My journey journal...from demo to live...and beyond

[MikeWolski]

Good Morning Journal!
Good Morning Mike! How ya doing?
Well, I’m ok. A little late this morning, but what can I do. Dog-gone time change. But, other than that, I guess I’m ok. Boy…I did some changes though, Journal.
Oh no, Mike. What did you do? And…you didn’t talk to me first?
Start talking.
Ok. Look. I’ve been thinking about this. I think it’s a flaw. In the mind. It’s a core trading value. A principle.
I want to be most objective. I don’t want to be bias towards anything. I believe this is a hindrance.
That’s been something that has been coming up in my mind a lot lately. And you know what? The way I am trading is very bias. And it’s a bit juvenile. It’s time to grow up. Look. I trade the JPY. One currency. If that in itself is not being bias, nothing is. I mean, I know that every young trader is best to find one pair to trade, for simplicity sake. Sure, that’s the best way to get to know a pairs’ movements, habits, tendencies, etc…There are too many possible distractions. For as difficult as this trade is, that only makes sense. But, I’ve picked, not only one pair, but one currency. And it’s been over a year now (since the start of '17). So, when I think about whether I possess the core trading value of objectiveness, this method is a hindrance. I am all kind of bias. There’s nothing more that I want to see, in the market, more than the JPY strong. So, it’s one currency and in one direction. But, I do have to tell you, that during this time I have uncovered the best way, methodology, to trade. It helped me to keep focus on finding my particular method to trade. But, you can guess, that after a while this can lead to becoming very bias. My focus will be on the subject, instead of the method. And that’s what has been happening lately.
I’ve talked to you about this before. I was wondering about how to branch out and take the next step, in the developmental process. Look. I don’t want to get caught up with the JPY. That, in itself, should have nothing to do with my methodology. But, it sure can derail me, emotionally. You know, where there’s relationships, there’s emotions. But, what I’m trying to do is find that methodology to follow. That is what I’m really after.
Ok. So. You know what my system entails. Bottom line, simple terms. It’s the crossover system. That’s what I see in the market. It’s actually the way I know that there’s a trend taking place. I believe in average price. That, to me, is more reliable than actual price. It’s only a shame that it’s something that has taken place already. It’s past data. Not present. Relatively speaking. (Cause I happen to think that absolutely everything is past data to begin with). Current Price Action, to me, is past data also. I just don’t buy it. There’s no such thing as present data.
I need to stop right here. I’ve been sitting here, now, thinking of this. I seen a video, yesterday, of Daniel Kauhneman. It was a TED talk. (I’m telling you…that guy…is a genius! When it comes to the mind). Well, he was talking about happiness, and about our 2 selves. Our experiencing self as opposed to our reflective self. What we actually experience is quite different from what we remember about an experience. I don’t want to go in to it all, but, we should just recognize that what we remember about something doesn’t always match what the actual experience was. Most of our entire life is made up of memories. But, our actual experiences pretty much last only about 3 seconds. That really made me think. So, to back it up a little. In the market, maybe you can make the case that what can differentiate the present from the past, could be 3 seconds. I mean, if we separate our present experiences from past experiences by being only 3 seconds, then why couldn’t we make that same assumption in regards to the market?
Ok. That’s all good and nice. I prefer average price, than any other price. To me, it’s more truer than price action. It shows me direction. Flow. Nothing to me, makes more sense to look at, than that. And then, I have a beginning. It’s the initial crossover. It’s the change in direction. Sure, fake outs happen. There can be indecision. The market sometimes takes it’s time to produce real change. But, eventually, there will be a long trend. To me, it’s guaranteed. Now…mind you…I’m talking about the JPY . They are predictable. Habitual. For the most part, consistent, more than any other currency. There are good reasons why they behave in that manner. And, last but not least, there’s an end. The back crossover. It’s another change in direction.
In any case, those are the reasons why I believe in my system. So then, the questions begs, why am I sticking with only going south? That is, the Yen strong. I mean, I know that I believe in fear being more powerful than greed. That is the reason why I picked that, in the beginning, with my preferences. But, now, what’s most important, is developing a system to follow. So, I believe that the most natural progression of things should be to follow that system in total. Going one way or the other. Up or down. Basically, from crossover to crossover. In the same way. There is no difference. It’s all the same method. Plus, this should help me not fall trap to adopting a bias mentality, in the market (someone strong or weak). I mean, I guess the only bias that I could possibly have would be wanting a trend. As opposed to a ranging condition. I’m sure I can work on that though.
Wait a minute…Mike… I know what your doing here. Now that the JPY has turned, getting weaker, your rationalizing a way to get back in the market. Aren’t you?
Really, Journal? You’re gonna hit me with that?
Fine! I’ll go there!
Yes, Journal. Your right. I took a hit. I got tired of being on the sidelines. Got tired of seeing pips upon pips being taken, without me in. I was waiting for a good time to get back in. Been working on a re-entry plan. But, I got impatient. Wouldn’t you know. I jumped in, pretty much at the bottom. It’s funny how no one can pick tops or bottoms. Until you want it to continue. Only then will you find the top, or bottom. Well, I found it. And then I started to work on patience, at the same time. You know, that’s a good character quality, and also a core trader skill. Boy…that was a mistake. Wrong time to think that the market will always come back around. So then, I took a loss. It hurt. Badly. But, the more I thought about it, the thing that hurts the most, is that I’m not following any kind of plan. It’s the re-entry plan. Well, I don’t have one, to date. That’s where I’m at, in the present process.
But, during this ordeal, I have decided to expand. Look. I know that I will lose. In fact, I really don’t care about anything else, other than wanting to be able to say that I’m good at following the plan. And guess what…the plan won’t change. I will be doing the same thing, following the same thing, in the exact manner, only in the other direction. See, I want another chance. I admit. I don’t want to wait for weeks to months before another possible Yen strong run. What I need is another chance to follow the plan. Look. I know how to be committed to something. But, on the other hand, I need to progress. I need change. It took a while (much, much thought) but, I now have a clear conscious about the direction I’m going in. Literally.
Now Journal, go back to the beginning of this post. It should all make sense now. You will see where I’m coming from. Everything that I have mentioned, still holds true. I want to be objective, a true trader quality trait.
So, this is what I will continue to work on. Getting in at the crossover. Staying in, until it crosses back over. That will produce profit. There’s not a whole lot that can be guaranteed in the market. But guess what…I will say that this system is guaranteed. The thing is…it’s not easy to replicate. In real time. So, my journey will continue. I will be playing both sides. Still only with the JPY, but long or short. I also plan on documenting more of my moves, to you Journal.

So…let’s begin. This is where I’m at now.
Well, this is the precursor. Tell me there’s not a trend change.

Look. Anything can happen from here. I do not know what’s going to happen. Sometimes I think I do. That’s why I must continually tell myself that I don’t. Like last week, remember me telling you that the trend is not over. Heading into March looks like a strong move. But, after the fact now, it kind of looks like a double top formed. Another thing I find interesting here, is how things seem to take place around the beginning of a month (I did mention this before). It only takes about 2 or 3 days into Feb to get this strong trend moving. Then into March now, again, it only takes a couple days to get a trend change. Well, so far, that is. I’m no stranger to tracking currencies. I’ve been doing that more than I’ve done absolutely anything else, regarding this market. But anyway, it’s always interesting to see that.

