Well I sure hope so bucks…or between you and me…this is just gonna be one giant philosophical, blow harding waste of time and public embarrassment!
Jay
P.S. but it WILL be really neat-o if it works 
Hello Jay,
sry if that went into some meaning what was not intentional?! I am just watching and learning and really meant guess just as the word suggests, because I can’t know anything outside of myself.
Let me just tell ya that your approach looks sound as far as I can judge that.
You have a great week!
Nah…your all good man. I honestly can’t take this too seriously myself. Well… I can’t take the goal too seriously per se’.
The effort, plan, proceedure, and the actions I take to acheive this goal…I take completely seriously.
I have wanted to expand out of my comfort zone for a while. I’ve wanted to move from “making a solid living” to “frickin killing it, knocking it’s jaw off, printing money hand over fist”
I’ve had 3 businesses (this is my third) that got me over a 6 figure annual income. I’ve never made 200K in a year though, nevermind a truly “rich” income.
I know I can. I know this business can. And now I have a good excuse to connect all the dots.
My wife thinks it’s a bit nuts to put myself on display like this…without any sort of “safety net”
But, to heck with it. Go big or go home right!!
So forgive the self deprecating humor… it’s really just a defense in case i end up on my couch at home! lol
Jay
Jay, I guess my chance is I have no wife who holds me back, lol. I had a relationship for 7 years a while ago and frankly I was not happy when it broke up, but it was the seed for something what greatly improved my experience.
I hope you can understand my humor as well, which is a little witted sometimes (if not most of it), lol. Ya know, I am a contrary by heart and soul, lol. Though, not just for the sake of contrarian. I try to think though. That’s what I like of the Seiden videos btw. because he explains it that an ole investor like me can even understand what he is talking about, lol. No really he is a great tutor and I was one for 5 years, so I guess I can judge that a little. What I like with you is that you while you strive to make dreams come true still seem not have lost “ground control”.
Well, regarding money I had enough so far if it comes to daily life. I had three pilot licenses, one in Europe, two in US and still hold one active in the US. So, that all was a little costly, albeit I don’t smoke and drink.
My approach now is to learn as much about investment/trading (to me it’s all the same out of a money/risk management perspective (not the operations, though)) that I can live out of my own independent business until the end of all days and maybe invent something for aviation (I am writing software applications for the aviation industry still).
Couch at home we probably will never end at that permanently, while doing it temporarily is imho great to get new ideas, lol. 
Just a few words regarding my fundamental perspective (which has nothing to do with any trade) of eur and xau: Xau is not in a bull race, but paper money is in a bear race. So, that might explain why it’s not a bubble. I wrote something about it which is conserved in this little thread:
http://forums.babypips.com/forextown/39452-trading-xauusd.html
It’s imho in a small correction right now and I expect and hope it will drop a little further for another long chance albeit I would never short that hot metal.
“eurxau” is imho a little different situation than xauusd. The eur is imho fundamental seen overvalued, because it’s the “new kid around the block”. Long term, speaking of the next years, xau in eur can only rise imho. Particularly as interest rates keep low.
Then I wouldn’t particularly overrate the debt crisis of the ez. Debt is floating and growing all around the world and that will not stop in the next years as politicians can only have power by debt and they can only (more or less peaceful) reduce that debt by inflation. Which means more fiat money supply. Socialists are unfortunately ruling these days in the ez and the US as well and it will take some time until this will come to an end.
Bucks, I agree with your take on gold and fiat money.
Given enough time, circumstances will come to pass that increase the value of gold and decrease the relative value of all fiat currencies.
I did a bit of reserach a while back, and I think there wasn’t a single 10 year period of time when gold declined since we left the gold standard in the 70’s (I think 70’s…nixon…right?)
anyway, to be frank, I wish our problem was socialists running things these days. If so, we could simply vote them all out in the next election, and get back to “the old days” and get back on track…and least from a fiscial policy point of view.
