Tuesday, December 20, 2011

Two of my trading heroes talk about Support and Resistance and Risk Control

"When you are fully focused on doing what you enjoy, you are in the flow, and it is then that you are most likely to make successful decisions free from doubts and insecurities."

Shane MurphyDoug Hirschhorn

Hey! I can't believe the year is almost over.  I had decided not to trade for this whole week. Yes, it is the holiday season but I know the markets are still trading! And yes, I am still watching $EURUSD for any potential moves.

Thursday, December 15, 2011

Waiting for a setup is really hard to do.....

"You can succeed in trading only when you can think and act as an individual."

Alexander Elder
Trading for a Living: Psychology, Trading Tactics, Money Management (Wiley), 1993

Waiting for a trade is one of the hardest thing for me to do.

Here I am (at the start of the London session - 09:15GMT) ... sitting on my hands. Trying very hard not to jump into this beautiful $EURUSD swan dive. It's painful watching all these pips go past.

Tuesday, December 13, 2011

I am consulting my crystal ball today....

"Don't think you can predict the effect of an unexpected event on the market. Stand aside and wait for clear indications...."

Catherine Davey
Making Money from CFD Trading : How I Turned $13k Into $30k in Three Months

Yesterday, my friend and trading mentor Rob, asked me if I gazed into a crystal ball before I put up my charts. My mind immediately conjured up images of me with a gypsy costume with the flouncy off-shouldered dress. Complete with the hoop earrings and bangles.

Monday, December 12, 2011

Taking that leap of faith with $EURUSD by doing what has to be done.

"Know what you are going to do when the market does what it is going to do."

Michael W. Covel.
The Complete Turtle Trader, Harper Collins, 2007

Excuting a trade is a bit like jumping off a ski slope. 
Sometimes you just got to leap off that slope when it shows itself to you. I was sitting and watching $EURUSD just before the London open. Bossilator reading was at 350.