Well, I’m looking to get in, long (JPY short), at the crossovers. Take a look.

The only one I’m not in with is the CHF/JPY. I mean look, there’s no indication of any kind of trend change. Surely there is with the other 6. But, now. This is the plan. Because I don’t know what’s going to happen next, I will wait to get a crossover. None has officially taken yet. We are very close to that point now though (It’s just what I have to do, beforehand).
Well Journal, this is just where I’m at right now. As it unfolds, I’ll let you know.
Oh, and another thing. I told you about this last weekend. Remember…I am following the 9 ema line (dark blue). This is definitely going to help me. I’ll show you what I mean.

USD/JPY

Well, at the current time, you can see where I entered. It was Thursday end of day. The crossover didn’t take place yet, but I might have even gotten in a little late. Look at the latest 5 & 9 prices. 30 & 39. So, the way it’s going the crossover might take place around the 40’s. That’s somewhere between 106.40 - 106.50 . But, look at where I got in at. 106.576
There’s a good chance I am late, but, you know what…that’s close enough for me. Just take a look at what price ( in red) has been doing lately. Twice before the end of the month, price has popped up above the 5 & 9 lines, which is a typical pattern to see before it actually does propel up higher. Well, this is the third time doing that same move. Maybe it will be the final time, for a change in trend. We’ll see.

EUR/JPY

Boy, I just might be spot on with this one. Got in at 131.222 . And look at the lines. When that dark blue line gets crossed by the light blue, it’s on. Should be in the 20’s.

GBP/JPY

AUD/JPY

NZD/JPY

CAD/JPY

Ok Journal.
Until next time.

Mike

[MikeWolski]

Good Morning Journal!
Good Morning Mike!
So, how ya doing buddy?
I’m ok Journal. You know, moving right along. There’s always something of topic. And always something that I’m chasing. But, this week, came my three books that I ordered. One on Monday, and the other 2 on Wednesday. So, that’s been my preoccupation lately. I’ve been reading. And, in regards to the trading, it’s been interesting. Now that I’m in the market, possibly long or short, I’ve encountered some different problems. Let’s see…to put it in short…it’s the whip saws. They are a killer.
Ok. Yeah. That’s nice Mike. Let’s back it up a little. What cha been reading about? Or learning?
Yeah, I got 3 good ones. And I took a test drive on each of them. But, I got to diving into one of them. Let’s talk about this.
The Objective Leader…Elizabeth R. Thornton
This is how I came across this one. Remember last week when I was talking about wanting to know how to be more objective? Well, in my searches, this one stood out. This woman did the very same thing. She researched the subject of how to become more objective. So, why not piggy back and learn what she researched? I mean, I know it’s kind of cheating. But, she was someone who went pretty far in business. There’s a lot to learn from this woman. I mean, her extensive research is really unbelievable.
But, it’s all because of her story. And it is mentioned over and over again (in all of the reviews), how she lost a million dollars. It’s what happened to her business. She’s not a trader. So, it wasn’t like it was one particular event, like a trader would experience. But, she did lose her business. So, pretty much, what the million dollar loss meant was not being able to continue her business. It was a contract gone bad. Yeah, it’s quite the story. But, what really makes the book is what she did after that. Sure, she hit rock bottom. She found a place below the rock. That took months. But, she picked herself up. She really wanted to know what she did wrong. For the next several years she spent searching for answers. It’s very interesting how she doesn’t put the blame on this or that. She turned inward. This is what she researched. (Straight from the book) She wanted to know who she was. She studied psychology. When and how one’s self-image is developed. Then on to sociology, about how social norms and mores are established, reinforced, and rewarded over time. Studied Western philosophers such as Kant, Descartes, Locke, Plato, and Aristotle, about perception and reality. Spent years studying Eastern philosophy. Seeking to understand the nature of the Self and the connection between ourselves, others, and the world. Then onto neuroscience, to understand how the mind and brain worked. And then finally looked to quantum physics, to get a sense of the latest science regarding cognition, matter, and reality.
Uh, yeah, how about that for some research, huh? Well, her conclusion, for wanting to know why all the hiccups along the way, and ultimately crashing and burning, was because of her inherent subjectivity. It wasn’t about the business decisions themselves, but in how she framed her world, the underlying assumptions that drove her perceptions and responses to the people, circumstances, and events in her life. She learned that being happy, effective, and successful requires wrestling with our inherent subjectivity and practicing objectivity, which can be simply defined as “seeing things as they are.”
Well, she came out of it alright. She teaches entrepreneurship at Babson College. What she has experienced in business, and learned from her research, has made her into someone incredibly smart.
So, I’ll just show you what I got so far on my mind map of this book.

Journal, you know, as I have just put this up for you now, I got to thinking. This is all nice and good. But, I definitely need something more personal. It is good information, no doubt. And it’s only a couple of chapters in. But, I think I need to take it a step further. I need to make another mind map. One that directly relates to me personally, in my business. In my trading. I should go through each point with an example. I don’t know, I should just incorporate my relationship with the market in this light. The way I conduct my trading should be objective. Anyway, I think I should get more specific, in what affects me directly. Maybe make some kind of objective principles to trade by. Anyway, I’m going to do something like that.

Journal…it’s half time. Need some more coffee.

Ok Journal.
Well, that’s the book that I’m currently going through now. But, I did look through the other 2. They have their place also. Check them out.
This Will Make You Smarter…John Brockman
Let’s see, this is a hard one to explain. It’s different. Well, it all stems from this club that was formed some years ago. It started out called the Reality Club, in 1981. Then it changed to Edge in ‘97. A bunch of very smart people, from different fields, got together to talk and share some real visionary thinking about the world, people, things like that. It has a lot to do with philosophy and new ways of thinking. I guess they question what everyone thinks. These are very intelligent people. Like Daniel Kahneman. (That’s what made me look in this book, to begin with) Anyway, every anniversary, there’s a question posed, to these icons. So, this book is a compilation of numerous genius’ answering the 2011 Edge question. They each made an essay about it. This is the question. What scientific concept would improve everybody’s cognitive toolkit? Explained more thoroughly…The term ‘scientific’ is to be understood in a broad sense, as the most reliable way of gaining knowledge about anything, whether it be human behavior, corporate behavior, the fate of the planet, or the future of the universe. A ‘scientific concept’ may come from philosophy, logic, economics, jurisprudence, or any other analytic enterprises, as long as it is a rigorous tool that can be summed up succinctly but has broad application to understanding the world. ( yeah…straight from the book)
Well, this book would be like being at a meeting with some very highly intelligent people sitting around in a circle. Each having their chance to explain their thoughts on the question. And each of them come from a different perspective, from scientific to philosophy. I read some of them. Man…very deep stuff. Let me tell you what Daniel Kahneman wrote. It’s titled The Focusing Illusion. He says…“Education is an important determinant of income, one of the most important, but it is less important than most people think. If everyone had the same education, the inequality of income would be reduced by less than 10%. When you focus on education, you neglect the myriad other factors that determine income. The differences of income among people who have the same education are huge.” That’s the first paragraph. He talks about happiness also. How income is less important as a determinant of emotional happiness. Happiness depends on other factors more than it depends on income. So, basically, as is in this case, they give us a lot to think about.

