If you’re wondering what the title of this post is from, it’s one of my favorite bands from when I was in high school. The song is called “Every New Day” – click on the song title for the lyrics, I also recommend getting the song off i-Tunes.
Like I said in my previous post, a lot has changed. My wife and I went from moving back to TN to staying up here for a bit longer, I have picked up painting along with running the sign company and trading, my wife finished her last clinical rotation and is now looking for her first Occupational Therapist job, and things with my mom are looking a little bit brighter. Don’t get me wrong, her cancer is VERY bad, but the DR’s think that they can contain it and extend her life.
As for trading, I have become more consistent. I am, very slowly, increasing my account size – my biggest problem is under capitalization, I am working on remedying that right away. It amazes me how much confidence can be gained simply by being consistent – by sticking to the plan that you have written out. I have a pretty detailed plan of how I trade and when I stick to it strictly, I am profitable, it’s when I go astray that leads me to losses.
A lot of you know that I pay attention to Support and Resistance lines and the Price action off of those areas. I have actually stopped trading the 4H and Daily time frames due to the variance all the brokers have and when those bars open and close. For instance – a Pinn bar on my feed can look great, but since someone on another feed has a different GMT then their bar closes 2 hours later and doesn’t see the same patterns that I do. I have come to know a few things – everyone’s Hour ends at the same time – so PA off of that time frame looks the same in any part of the world on any feed (same goes for the 1/2 hour) – I mainly trade off of the 1 hour to 30 min charts – using the 1H’s for my S&R and the 30M for my PA and entries. As for the longer term stuff what I do is based mainly on the weekly’s and the monthly’s – those time frames are so big, that a weekly bar that closes or opens an hour of 2 off of mine isn’t going to really effect the shape of the PA. I also take into account the larger economic picture when trading longer term – more of a fundamental approach.
One big thing that I have learned from David over at VeriteFX.com is this statement – “The more things stay the same, the more they have to change.” If you take that one point of view and really think about it, it’ll change the way you trade. I know when I started writing this blog that I was a huge advocate of trend trading (and I STILL am), but to wait for a trend to develop and then jump in when it is confirmed is 1. a very difficult thing to do and 2. really only works on longer time frames. On the shorter time frames, what you can see is a quick movement one way and then a correction back almost immediately…I urge you to check out fxiguidebook.com, this is the site that was moderated by the same guy who runs VeriteFX.com – brilliant man named David that has a very unique and effect method of trading. Everything he does is for free and the community that he has put together over there is nothing short of spectacular.
I am working on a few different projects right now, but I am trying to keep up with this blog as best I can. Thanks for sticking around and I’ll see you soon.