27 Nov Guess who’s back!
I’ve neglected this blog for too long. Last post was March 16th, 2018. The reason for this was that I wanted to focus on the actual trading than with blogging about it. At one point I believe I was more concerned with creating content than with actually improving my trading. However, I do see the benefits of writing about my experiences so that I can learn from it and hopefully share my experience with some of you. Well get on with it then!
So for the last few months I have been focussing on my trading, but I gotta say that I didn’t have my “break-through” after I went traveling for a month and half. “How come?!” I hear you asking, my imaginary friend… Well, let me tell you. Before I went on my travels I told myself I would stay disciplined and follow my routine while I was on the go. I had all the right stuff in terms of laptop, second monitor for on-the-go, laptop stand, the works!… However, I misjudged the impact my travels would have. I found myself being tired most of the time because of meeting friends and family and kinda being lived out by social obligations. I know now (guess I’ve always known) that I lack the ability to say NO. KIDS!! JUST SAY NO TO… well… your friends and family?! That’s right. Although, I don’t regret spending time with friends and family, I do remember feeling really bad about it. This was because I told myself I would stay disciplined and keep doing my work while traveling. However, in the end it all worked out for the best taking some time off and kinda “resetting” myself. More on that later.
ME AGAINST THE WORLD
Great song by the late rapper Tupac Shakur. Also, a great lesson to keep in mind. When you are on your path to achieve greater things, the people around you directly or indirectly work against you. What do I mean by that? Either people don’t want you to succeed for whatever reasons, or people want to hang out, catch a movie, have that dinner, etc. Now, I’m not gonna spend any time on the people that don’t want you to succeed because that’s their problem. The latter is my problem though. There is always that birthday, dinner, or whatever lurking around the corner that takes up time you are better off spending on your craft. As I write this, I feel that there is a tendency in myself to self-sabotage by engaging in these social activities. That’s why I am saying that it is me, against the world. I need to put myself first before anyone else. They do that too, so why shouldn’t you?
I started a course on overcoming self-sabotage by Debbie Ford. I’ll write a separate article on that some other time.
Several factors went into my so-called break-through.
- Traveling for a month and half
- Leverage restrictions by European Securities and Markets Authority (ESMA)
- Changing to a new broker\
So the traveling I already explained. Basically, I was away from my day-to-day routines (that probably gave me ‘tunnel-vision’ on day trading). Then the leverage restrictions by ESMA made me look for a new broker. By the way, if you don’t know what I am talking about please Google more on the subject. In short, I went from 150:1 leverage down to 20:1 or 30:1. Doesn’t matter, what matters is it sucked. I could trade way less and had to put up more margin to be able to trade less. It was ridiculous. I understand why they did it but it didn’t work out for me. So I found a new broker that gave me 500:1 leverage right off the bat. If you would like to know which broker this is, please comment or otherwise get in touch with me.
Now this new broker only uses Metatrader 4 as their trading platform. If you don’t know what MT4 is well… GOOGLE! This meant I had to switch back from my trading software that I was use (Marketscope 2.0) to MT4 which you might think it’s not a big deal, but oh boy it is! MT4 doesn’t have logarithmic scaling and overall doesn’t ‘feel smooth’ when using it. So I had to rethink the way I go about trading.
On top of that I felt for quite some time that I might be just making things difficult for myself by only trading based on price action (PA). I had found patterns that when using moving averages (MA) they were quite similarly structured in terms of support and resistance levels etc. So then I thought why not make things easier by using an indicator to visually help me out. So I did. That and 2 other indicators I use to trade with and I have seen a huge difference in P/L. Would you like to know which indicators these are well you know what to do. Hit me up in the comments section or contact me by email.
That’s it for now
I am going to build a track record first and then start increasing my position sizes in accordance with my progress and consistency. More on this later.
Let me know what you think and what things made you look differently to your trading progress and perhaps we can share thoughts. Hit me up in the comments section or by email. Hope to hear from you soon.