Well, need to move on here. Running out of time.
The last book, but surely not least, is a practical one.
10-minute Mindfulness…S.J. Scott & Barrie Davenport
71 Simple Habits for Living in the Present Moment
Well, this will be simple to explain. I’ll just show you my mind map on it.

Well, as you can see, I started to make it personal, on step #1. But, this needs way more work.
Anyway, Journal, you should notice that these 3 books have no direct relationship to trading, Forex, the markets, or anything the like. But, on the other hand, you can plainly see how directly these subjects will help me in my trading venture. That’s what I’m after, core fundamental stuff. I guess it would all fall under the ‘psychology’ heading of the business.
And, in real terms, you know what that one thing that I’ve been working on for so long, has been. It’s nothing but finding my method. Building that engine which consistently produces profit in the market. But, I truly believe, these subjects – objectivity, mindfulness, and thinking outside of the box, will aid in the details of my trading.
I did say this before…it is all about getting to the bottom of yourself. Do I correctly understand the market? Why do I trade the way I do? What psychological matters prevent me from progressing? Am I being transformed into a real trader? What does it take to run a successful trading business?

I will answer these questions.
I will discover myself.
This is my dying wish.
Journal…you will witness it.

Mike

[MikeWolski]

Good Morning Journal !
Let’s see. What are we going to talk about today?
I HAVE ABSOLUTELY NO CLUE.
I’m sorry Journal, but normally, I get excited about coming in here and telling you the stuff I’ve been into lately. And mostly every time, I’m always prepared, with charts and tables. At least I know what direction we’re gonna go. But…not this morning. I just don’t even feel like it.
Look Journal. I’m being honest with you. I’m down. I mean, I don’t even want to talk about it. Nothing good is going on with me. I’m just stuck. There’s simply nothing that I feel good about. What can I say?

Mike…what’s going on? This is not like you. Something must have happened. I mean, the last thing you were into was the books that you just got. That was the only thing you talked about last time.

Yeah. I know. I guess I was trying to distance myself from the situation.

Uh oh. What happened…talk to me.

Well, I lost. I lost a lot of money in the market. I don’t even want to mention how much. It’s so embarrassing. Yeah, a couple weeks ago, you probably remember, when I decided that I’m gonna go either long or short the Yen. That is when my troubles started. I guess it was a mistake. Cause I just can’t do it. Especially when the market can’t make up it’s mind. It’s back and forth. JPY strong…then it goes weak…then back to strong again. It’s frustrating. And then, to make matters worse, I make the fatal error of compounding my position sizing. I have never done that before. For the multiple, multiple trades that I’ve been in, for the entirety of last year and this year, it’s only been with a .01 lot size. It’s the lowest I can go. That’s a penny a pip. Working with between 200 - 400 dollars. I’ve managed to stay out of some serious trouble, for the most part. And also, I do realize that I will have upwards of 7 trades running, at a time. I know. It’s like having 7 mico lots on only one open trade. See, that would be unheard of, in my mind. Apparently…I wasn’t seeing the whole picture. I was running with a total of .07 lots. That is a little much. Look Journal. I know that I was doing that. But, I was not concerned about it, as much as I should have been. So, I got used to the fact that I could put on 7 trades without realizing how much more risk I was taking on. So, after a pretty good loss…I decide to go the other way, with the JPY. That’s when I upped the size. Double. On each of the 7 trades. Man…I remember …I was doing what I was not supposed to do. It’s kind of like breaking a cardinal rule. Just something your not supposed to do. Fundamentally. And I knew it. At the time. But…just once. Just to get back some money lost. I felt good about the direction the Yen was moving, at the time. I mean, the Yen can’t go on that strong forever. Right? There was signs. It actually was weakening. So, all I’m going to do is follow it. Well…thanks to Trump, and this trade war, which is becoming really real now…I lost. I mean, I know it’s my fault. I didn’t realize, in real terms, how much position sizing I have out there. I have 14 micro lots !!! I’ve just shot myself in the foot. What a mistake. I knew it was gonna hurt, if I was wrong. I just didn’t take it serious enough. It’s such the mind game. Like how my mind turns the blind eye to what’s going to happen if you lose. I admit. It’s all about hope. You’re hoping you are doing the right thing, hoping it will go the right way, and hoping it will turn out the way you think it should.
Juvenile. Not smart. Primitive thinking. Non-experienced. Emotionally attached. Wrong way of trading.
But, I think the worst part about it is, that I was fully aware of it. And yet…I performed that way.

Journal, I’ll be back.

Ok. So. Where was I? Oh, yeah, I’M STUPID!!!
You know, sometimes I even wonder if I am a real trader.
I’ll go there.
Let’s see. All I’m doing is trying to be right. Make some money. Hoping all kinds of stuff, will go my way, in the market. You know…it’s like being carnal! Oh, I know about that alright. Try being a Christian. Any man knows the struggles that come your way when your trying to walk the straight and narrow. It’s not easy. And, of course, that’s the secret ---- You can’t do it in your own strength. Only one man could. And He showed us the way. But…it’s like that. Carnal man, trying to become holy. Seemingly impossible. But, possible. It’s frustrating. You know what to do, but, can’t do it. The answers are there, but when it comes to proving it to yourself, you always fall short. And then you realize how inexperienced (carnal) you really are. I think that’s why I bought those books. I want to look inward and find what some of the root causes are. I need changed. I need, want, a real traders mind.
This is what I think a real trader is like.
It’s one who has the experience behind him, to realize what the market can do, at any point in time. Because of that, he has carefully calculated a way to take profit out of the market. He has developed a number of different systems, in which he uses in whatever is most conducive to what the market is presently doing . Everything that he does is based upon sound principles, and rules that keep him in control, in the unpredictable environment. Nothing takes him by surprise. Even his losses are expected. He is more of a realist, than anything. Not a dreamer. He tends to be a contrarian. cause he’s always wanting to see the other side of things. Never sold on one particular method or way of doing things. Opened minded. Patient. Confident and secure about his methodologies. Has long term, medium and short term strategies. Always protecting himself from any possible catastrophes. Always thinking and open to new ideas. He enjoys building up his business, more an more. It’s not work to him, it’s pleasure. Enjoyable. He loves challenges. And…it is not even about the money, cause he’s used to having much of it. It’s about business.

Well, what can I say. That’s what I think. Whether it’s a realistic view or not, I don’t care. That is what I would like to become.
Anyway.
Journal, I’ll be ok. This is what continually goes through my mind.
Follow. That’s all I want to do. Follow the market, or a system? Well, I want a system to follow, in which follows the market. I don’t have one yet. That’s what I’m trying to come up with. One that I’m satisfied with, in which has all of the specifics that are possible.