Problem is… and I’m not trying to step on any political toes here…but ever since roosevelt’s new deal, government has been telling folks it’ll take care of them.
And ever since the U.S. passed an annual federal income tax…U.S. citizens have expected to be taken care of!
Amazing how an entitlement mentality tends to arise when goverment sets the example by “entitling” itself first…
Oh well…such is the story of all empires… Entities that are successful at forcing others to change to their view are often poorly suited to be able to change their own viewpoints to that of others
And…as said before:
“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.” - Charles Darwin
Jay
P.S. But I’m still looking to short gold for the next 24-72 hours!
P.P.S Pilot eh? my wifes a flight attendent! u ever fly occupationally? or just as an enthusiast?
#comments withdrawn
Xau is at the lower resistence line in the daily/weekly Jay, so that could work with that short. S&P is at well.
“Just” flying for traveling since 20 years or so across the ez and the US with the typical Cessna or Piper. Anyways, we are all one big (and great) “family” around aviation, so cheers to your wife! Remembers me when I was stuck with a powered glider at the ground in the wet grass after a heavy rainfall and two guys with 4 stripes at arms and shoulders pulled me out of the grass. They for sure did it with enthusiasm, because they laughed friendly and were probably recalling their days when they learned flying with a single engine.
Thanks MT! Your words ring true.
Though i’m pushing this thread in a slightly new direction (more focus on process, less on results), i’ve always wanted to do something like this. well…ok…i’ve wanted to for the past year of so.
I make a great return now, but have hit a plateau. I also was much better capitalized when I made the leap to full time trading, but i believe it’s completely possible to push 1K into an amount that one could draw a middle class existance from within 36 months. So, i wanna give it a shot.
As much to do it, as to improve my trading within my own primary trading account (i trade forex futures in it… way better tax benefits than spot, more transparent market, etc…etc…)
Guess we’ll all find out if I can do it eh?
Jay
Pajo… i absolutely agree with you. That is part of my motivation. I want to objectively try to understand on a deeper level my own thought process and actions, and try to isolate those that undermine my trading (be it here in this little thread, or in my primary futures account), as well as understand those processes which are most beneficial to me, and expand on them.
A fair amount of what I do is based on “instinct”. Well. ok, thats not even close to true. But, it’s not as quantifiable as I believe it could be, and I also believe making this more quantifiable will allow me to understand and better incorporate the best of my thinking, while circumventing the less advantagous habits/thoughts/beliefs…etc.
Wish me luck eh?
Jay
Jaroon, doing well. thanks for the well wishes.
Heh…no promises here… but i’ll do my best not to disappoint
Jay
Yep, I also agree fury. I won’t be touching this money…as it’s not the least bit necessary for me to meet my needs (my other trading acct. does that just fine)
this is just an envelope pushing, personal challenge. Still it’ll be intersting no matter what…and it’ll make my day if i can get this to a level that one could actually live respectably off of.
Jay
it’ll close if i lose huge amounts too 
for some reason, i’m not worried one way or the other.
Jay
Ok all… I will be updating this thread with all the current totals for the last 2 weeks.
Right now, long eur/usd at 1.3759.
20 pip stop
40 pip target
risking 0.35%
Won’t make 1.3799… counter on the daily? Asian range not that high? But good hunting!
EDIT: My longer short is at 1.3783.
eur/usd long at 1.3759
primary reasons to take the trade:
Gap fill trade from the weekend. Price filled the gap, and although is yet to move up much from the close of the market on friday.
volume and price action on a 1 minute TF and 5 min TF indicate that sellers are running out, and buyers are still interested
at this price.
Was a little nervous entering this trade for the following reasons:
it’s the asian session, and not my typical trading time.
I’m taking a long trading while price is currently in a daily demand zone
I know that price always pushs to size. Size is above current price…but fairly decent size is also below current price.
I’m going long somewhat in the middle of a “liquidity sandwich”. This is not the ideal place to take a long trade.
secondary Reasons I decided on taking the trade.
