Good morning Journal.
Well, I do have lots to talk about.
But I’m not so sure I want to talk about it.
See, this is my safe haven. This is the place I can always come in to and simply talk. It’s my venting place. It’s just where I can throw out my thoughts, opinions, even talk about the market stuff before it happens and see what happens afterwards. Things like that. It’s fun. This place is like that ear that I need, cause sometimes there’s nothing better than someone just to be there to listen to. That’s all.
On the other hand, I do like very much to interact with intelligent people. Now that can be extremely fun. But of course, we’re talking about intelligence here. I think there’s nothing better than those who have the experience, who have put in the effort, and have learned a great deal about our industry. Our craft. Trading.
Even further. What’s most stimulating, in this field I think, is the fundamentals behind how we perceive how the market is moving. But, the macroeconomics subject in itself, is nothing but music to my ears. It’s nothing but relational dynamics at play, on a grand scale. That’s all.
That’s nice. I know.
Well, there is a reason why I wrote that. You’ll see in a little bit.
But, this week I got into something a little different. I explored the old market indicator the COT report. It’s something I’m familiar with. I have a history down that road. Because I was a part of a thread that explored the subject.
What good memories I was apart of. I joined up with a bunch of guys on the thread. Actually, we all were brought together because of it. Man…talk about the enjoyment I had being apart of such comraderyship. It was called COT Report Analysis - a thread on market sentiment - Trading Discussion / Economics - BabyPips.com Forex Trading Forum.
Well, needless to say, I went back and read through a lot of that. Honestly, I can’t ever remember having such a good time as that. The interaction with these guys that were on fire for the knowledge of…well…the market. Specifically, market sentiment. I mean, the effort of all the research that went on there was something. Look. I’m not saying that we were all genius’s. Or even experienced enough to be considered market smart. But, the passion, excitement, and effort that was expended on that thread was unbelievable. It truly was a special time for me.
Everyone of those guys that contributed in there gave it all they got. Sure, we weren’t always on the same page. One was good with numbers. One was good with the fundamentals. One had all the organizational skills. We even had a grandfather on the scene (experienced old trader). Computer savvy person. But the point here is that even though everyone came from a different perspective, we all tried to learn as much as we could in regards to the market sentiment.
You could even tell that we all had a different asset to trade. No one really traded the same thing. Whether gold, oil, the Russian Ruble, or one of the normal currencies. I mean, I don’t even know if we realized that, at the time. Cause I picked up on all of this as I was reading it.
But what we did have was a bunch of guys with a passion for learning, researching, and giving it all you got, on trying to find out what the market was gonna do. What good memories. I will forever cherish them.
Getting back to the COT report. I did wrap my head around it again. Researched the CFTC site. And even came up with my own excel data. I accomplished from '19 up to the present time worth of data.
But I went about it in a slightly different light. I didn’t go all into it. I went by way of a very, very simplified version of it. Just enough data to be able to tell me in which direction a currency wants to travel in. And then to be able to use that as an indicator and then compare it to what I have established already.
It would be like another factor, or confirmation indicator for direction. And that’s it. Not a full fledged use of the COT report, like we use to do.
Well, I did reach out to our leader, of that thread. ForExchange (FE). And he responded! Boy, it was nice to hear from him again. But I wanted to know if I should, could, continue on using that thread or not. He of course said yes.
And this is where I’m at now.
I just don’t know if that’s what I want to do.
Yet.
I know that if I open that thread back up again, I’m not gonna be able to do the whole entire COT report any justice. Well, to the fullest scope of what FE attained it to. No way. And if young traders come by and want as much information as possible out of the report, I’m not gonna be able to give it to them. Basically, I won’t be able to take the lead on the subject.
Or I could open up a new thread and confine it to the scope that I would like. Which is the COT report, but the most important parts of it. Which is one or two things. That’s all. But see, our old thread encompasses soooo much information on the subject. I mean, if a young, motivated, curious trader comes along and wants the full info about it, there won’t be a better place than our old thread.
Look. I know one thing. I’m not gonna be able to bring back the good old days (although I would give my right arm for that). For as much as I cherished those guys, it’s not gonna happen.
But I am a more experienced trader now. It has been 7 years, since.
Well, that 7 year number means nothing. If I could add up the actual hours spent on my business, now that’ll be a more accurate length of time.
Alright Journal.
I’m done talking.
I got some thinking to do.
We all came from somewhere (and thanks for listening to the nonsense).
But it is a new day.
We’ll see what happens.
Mike