We’ll be in touch.

Mike

[peterma]

Hi Mike’s Journal,

Hope you don’t mind me having a little intrusion, but maybe you could tell Mike he is right and wrong - about being a business person that is.

He is right about it not being about the money but not because he is used to having much, more that he recognizes enough.

He doesn’t necessarily love challenges, it’s just that he faces them head on - like facing a broken vehicle, he searches for the fault and fixes it - it is what he does.
Thing is that next time he faces a similar fault he instinctively knows how to rectify it - without thinking.

Apologies again for intruding, tell Mike he is the right track

[Trendswithbenefits]

Hey @MikeWolski… the Yen is “up and down, like a bride’s nightie” just gotta ride the bear…

For the present I’ve just been trading the downs as the Yen has a lot of residual strength even after major pullbacks…

JPY has been weak since market open, now 3 hours in back the other way…hold on tight…

Good luck going forward…

[MikeWolski]

Good Morning Journal!

Good Morning Mike!
Soooooo…how’s it going buddy? Everything alright now?

Yeah Journal, thanks. Last weekend wasn’t good. I just was not in a good place. But, I’m ok now. I guess it helped a lot to talk about it. It was like some sort of release. All I had to do was type it out, and then something happens (in my brain). I am able to accept the situation. And then, hopefully learn something, and then to move on.

Very Interesting Mike…so…what did you learn? I mean, you did mention some things, anything else?

Of course. You know, it’s like getting physically burned by fire. You feel it. Your fears have come true. And it’s something your gonna remember, even though you know your not supposed to do those things.
It also helps when the ‘gods’ come visit you and encourage you. There’s nothing like it … experience, in the flesh.
I’m humbled.
So, this is how I have changed. I mean, fundamentally speaking, I’m not going to take on more risk. I mentioned all of that already. Upping the position sizing is just stupid. It’s best to just step back, and punt. Rather than try to recoup a big loss. But, that’s all in the interim. I’m still trying to come up with a mechanical system. You know, all of the major areas that need solidified. For example.
What makes me get in? When…Where…Why…Exactly How…All of the details that a dummy can follow.
What keeps me in? Managing my trades. Add sizing, or decrease sizing along the trade.
What makes me get out? All of the very detailed reasons. Again. When…Where…Why…Exactly How.
This is what I’ve been working on for…geeeez… how long now Journal?
Let’s see, what else? Oh, I remember. Along the vein of risk, I have to have some rules about how many trades I can have open, at a time. I guess it all has to do with having more control over my account. I can’t have that much out there. Plus, I really like the idea of starting out small, and then to capitalize when a trend is confirmed. But, there’s 2 things there. My individual trades. And the total amount at risk. That, now, is important to me. Having total control. I need to be aware of it all.
I thought about this. In much of the reading that I do in here, it’s interesting to see how traders talk about taking only the high quality set ups. Meaning, there are set ups that are not as high quality as others. Having multiple options. So, when I think about that, it just does not make sense. In my mind, you want a certain criteria to take place, in which makes you place a trade. It’s black and white. Cut and dry. This happens, then you act. Now, I can see that mentality for the discretionary traders. Because there’s no set rules in place to abide by. Instinctual trading. But, then again, when I really think about it, there are concrete reasons that make us trade. We are not aware of exactly all it is that makes us pull the trigger. It’s the decision making subject. For as complicated as our brains are, we cannot possibly know all of the things that make us do what we do. Look… a little bit of this experience, a little bit of that experience…a rule here, a principle there…etc…It’s impossible to be aware of everything that has made us do what we have done. But, I do believe that it is explorable. Measurable. And that’s precisely what I’m trying to uncover about my trading. I want it down on paper. I want to know. This way I can find out what works, what is profitable, quantified, studied. So, therefore, back to the subject, I would not want the possibility of high quality trades. But moreso, these specific reasons of what makes me get in, these reasons guide me in the trade until these reasons tell me to exit. And then afterwards examine whether I need to adjust, or make changes to any of those reasons. All my job would be, then, is to follow them. That’s the easy part.
Ok. That’s all good a nice
.
Need some more coffee Journal.

Let’s see. What’s all going on with me. I’m gonna try to spit it all out.
- End of month results are in.
- The year in perspective, so far.
- New book been reading.
- Trades running.
- Back to my roots.

Let’s see if I can hit all of those points.
Ok. Well. If we must. I accepted it. I had a bad month. Losing month. What can I say? Well, the only thing I can say is that I better have learned something. Cause when I all comes down to it, if I’m not learning, then I have a real problem. For the sake of time, I’ll just put it out there. Like I do every beginning of the month.

Well, that’s nice and small. Maybe you won’t look Journal. It’s just for records sake. It is what it is. Even if I went bust, I’m ok with it. I’m moving on. I have hope, though. This is what I attribute to the bad numbers.

In a nutshell, the JPY is cumulatively weak when it’s moving down. And for the most part, my plan was to ride the JPY strong, only. Mind you…I’ve been concentrating on this for an entire year. But, as you know, I changed. I’m adapting. Somewhere around the middle of the month I decided to trade against the JPY also. So, as I look back, I do realize that this adjustment has cost me. It’s a learning process. The initial mistakes, I feel, are acceptable. (It’s the one’s that I continually make that are not acceptable) Oh, the other thing that I attribute the mistakes to are…again…due to the fact that I still do not have concrete, formidable, hard rules to abide by. Man…I have said that a million times. But, I am working on that. Only then, will I be able to get to the bottom of my trading. See, at that time, the question will only be, did I follow the plan or not? And I know it will be a ‘yes’, because I will prove it to you Journal. I will have shown you my trading moves compared to the plan. But, again, I haven’t come up with the absolute details yet. Sure I’m close. And you know it. Following the crossovers. I have a beginning, and an end. I should know when to stay out also, rules and regulations guiding me.
Ok. I need to move on here. What’s next?
The year in perspective. Well, from what I remember, from the beginning of the year, I was excited about this year. I planned on it being a year of cementing. And fervency. Well, honestly, I made a change, didn’t I. That is not really cementing anything. I also remember wanting to change from the JPY being the cornerstone of my trading. Actually it was the JPY long. But then I realized that I might want to make the crossover system my cornerstone way of trading. Meaning I could trade other currencies, long or short by way of following the crossover way. So, here is the present now. And I have decided that this is gonna be my cornerstone way. (For this year) I’m sticking with the JPY only. Coupled with the crossover system, but long or short. In the future, when I get proficient with the method, then I can branch out to the other currencies. It’s funny how you will remember some very good advise from some time ago. Get good at one particular method. I mean, it only makes sense. It’s the Kaizen way. Start small, get good at it, and only then can you build upon it. In the smallest incremental steps. But anyway, getting back to the point, looks like I’m still progressing. That’s what last years theme was. Progression. So now, I want to cement this method. Actually, what I will be really happy with, this year, is if I can cement a way of trading, period. Meaning, actually come up with some very concrete rules of trading (as I have stated above). That will be an accomplishment alright. ( It’s only what I’ve been working on my whole entire trading career).

