Saturday, February 15, 2014

Trading Plan Update


From having a demo account that allows hedging with Forex which is prohibited in U.S. grounds, I'm actually capable of managing all my strategies with just one broker to test my theories live. I'm actually using a simple script I created to be able to log a note of how I'm trading. I'm just noting the time frame and strategy I used so I can go back and look at it to analyze how I messed up!

This form of trying to earn a living is actually starting to become really enjoyable for me and something I can focus pretty hard on, which is very important to my own personal success. At my workplace, my mind is just constantly wandering off about my relationships with people for some reason, and all the jokes I am being mindful about. It's a pretty bad addiction that I have going, so I need to put an end to it and start focusing better even though the line of work isn't really cut out for me. It's paying the bills, so in the mean time, while I do my best to succeed at this endeavor, I need to find a way to enjoy myself better while earning a living.

My basic strategy is really just lining up candlestick formations with important price levels depicted by Fibonacci levels and support/resistance pivots. Everything is already automatically calculated, and the only thing I really need to do is just determine the stop levels while analyzing whether price is at a support or resistance level in conjunction with the proper candlestick setup.

Along with that going, I have a special thing going which I call the daily rub! My daily rub is specifically for the Daily time frame only. I'm mainly only trading the daily and 4H time frames now, while sometimes using the 1H to confirm if there's a rally or bear market forming. Also, I'm subscribed to a market report which describes the major chart patterns that have formed. I'm only trading six major pairs, along with looking at Gold and Silver prices now.