I have a long bias on eur/usd for this evening.
the size closest to current price is the size above. This will tend to act as a magnent on price.
we have a psychological number: 1.3800 within that liquidity block (starting around 1.3800 and moving up to about 1.3820)
there is a minor liquidity gap between around 3760 up through about 3785.
high probability of making at least 1R
Believe london will likely push up into liquidity before pushing down…before pushing back up. This is a
bit far fetched to call out like this, and I should restrain myself from this type of thinking…as it can lead
to overtrading and overconfidence.
more on this trade as it progresses.
Jay
Live Trade Psych journaling -
Feeling a bit nervous, price pulled back against me a few pips. Nothing to be concrned about. Actually, nothing to be concerned about
regardless of being stopped out, or targeting. Do not enjoy the slow volatility of the asian session the sunday market opens (sunday for me)
interest seems to be flowing to the long side… it seems that slightly more aggressive buying is picking up. it is currently 6:55 pm (18:55 my time)
wasn’t sure about taking some profits at 1:1…now I know I will do that (or close to it). However, still not comfortable making this decision this
late in the trade. Will work out some sort of exit or trailing stop strategy for these types of trades (actively managed, short term trades)
Something more mechanical, before the start of trading tomorrow.
Starting to feel more confident about this trade. almost too confident. I seem to have momentarily forgotten that it could indeed stop out for
a 0.35% loss. Will absolutely take some profit off around 1:1, if it is reached.
Well reasoned as always. Asian is typically rangebound. I see nothing wrong with your trade looking to the 1h. Looking to the daily I see short bias. I trade off 4h and daily and as of yet see nothing of significance on my TF’s at least that point north. But as I say, good hunting.
Feel like I have more riding on this trade than i usually do on most of my trades. I think it’s primarily due to the very public nature of this typically very private activity. Funny thing Is, I have 1 contract on in the 6E futures (did have 2, covered 1 at + 10 ticks), and I nearly forgot I had it on.
an open position with $200 of unrealized profit, and I forget about it, but I cant take my eyes off the screen where a win or loss will increase or decrease my net worth by a whopping $3.50.
It has to be the public nature of this project. I need to take it a bit easier than I am. I tend to run a bit more intense than the average person…but that is not going to work to my benefit if i can’t relax more.
And speaking of the trade… PA is starting to look a bit toppy here… like we might roll over to the downside. but, the volatility and volume are both so low, I don’t think it’s worth me trying to read into. Something like reading the cover of a very old, very weatherbeaten book.
Definately not very comfortable with this trade ATM.
But, per my written rules, i will follow them as I set up. Also, this journal should provide me any insights necessary to
improve my trading plan and rules, so to be better prepared every single day for the next day.
Jay
P.S. btw…closed the 2nd contract out on 6E for 5 ticks profit… up almost $200 in my primary account tonight. lets see what happens here…what this thread is all about.
R Carter…my suspicion is the light volume pre-asian and where price traded during that time (primarily between 1.3775 and 1.3815), stacked on the higher volume closing price of friday…plus this current asian session between 1.3775 - 1.3755 gives me reason to believe this will break up before it breaks down.
Liquidity is a bit of a ways to the downside. Easier (cheaper) for a large institution to put a short squeeze on, pop stops and resting buy orders above 1.3810-1.3815, and fill their order at a higher price, without slippage…
IMO…if they want down, they will be better off pushing it up before they push it down.
if the want up…well… cool
But… again… who knows right. this is trading.
Jay
stop moved to BE on this trade. on the off chance it pushes back down before continuing up. well…i guess i get stopped out and miss a profitable opportunity.
however, if it pushes down and keeps running… glad i didn’t lose.
from right about here…1.3773, it’s either going to break up to my first target of 1.3779, or it’s going to likely retest the lows.
no point in chancing loss when a retest likely means failure, and i’m so close to first target anyway.
risk free…sounds good to me.
Jay