Moving on.

Bought a new book. Came Thursday. Was pretty excited about it. But, getting a sour taste going through it.
Your Money & Your Brain. Jason Zweig
Don’t get me wrong. I took a lot of notes. Pretty big mind map so far on it. But. You know, he shows his colors too much. It’s really all about how to day trade the stock market. All of the good points have roots in how to assess a company’s worth. Yeah, it is interesting how our brain gets carried away. It is nice to know what happens when we get emotional, and exactly how that transpires in the brain. But, do you really always need to bring it down to how we need trade a stock? Geeeez. It’s biased. I bet there would be a better book written that way if it were about say commodities, or currencies. Cause guess what…they can go either up or down, in the same way. Stocks are only supposed to go up. That’s their direction. It’s a no brainer. I’ve been trying to find the commonality of the brains activities objectively. But I hate it that he always boils it down to day trading, or a company. I even remember he even said that it is wrong to buy high, and sell low. Well, I’m sorry, but I don’t scribe to that. After reading ‘Trend Following’ by Michael W. Covel , talk about two different ideologies. Anyway. He’s biased.

Moving on.

I do have some trades running.
This is what I have incorporated into my trading. Look. I didn’t solidify this yet. But, somehow I will. Take a look. There has to be a reason why I do this. For my trading.

I do have to mention. There’s a thread running here that is proving a successful way to trade. And it’s always reminded me of how it’s similar to what I do here. Called something like ‘trading the strong/weak’. SW trades. So, the premise is taking the strong currency against the weak currency. It’s a methodology, not a specific strategy. But anyway, because it’s been easy lately, to see that the JPY has been quite strong. And likewise, how the CAD has been weak, why not incorporate that principle to my trading? All you have to do is look at my table above. The CAD has lifted off the bottom, and also as the JPY has fallen from above. I’ve been thinking how to translate this into some rules for me. I mean, it’s really a tell-tale sign that there’s going to be a crossover to take place. And you know Journal, that’s what I’m all about, is the crossover’s regarding the JPY. So…let me just show you what’s presently running.

I know it’s probably a mess for you, but, I just wanted you to see where, when, I placed my CAD/JPY trades. The third row (4th also) down is my trades rows. March 22, & 23rd is when I placed them. I’m also indicating, by the green color, which way I’m going with it. Boy, it’s always amazing to see, at the bottom, how price (in red) perks up, giving hints before it finally crosses over and finally makes a new trend. The crossover took on the 28th. My first trade, even though it was almost a week before, ended up above the eventual crossover point (late). But, my second position, because I was convinced of the change, I took advantage of the drop and got in at a better price, which ends up being below the crossover (nice and early).

Well, that might be a better graphic. Instead of lines, the wordings are exactly when & where I got in at. In any case, my point here is that I’m trying to make a connection of the strong/weak principles to my specific trading.
I do have a position open with NZD/JPY. And one with the EUR/JPY. That’s it. I’ve shyed away from going all in with like with everyone. I have to be more choosy. I’m kind of kicking myself that I didn’t get in with the USD/JPY. But what can I do? Well, whenever I find the specifics of my trading, then there won’t be any excuses. In the meantime, I’m concentrating on a select few.

Journal…I’m out of time. There was one more thing I wanted to talk about.
It’s gonna have to wait.

Mike

[Trendswithbenefits]

Hey @MikeWolski… Perfect example of why to only short the JPY again today…USDJPY, GBPJPY, NZDJPY, AUDJPY…

I’ve just been trading the downs as the Yen has a lot of residual strength even after major pullbacks…

Crawls up, meanders sideways and plumpets like a rock…Manipulated…

[MikeWolski]

Good Morning Journal!

Good Morning Mike!
What"s on your mind buddy?

Yeah, I’m just sitting here trying to figure out where I’m going to go with you. So, I guess the best place to start is from the latest. I’m going to embark on a little journey. Look…it’s not all that, but it’s something I’m gonna take seriously. But first, I want to tell you about my son, Ian. This story is the reason for what I’m going to do. Remember little Ian? Well, he used to be little. Man…all his life growing up he was so tiny. Was in like the 10th percentile his entire young life. And I used to tell him so much of how it doesn’t matter what size you are. You cannot compare yourself to your brother, who was overgrown, for a Wolski. Blood wise, there are none that reached 6 foot, except for him. So, it just figures, how I produce the extreme’s. But then, in high school, man…he shot up. Taller than me now. and no more my little man. ( I shot you a picture of him before) But, I sometimes can’t help it, I’ll still think of him as my little one. To this day, in my dreams, he is always that cute little 3 1/2 foot little guy.

Yeah, that’s nice Mike. So, how’s he doing anyway?

Everything’s ok. I mean, ever since his L.A. trip, he’s been trying to make it. Back home, in his Mom’s house, he’s been trying his hardest to develop an on-line business. He’s such the entrepreneur! All he’s been working on is his ‘streams of income’ (as he calls it). In reality, not really getting anywhere. But, I do believe he’s making progress. Man, I didn’t know that you can make that much money from selling your plasma. Upwards of close to a hundred dollars! But anyway, he’s trying, trying, trying. Watching Youtube tutorials, reading books, whatever it will take to become a successful business owner. Well, the latest is, he just might finally get out there and physically work, at Burger King. It has always been the last resort, to work for someone. But, it is a way to generate money (he says). We’ll see if he carries through with it.
But, in our last talk, I was mentioning all of the books that I’ve been reading lately. So then, he tells me that he heard of a particular book that mostly every successful entrepreneur has read. It’s called Think and Grow Rich. So, I told him that I would get it for him. He was very happy about that. And so, after getting it delivered to him, on Thursday this week, we talked about it, on Friday. Boy, is he excited about it. He says that he’s gonna do what the book says to do. Read only one chapter a day, so that you can digest the material that way.
Ok. So now, we’re coming back around.
As he was telling me all about what he learned in the first chapter, boy…it was all coming together. I was brewing up some stuff that I’ve been thinking a lot about lately. And he needed to hear it.

I need more coffee for this. Hold on.

