Hey Journal!
Well, it’s Sunday morning, pretty early. Getting ready for the week I’ve been waiting for. I have such the anticipation. Yep…it’s going down Journal. Tuesday. 4:30 pm. This is the start of ‘Train 2 Trainer’. And for the next 6 weeks, every Tuesday, it’s on. I did have a phone conversation with Paul about it. He’s really excited also. I remember him asking if I’m ready for the meat. And he was saying that everything we have learned up to this point will be used. So, yeah, it was a good conversation. But one thing kinda got me to thinking. I don’t know…maybe I just were reading too much into it…but. It went like this. See, I told him some more of my background. And that lead up to the fact that I know they will approach me with the ‘anchor trade’. I’ve heard it fly in some of the material we went through before. It’s no real secret or anything. And it only makes sense. Terry did mention it a few times and he thinks that’s the best thing. Oh, that’s right, it was when we were learning about the 80/20 rule. Which means that we should concentrate on the top 20% of anything. And the anchor trade should be the one and only trade that we can go to. The one most confident with. The one you have spent so much time on, and just know through and through. So anyway, I told Paul that I know that fact will eventually gonna come down. And of course he agreed. But I told him that I know which one I want it to be for me. First off, I had to explain that I really can’t shake off currencies. I remember back a few months ago I was trying to get into the futures market. I mean, I did give it a good effort. But eventually what happened was I found that you can trade the currency pairs there also. Pretty much any pair that’s in the forex market. I realized that I have such a magnetism towards currencies. So, does it really matter in which market I trade it in? (I can hear Lexy saying one thing…volume, is the difference) We’ll see how much of a factor that will play into my strategy, down the road. Maybe that will be the tipping point. I don’t know yet. But, in any case, I told Paul that there is one favorite trade I would want. …I will get to it…
See, this is pretty foreign to me to begin with. I love relationships. How things are related to one another. I believe in the big picture needing to be known first, then on in. Putting everything into perspective ALWAYS starts with big. And in the first 3 1/2 yrs that I navigated my way through the market, all I was about, was the correlations that were going on. Remember the Majors vs. the Comms? I did think that that was having some kind of edge in the market, by knowing the correlations that exist. Apparently that was so important to me, because I remember when I first started to hear about an ‘anchor trade’, I resisted to it (deep inside). That notion had to sink in to me. First off, how is that any fun? One trading pair? But there’s so much else going on. Sounds pretty boring.
Well, that was my first reaction. And now I remind myself that I just need to step back and learn something. Cause surely I couldn’t do it before, on my own. And I know the fact that I’m not wrong about all of the relationships that are in the market. It’s just, now is apparently not the time for it. I guess I get too ahead of myself. Let’s just learn how to trade properly. And see, this is a good thing for me. All I need to do is obey, pay attention, and learn, from those who do know. I don’t have to worry about anything else. And I need to get out of the way. I think that’s a problem with being an older person that I am. Geeeez. It’s true. The older you get, the more you think your right, about anything. Everybody thinks their right. And it starts with teenagers. They come out of the gates thinking they know everything. And what I have realized is that it only gets worse as we get older. And I mean, all the way up to the day we die. That’s why those who are in their 70’s , well, pretty much do know everything. Until, of course, the brain starts decaying.
Mike…come on back down the bunny trail now.
Yep. Ok. Where was I.
Anchor trade. This is the one that I want.
AUD/JPY.
I think I’m kind of cheating. Because I do believe that that pair encompasses the whole Major/Comm correlation. There is a whole lot going on into that one particular pair. You got the direction of the risk on/ risk off. And you got their own economic indicators playing into it also. The trends that take place can be very lengthy. I wonder what else I can find, like about how they are trading partners…Etc…
Look, maybe I’m wrong about all of that. And maybe I should not even take those things into consideration, regarding that pair. But regardless, it’s one pair. One trade. And it should qualify to be my anchor trade.
I ran that by Paul. And I can’t help think that he was kind of surprised by it. Look…I can’t explain it. He was a bit quiet about my answer. (cause he did ask me what it would be for me) And all he said was that it’s gonna be very interesting to see how this all turns out for me. See, Paul’s into the bond market. That’s his niche. And I just don’t know what his experience is with the forex market. Maybe none at all. But, I do know he’s excited for me, and he is with me all the way.
You know, I do have to say, and most surely overdue, is that the men of BabyPips, (I’m sorry, but I do think that they are all very wise and old) are such a Godsend. Every morning I get their email blog. There’s always around 5 or 6 topics. That has been such a must read for me. Every single morning. I remember a while back my favorite was Pipnoculars. I mean, I just appreciated it so much the time he spends on writing up the session recaps. Want to know what happened? It’s all right there. I loved it. That was when I ate, drank, & slept market. And I have never thanked him.
Thank you Pipnoculars!! For the work you do!!
Another favorite of mine is Piponomics. For as much as I love macroeconomics, I can surely understand this one fact. That guy is a genius! I want to be him when I grow up. Man, do I wish I could be young again, to have the time to study, learn, and just bathe in the knowledge that he has acquired. I don’t know…he HAS to be a very wise…old…Einstein. In my little mind anyway.
Pipsychology is another one of my favorites. I don’t know what I would do without him, his input. Man…I just look forward to his articles. The psychological aspect of trading HAS to be the most important part of trading. And he is spot on! All of the points he makes stays with me, cause I will hear it in my mind from time to time.
Ok, I found it. I had to find this article that I read recently. Man was it good. It’s from Pick of the Day. It’s his ‘reflection of Q4 2016 Forex Performance’. I don’t know…somehow this affected me pretty profoundly. Just seeing his trades, his thinking behind them, and his hindsight thoughts was pretty awesome. I mean, this is real trading. It’s good for me to see this. I believe learning from those experienced is unparalleled.
Another one I like a lot is ‘Currency Currents’. That guy is smart! Well, of course, because he likes to see the big picture. And I agree with all of his opinions. Yeah, he is an opinionated person. And I love it!! He definitely shoots straight.
Look…I love them all. I just want to take the time now to thank all of you. I don’t know. It seems like you guys don’t get the recognition you deserve. You have made this sight absolutely incredible.
I love intelligence. And I can tell you guys are exactly that. Intelligent!! Market intelligent. The wisdom that comes out of your articles needs to be taken seriously. That’s what I am doing. And I wish that you would know how much I appreciate all your work. It is…on a daily basis…that I appreciate you.
Thank you so very much.
Ok. That’s nice.
I need to get back on track here.
I’m gonna cut this and come back with the other thoughts I had originally.
Mike