Hey guys! Since I've been attending the FOREX Trader Seminar all week, I didn't plan on writing any posts, but something Jason mentioned today really got me thinking. Long story short, he mentioned that he recently spent a few thousand dollars on a new system and a training session on how to use that system. If you don't know Jason Stapleton, he is a professional trader/teacher that has done very well for himself in the market. Between Jason and his partners at Triple Threat Trading, they have various systems and techniques that they use to snatch profits from the market on a daily, weekly, monthly, and yearly basis. This is why it surprised me that he would spend money on someone else's system. The reason why he did this is because he is always hungry to learn more, a characteristic that I think we both share. After all, I've been spending three hours a day in Jason's FOREX Seminar hearing stuff that I already know since I went through his Pro-trader course a little over a year ago. Why?, Well first of all there is nothing wrong with a little review, and secondly, I'm always interested in anything that can possible help my trading/business. Therefore, if I only take one new thing learned out of each three hour session, then that session was well worth it.
If you're familiar with my posts then you know I'm a firm believer in Kaizen, which in short means continuous improvement. I'm currently swing and day trader that uses harmonics and structure analysis to maneuver my way around the market. Originally I was just a swing trader, but I recently added a day trading system to my arsenal. With that being said, I'm also looking to add a position trading system to my portfolio as well. Before I began trading currencies, I taught myself how to trade stocks and one of the key lessons that stuck with me was the importance of having a diverse portfolio. Although, it's difficult to do this in the FOREX market, I figured that having a short medium and long-term system can help produce the same kind of diversification. That's if all three systems are profitable of course. My though process for this was to try and develop balance. In the past I have had great months, only to see those profits be taken away from what I like to call a "Murder Month." By having a more diverse portfolio, my goal is to generate a smoother equity curve and eliminate some of those big draw downs. If it's a bad swing trading month, then maybe my day-trading can help generate some profit to offset that, or maybe one of my longer-term position trades cashes out and makes up for some losses (and vice versa of course). As I mentioned earlier I have the short and medium time frame systems down, now all that's left is the longer one.
The one thing I love about trading is the fact that I know I will probably never be 100% right all of the time. However that doesn't mean that I can't try. Not saying that I hate losing, rather I'm trying to make the point that there is always something out there to learn that can make you a little bit more efficient. If you're a harmonic trader then it could be different ways to use your fibs, if you're a systems trader then it could be playing around with different parameters. There is always something, and I won't rest until find it.
If you're familiar with my posts then you know I'm a firm believer in Kaizen, which in short means continuous improvement. I'm currently swing and day trader that uses harmonics and structure analysis to maneuver my way around the market. Originally I was just a swing trader, but I recently added a day trading system to my arsenal. With that being said, I'm also looking to add a position trading system to my portfolio as well. Before I began trading currencies, I taught myself how to trade stocks and one of the key lessons that stuck with me was the importance of having a diverse portfolio. Although, it's difficult to do this in the FOREX market, I figured that having a short medium and long-term system can help produce the same kind of diversification. That's if all three systems are profitable of course. My though process for this was to try and develop balance. In the past I have had great months, only to see those profits be taken away from what I like to call a "Murder Month." By having a more diverse portfolio, my goal is to generate a smoother equity curve and eliminate some of those big draw downs. If it's a bad swing trading month, then maybe my day-trading can help generate some profit to offset that, or maybe one of my longer-term position trades cashes out and makes up for some losses (and vice versa of course). As I mentioned earlier I have the short and medium time frame systems down, now all that's left is the longer one.
The one thing I love about trading is the fact that I know I will probably never be 100% right all of the time. However that doesn't mean that I can't try. Not saying that I hate losing, rather I'm trying to make the point that there is always something out there to learn that can make you a little bit more efficient. If you're a harmonic trader then it could be different ways to use your fibs, if you're a systems trader then it could be playing around with different parameters. There is always something, and I won't rest until find it.
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