Mmmmm…Ok Journal.
See, this stuff, is what I need to do, as well as he does. Concerning books. (And this is what I told him.)
You can find some very, very good information in books. There are some very intelligent, gifted, amazing people out there that have endowed us with their brilliance. Conveying some real golden nuggets in the form of print. It is truly awesome, what humans can uncover. But…even if you have all the intelligence in the world, right in front of you, it means nothing. Even if you have read it, it means nothing. UNLESS YOU PUT IT TO ACTION. See, there is a gulf between what we read, and what we do. Just because we have discovered something totally awesome in a book, doesn’t mean anything unless we actually do something about it. Either we will be trying to obey something, or try to stop doing something, or even just try to prove something, it all comes down to action. I know it seems like such a trivial point, but, in my mind, it’s where the rubber meets the road. Having knowledge about something, is one thing. But, actually making changes in your life, is another. And see, then you will get into the hard stuff about being human. Are we strong enough? Are we too lazy? Do we have the courage? Do we have the discipline…Endurance…Self-sacrifice…the heart…to carry through with whatever it is we would like to become? Man…I couldn’t have explained it more clearly to him. I do believe he fully understands that point. The feedback he gives me is really good. He told me to just look at the title. It really means that it starts in the mind, and ends in reality. Wow. He does get it. ( I’m not worried about him. I know he’s going to make it in life).
See Journal…I’m not preaching just to him. It’s for me also!!! Probably moreso.
So…I’ve taking it personally. I went back through some of the most recent books that I’ve gotten lately. And this is the one that I’m going to work on now. I really don’t see the direct correlation to my trading, just yet. But, I have the strong sense that it’s going to change me into being the real trader that I want to be.
Before I get into it, I just want to remind you of what I continually do work on, on a daily basis. There is absolutely nothing more that I think of, during my days, than trying to come up with a satisfied, extremely detailed, strategy. It’s the engine, generator, of my business. Actually, this week, my key word was “build”. Man…I love that word. How do you build something. From the ground up. With a solid foundation. I’ve been thinking of how to properly construct my business. There’s so much that goes into it. But, strategy wise, I need specifics.
Anyway…back to the point. I picked back up the book “The Objective Leader”. It’s funny where I left off at. Right where I’m at now. Where the rubber meets the road. Putting things into action. Let me just show you my mind map on it.Then I will explain my intentions.

So, after talking with my son, about putting things into action, this is what I’m going to be working on. Of course, I will still continue to wake up at 3am every morning. Work on my business, as hard as I can. Then go to my daytime job and continue to generate as much money as I can there, for our lifestyle. Basically, strive for excellence in all that I do. No changes. But, in all that I do, I will be trying to see where I am subjective about something, or someone, or objective about those same things. In all the people that I encounter and deal with, am I objective with them? In all of the situations, do I act objectively? How about regarding my business venture? Am I too biased about something in particular? The point here is that being human, I realize that it’s almost natural to be stubborn and opinionated. In the meantime, that’s the complete opposite of objectiveness. So, my plan is to become aware of that as much as possible. I plan on taking notes about it also. You know, that reminds me of what I read about Leonardo Da Vinci. Bought 3 books of his. When he walked this earth, he took notes everywhere he went! I think that’s what made him so smart. His curiosity. He had a notebook on his person, and used it. Well, the difference between me and him is that I have a smart phone. I’m going to use that, in the same way. So, needless to say, I need to get used to taking notes on a regular basis. In realistic terms, I think I will just make notes on anything that has to do with being objective or not. And that’s precisely what the author of this book is getting at. You must first realize when you are not being objective. Only then can you start to make the adjustments.

I know Journal…that’s really nice.
Well, what else is going on?
I mean, everything is going ok. It is nice to see the Yen weakening. I’m still riding the JPY short. At least I can say that I am following something. It is broad based, but definable. At times, according to the news, it seems like risk-off always comes on back. But, according to my stats, their strength is done. Man, that reminds me of what happened one night this past week. It was towards the end of the week, end of day Thursday ( start of Asia open for Friday). I was tallying up the numbers. You should have seen the JPY take on so much strength, across the board. I was watching it with my own two eyes. I didn’t know the reason why, at the time. But, then, eventually found out that it was because Trump just doubled up on the trade tariff to China. 100 billion now. Sure, to be honest about it, I was getting nervous, seeing it rain red across all the JPY pairs. Then the thoughts come into mind. Should I be doing something about it? Then, the voice of reason kicks in. Just turn the thing off, and ride it out, till I see a formidable reason to jump. Basically a longer term change in direction, not the short term swings. So then, it turns out that they all did come back up to that point. Boy, I just want to know if the market will ever get tired of trading the news, on a dime, just to realize a little later that that is not what the real direction it’s been going in lately. I don’t know, it just seems so juvenile to always turn whenever someone in office just talks. Let’s see if I can find and show you what happened.

Heikin Ashi 1 hour charts. These are average prices.
Anyway, that’s what happened. And my point is? Uhhh…I forgot. Well, I just was not going to be derailed by what happens in the short term. Cause that really is not my time frame. I fully believe in knowing what happens in an entire day, in regards to the longer term trend.
Well, while I’m at it. Here’s what I’m in now. Basically, all 3 Comms and the USD.

Ok Journal.
I’m out of time.
Mike

[MikeWolski]

Good Morning Journal !

Good Morning Mike!
How the heck are ya?
Talk to me!

I’m doing good, actually. Thanks! Well, let’s see. Lot’s going on here. First off, I want to back it up a little, Journal. I kind of want to put a wrap to what kind of kick I was on last week. Yeah…remember that? Objectivity? I mean, sure. It was a good idea. And I did. I spent a lot of time thinking about that subject. Like, it reminded me of the subject of my other recent book, “mindfulness”. So, yeah, I kept as much conscious thought as possible, to whatever I would encounter. I didn’t take notes on it, but, I did come to some conclusions though, before I hung it up. (Cause I just got tired of doing that) But, this is what I think. First off, this is a subject that mostly has to do with people. That is, understanding how we are, and how we relate to one another. Humans are predictable. We all have certain biases. I mean, people are going to act, and react, in a situation in the same way that they have always done. If someone treats you a certain way, it’s pretty predictable how you are going to respond. And people don’t like to change. So, what’s the point? And as far as I’m concerned, I believe I am more unbiased than most. Cause I always try to see both sides of a situation anyway. But, in any case, this subject seems to be one that has to do with people. And you should know Journal, I don’t like people. All I see, and encounter, with people, is nothing but frustration. People don’t change! I mean, how they are, is how it is. Man…I am just reminded of a good conversation that I had with some people at work, this past week. It was one morning. Me and a buddy (an older guy) always go up and get a cup of coffee, before the work day actually begins. We will say hello and chat a bit with the girl behind the desk (this is at the front desk in the showroom of the dealership). She’s just a bit older than I am, also. And each morning we will have some sort of topic of discussion. So, on this day, us 3 were talking about something. Actually, I brought it up. It was sort of framed as a question, but I had an opinion on it. I asked them two, “Do you believe our bodies try to catch up on sleep, on the weekends?”. Meaning, if we have not had an adequate amount during the week, will our body make up for it on the weekend, by sleeping in longer? So, I started out saying that I believe it’s true. The body needs a certain amount of rest, and the body will eventually recoup what it needs. Well, my buddy couldn’t really answer that, because he doesn’t sleep well to begin with. And I think the woman had an opinion, but she didn’t have time to respond to it because she was interrupted. See, we have this one service advisor who was walking through as I was talking. He’s a young punk. A 20 something year old Mr. know-it-all. Oh, he’s gifted alright. He is such the talker. Boy, he has an answer for everything. And that is the reason why he IS good at his job, dealing with the customers. Don’t get me wrong, we get along ok. But, that’s the kind of person he is. Pretty smart, but, thinks he knows absolutely everything. Anyway, he joined in on our conversation. Before she could even say anything, he blurted out his opinion. “Oh no. Absolutely not. It doesn’t matter how much sleep we get. It all depends on when we wake up, during our sleep cycle. Bla…bla…bla…” . And I thought about his point, and did tell him that that is a good argument. Kind of makes sense. Ok. Yeah. It’s fun to get different perspectives. So, after I conveyed to him that he has a good point, I would counter with my point of view. But, he would not hear it. He just simply shot down anything I had to say. “Nope. It’s not proven. Good theory you have there, but …nope.” I’m like…ok. And then he walked off. I’m standing there…Then I looked over to Porche. “Do you like him (Justin)?” She was like…“Well, he can be pretty arrogant sometimes.” (See, I don’t know how they all get along up there. Their in the next building over, than where we do the work. Plus she’s fairly new with the company, like less than a year. So, that’s why I asked her.) So then, that’s when I started on my soap box. “Man, don’t you just hate people like that? So young, and thinks he knows everything. He’s such a talker. BS’er. And you’re right…the arrogance. It’s sickening.” And, of course, they both agreed with me. We went back and forth about him and how he is. But, in the end, I summed him up as someone who is just young. It’s only when you get much older do you realize a whole lot more about life, than you used to. But…right now…he really thinks he knows everything. And won’t even try to see the other side of an argument. Well, that’s my whole entire point here. Getting back to the subject of being objective. See, I believe I am more objective than most. And there are those (Justin) who simply are not. And what am I supposed to do? Try to change him? Absolutely not. People don’t change. People don’t always look inward to see if there’s any kind of errors. So…what’s the whole point. It is what it is. And I would rather not even experience people anymore, unless I have to. That’s why I always say that I hate people. Their too much trouble. To deal with. Well…at least cars don’t talk back. That’s one thing in my favor. I just fix them.

