, I look at that as my adjustment period and as a message that I need to get refocused and pick up on where I left off last year, unfortunately today didn't start off good. I put up my charts at about 7:55 and saw a triple top forming on USDCHF. I quickly looked left for some structure and entered the trade. This trade ended up being a bad one. Not for the fact that it lost but for the fact that I didn't follow through with all of my rules. One of the things I need when looking at the market is ratio confluence and this trade had none. I was a little upset at myself but didn't want it to ruin my day so I took a line from the TV series which I've been watching on Netflix lost (yes I know I'm like 5yrs late) counted to five and forgot about it.
Later I found three more opportunities in the market and I made sure not to pass them up. The first was on the NZDUSD going short which hit target 1 for 15 pips and was then stopped out on trails for 8pips. The second was GBPJPY which was stopped on for break even after I rolled stops. It eventually came back to what would have been a winner, but my strategy is to protect against losses, so I'd rather play it safe then go for every big move. The third trade would have been a short on the GBPUSD if not for the fact that I am currently involved in a swing trade going long on that pair. And last was a short on the AUDUSD that I missed getting filled by one pip. Both of those later trades would have been target 1 winners and the stopped out for trails. One thing I learned from today is that I might need to ponder with making a new spread rule. I usually give an extra 2pips per pair, but I may go back and actually look at the average spread for each pair since a spread on EURUSD is going to be different from say EURJPY, We shall see. 1 Winner (22pips) 1 loser (-40pips) 1 Breakeven, Today's Total=-18pips I'm rushing to get these charts up so pardon me if they are not in the correct order. Around this time last year my new years trading resolutions were a lot different then they are now. Last year I was in a bad place mentally and at the point where I really had to re-construct myself in order to get focused and keep with this career. My goals were a lot more specific and dealt with following my trading plan, and handling my money management better. Honestly it's a big relief that I didn't have to go through that same life or death (figuratively speaking of course) scenario and could make a goal of something that I actually wanted to do instead of something I had to go. As you know I'm a firm believer in "Kaizen" philosophy of continuous improvement so this year I wanted to improve my knowledge of the fundamental side of trading. Don't get me wrong, I will still trade using strictly technical analysis, but I would like to know more about economics and how everything works so I can have a greater respect for the market I guess, but also involve myself in some deeper conversations with my peers. When I tell people that I'm a trader in the financial markets (and I proudly say that instead of backing away from that title like last year) the first thing they usually ask is a fundamental type of question like "so what do you think about the European Union?" And I usually answer "well I know it's bad". lol Seriously though, I usually explain to them that I strictly follow the charts and could care less about the news that comes out. Needless to say getting into a conversation on technical analysis with people that know are unfamiliar usually ends pretty quick. So I would like to have something better to talk about. Mainly I would just like to know because I feel like I should be knowledgeable in the field that i do my work in whether it's specific to my techniques or not, but I would be lying if I told you the social involvement factor, especially with my peers in the field wasn't a factor.
I would love for anybody else to share there New Years Trading resolutions as well. Maybe you can spark an idea for a fellow trader. P.S. Starting next Monday I will be working with Triple Threat Trading & T2 University running a live trading room. There will be a free 2 week trial so please check it out. https://t2trading.tv/ratio |