The holy grail of trading is between the ears
It's been a long time between blog entries.
A quick update on what I've been up to trading-wise since April:
- I went on a world-wide trip, which included visiting the stock exchanges in New York and Vienna. I learned that the 'speculative mind-set' so prevalent in Americans and Australians doesn't occur to the same degree in Austrians.
- I've been trading both the Australian and US stock markets. The biggest downside has been the value-loss of holdings denominated in US dollars this year. The lesson for me has been that I should hedge for currency fluctations before they occur. You live and learn.
- I've been trading currencies actively this year and have not had a single losing trade.
Having traded different instruments for so long, I can say that I've finally found a home in currencies.
I don't use technical indicators at all when trading currencies, except for the simplest of trend indicator for longer term positions.
I've been considering launching a proper web site to describe my views about trading forex. So many systems are sold out there that sell indicators, and here I am making money using free charting software without indicators and making progress through simple discipline.
There is no holy grail, only self-discipline and using your head.
4 comments:
I found your review of Secret Forex Society after searching for some honest feedback about the site. I really appreciate your honest opinion. You mentioned in your post yesterday that you were thinking about starting your own website on trading. I would really like to learn how you determine indicators and what resources you use.
Hi Joanna,
Once I have the web site up and running, I'll point people to it from this blog. It's a difficult path for many of us to find a way to trade that suits us individually and block out the shrill advertising that promises riches. Most of the work is personal discipline. Thanks for writing.
Numb Trader
I guess that leaves me with just one question. When do you think you might have the website up and running? Oh and one more...might you be able to point me any direction to gain some wisdom in the meantime? Thanks for your time.
I HOPE to have a site up by the end of the year.
A thought to consider in the mean time is to not be distracted by going for big winning trades, but instead focus on compounding small, easy amounts regularly. The real challenge then is to stop at the small amounts and let those small amounts compound. Getting caught up with going for big trades is an emotional roller-coaster ride and the path to ruin.
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