Ok Journal…that’s all good and nice. Enough of that. It’s half time now. When I come back, with a fresh cup of coffee, we’re gonna talk about some good stuff.

Alright Journal, here we go. You ready?

Don’t sing it, bring it!

Ok. So.
It’s all about solidifying the trading plan, right? Well, once again, I’m getting so much closer. Boy, it was real early on, in the week, that I had another epiphany. From time to time, I can tell when my brain really catches on to something. And it’ll be one of those things that I know is big. It’s like uncovering a big gold nugget. Something that is long lasting, and is like a core principle or belief. I’m not going to deviate from this. Let’s see, how should I present this…
Ok. Well. First off, the biggest, most important, part of my trading plan revolves around the JPY. Yes, I know you know that already. But, all things must be put into perspective. That falls into the category of what I trade. But, guess what…that’s really incomplete. It is not specific enough. I’ve stumbled across something that is even better. (It is funny how the brain, after hours and hours of working, searching, will finally enlighten itself). This is what I have realized. In regards to relationships, in which the JPY has to the other currencies, there is none more directly relational than it has to the Commodity currencies. The AUD/JPY, NZD/JPY, CAD/JPY pairs are more predictable than any other combination. It is true. It is what I see, in the market. I’m talking about those 3 as opposed to the 4 others. I’m going to show you in a minute. But, the more and more I viewed this, the more I am solidifying exactly who I am going to trade. And a big reason why I am uncovering this now is because of what’s transpiring in the market now. But, good thing I have some past data to look back on. It’s kind of like I’ve been doing a lot of back testing figuring. This is very enlightening to me! Oh, and another thing, before I forget. Another reason why this is a good thing for me to do, is because I have realized how difficult it is to separate each and every JPY pair. I’m sure you remember my troubles, when I’ve gotten overly diversified with them. And I know it all comes down to the good advise given to newbies, which is just to pick one pair to trade and get good at it, before you move on. And boy…this reminds me of an article I read this week on this very subject! Boy, talk about getting confirmation that I’m on the right track! I even saved this article to show you Journal. (See, I think about you during the week) Let’s see if I can get it.

Master ONE Thing To Reach Trading Success » Learn To Trade The Market

First off, I esteem, very highly, this author. He is a very good teacher. Very sound advise comes from him. But, this particular article made me think about it over and over. It’s exactly what I’m presently going through. There is a principle here to be had. But, towards the end, I just can’t join him in what he wants to master. It’s ok though. Everybody is different. I just do not like price action. Oh, believe me, I tried. But, I like the relationship of things, better. And, let me clarify that… it’s the relationship of things, not people. Anyway…
Getting back. So, the point here, for me, is that I was too spread out, even with just the one currency. But, it hit me pretty dog-gone hard. It’s the 'ol risk-off / risk-on scenario. And guess what…that has been me from the beginning. That will never leave me. I just do not see anything more certain, in the market, than that. So, let’s just stop the talking right now, and take a look at what I’ve been noticing, in my table. And this is what I did. I took out all of the other currencies except for the JPY, AUD, NZD, CAD. This is my strong/weak table. Been doing this for the past 5 years, (S/W), but this particular table rates them by whoever has the most pairs with their current price being above the 21 ema line. Ok. Let me explain.

This is my latest daily line-up. Let’s see how the CAD is the strongest.

That is every CAD pair. Them against the 7 other currencies. The 21 ema line is really the only one that counts here. It’s the brown line. Forget the 5 & 9 lines. So, on each pair, you can see where the recent price is at. On every pair it’s the dotted line going across. (And of course, don’t forget these are all Heikin Ashi candles…average price) So, all we’re doing here is seeing if recent price (the dotted lines going across) are above or below the 21 ema price line (brown). And yes, against every currency, the CAD is trending stronger than the all of the other currencies. In the context of what the average price has been in the last 21 days. (Hence, 21 ema line) Ok. So, who’s the next strongest currency? The GBP. Let’s take a look at them.

Now, only to the CAD are they not below the 21 ema line. So, they will be the second strongest currency (In my estimation). Now…take a close look at the GBP/NZD pair. Current price = 1.93169 and the 21 ema line = 1.93162 . Close one! Well price is actually higher than the line. Which means that the GBP edges out the NZD. I deem them stronger than the NZD at the present moment. So then, you can guess which currency will be the next strongest. Take a look at the line-up. Yep. The NZD. Well, let’s take a look at them.

So, again, only against the CAD, GBP, is the price of NZD lower than the 21 ema lines. The NZD is higher against the USD, EUR, CHF, JPY, AUD. Because their price is above the 21 ema line on each of those.

Anyway…I’ve spent way too much time there, for the explanation. Got to move on. Getting back. What I did was take out everyone, to only have a view of the JPY to the Comms. Now, let’s look at this. (I got this data back to last June)

This is the latest perspective, since Mar 1st. Journal…I want you to see what I see. Keep this in mind when I show you all of the history. It’s the purple as opposed to the Comms. They are in direct contrast to each other. And it sure seems like the length of travel always go from top to bottom. Also it’s evident of how the Comms relate to each other. You can make the case that they pull each other up (or down) eventually. I believe the market wants likes it best when they are closest to each other. So, it’s like you have to ask the question of “what’s the equilibrium?” It is when one side is at the top, and the other is at the bottom. (Btw…at the bottom, is when the exact 5/9 crossover took place. Green equals their strong trend. Red equals their weak trend.) Boy…there’s so much information to be deduced here. Find out for yourself.

Zooming out here, Jan. - Feb.

Now, let’s just go back to Jun of last year and follow it to the end of the year, chronologically. Easier to see.

Ok. Journal. You got my point.
So, bottom line. I have narrowed my trading down to 3 currency pairs. I think that is much smarter than what I was doing. And remember what Neil said…get good at one thing. Cause that’s what sets apart a professional from a ‘jack of all trades’. So…I’m concentrating on the JPY to the Comms.
Journal, I know you have to remember when I first started this journey journal. You know how I traded. It was the Majors Vs. Comms. That has been me. And always will. In fact, I have never talked about anything else more than the subject of risk-on / risk-off. Well, I’m back to it now, but, in a more specific fashion. It’s the JPY against the Comms, instead of the other Majors. I believe this is home. Nothing feels more right to me than this. Well, there is so much more to my trading, also. And that’s what I’ve been working on. So, for the sake of time, I’m gonna just throw out to you what I got so far, via my mind maps. And believe me, I’m not done. So much work to do. Don’t worry. We are gonna have a party once I get completely satisfied with the whole system. Here’s what I got so far.

Well Journal, as I have put all this up, I realize how much of a work in progress it is. It’s so incomplete. Surely there will be changes. But that is the some of the process behind it all.

Getting late on time here, Journal.
But, I do have to say, I’m making a killing in the market. I have doubled my account balance. It is awesome. And, of course, I keep telling myself…IT’S NOT MY MONEY YET. Unrealized profit. It’s won’t be mine until I get out, according to the predetermined plan. But, in the meantime, my plan is unfolding. And I’m sorry to say that it is, at the same time that the market is unfolding. So I will ride it out while the risk is on. And then to figure out a proper exit plan. Then a transition plan, like an out-of-the-market time period. Like I said, I have so much to work on.

That’s all good and nice. But, as you know, I won’t be happy till all things are solidified. And I mean, everything!

Alright Journal.
Will keep you updated.

Mike

[MikeWolski]

Good Morning Journal!

'Morning Mike!

Boy, what a week it’s been, Journal. There’s just been so much going on.

Oh yeah…Well, that’s what I’m for. I’m your sounding board. Get it all out. Put it all into perspective. And we’ll drive forward.
So…what’s on your mind, Mike?

Ok. Well. Let’s see. First off, I’ve been so dog-gone busy, at the shop. My once-a-month Saturday was yesterday. And not only that, but pretty much every day this week I’ve ran so late. There’s just been so much work to get done. Sure, I’m making that much more money, but it just takes a toll on the body. I even had one day that I had to stay late to fix my own car. Boy…I was not going home till I did. It worked out ok, though. And then yesterday, was a late one also. We only work till 3. But I didn’t get out of there till sometime after 4. I was the last one there. I even closed up the shop. Just had to finish that car. It gets exhausting. Honestly.
Sorry for complaining.
But anyway…let’s talk about the business, shall we?
Well, I bought another book this week. And I bet you know which one already. It was the one that I mentioned last weekend. I just had to. And it is a good one. Boy…talk about practical. It is!
The one thing. Gary Keller.
Man, I’ve been chewing on what I’ve read so far. And of course I got a mind map going on it.

Yeah Journal. Remember a couple weeks ago how I noted that it’s all about putting into action the things in a book? Well, that’s what I tried to do here. I just cannot look at this and think that it’s good. But, now that I see this again, I need to get more specific. It’s a start though.
I believe this is a principle. (You should know what I think about principles). But this one, is a principle on how to build something. This is how I look at it. When you build something, you need a solid foundation right? Something is built upon something else. And when you boil it all down, for how good something is, it will come down to the integrity of each individual part. ‘One’ starts it all. Doesn’t it make sense to make it the best ‘one’?. Also, it will alleviate the possibility of missing something, by concentrating on the individuals. You know, it does remind me of how I am at work. See, I am all about details. I understand the fact that so many things must work together. And every single part, in the process of how something works, is important. You just can’t take for granted that something is good. I remember this one job that I had, this week. I had a car in which the A/C wasn’t working well. Blowing warm air. So, in the process of figuring out why, I found that one particular sensor wasn’t working properly. But, I needed to ask the question of whether the sensor itself was malfunctioning, or was the wiring to it the problem? Ok. Well, let’s test the wiring to that sensor to see if it can work. There are 3 wires to it. One, is the power wire. It was good. Voltage coming in. There’s another wire for ground. It was good. The integrity was intact. Then there’s the signal wire. Now, that one gave a screwy reading. There should be like no resistance along that one wire. So, I knew that was the problem because it was throwing a communication fault, hence ‘signal’. Well, now I have to trace that one particular wire to find where the problem is. You know, you start out looking for the obvious. Something suspicious. Like a kink, or a bend, or crushed. Well, no. It didn’t come that easy. You had to look pretty close. Had to unravel some sheathing. Then, there it is! Wow. I stood there looking at it…how does that happen? It was swollen. Internally. A little section of the wire was bulged out. And I mean, there was no obvious reason why it got that way. Who knows? Well, needless to say, I went ahead and fixed it. Just cut out that bad section, and properly affixed the wire back together. So…I go ahead and put humpty dumpty all back together again. Now that the sensor works properly, I got cold air blowing.
So, that’s all good and nice. What do we have here anyway? Well, it’s the little things that are important. There are so many things that must work together, and only one little ‘bump’ in the road can bring it all down. It really is the integrity of everything involved.
Alright Journal…enough car talk. I need some more coffee. Then let’s talk market.

Ok. Better now.
I tell ya Journal, this book is awesome. I’ve kind of always been this way, being about details. But, from now on, moreso. You’ve heard of the saying “the devil is in the details”. Well, if he is, then we should be also. We just have to pay attention!
Alright. Anyway. What’s going on in the market?
Well, I believe a change is taking place. Don’t worry. I’ve taken my profit already. I’m safe. And out. But, when I think about it, I somehow think the CAD is behind it all. Ever since Wed, when they had their meeting, boy, it seemed to change everything. I’m talking, like, the Comms. Man…they have tanked!
Wait, back it up a little. This is interesting. On another thread this week I read about whether we want, or need to know why something happens. It’s the whole Fundamental vs. Technical approach to the market. It did get me thinking. Do we really need to know why something happened? Or just to know that it did happen? Respectively FA, TA. Well, on the one hand, we shouldn’t be short sighted. Have tunnel vision. Ignorant to anything. It’s just not smart. It’s being well-rounded. On the other hand, the very reasons why we get in to trades are predominantly technically driven. Meaning, we don’t have a need to know the reasons why a move takes place. So therefore, I think it’s most prudent to keep that in it’s perspective. Know the real reason why you get in, technically, because of the plan. But, it’s probably more beneficial to have the knowledge of why. Us humans always want to know why. Man…just like my wiring problem. Boy, I wanted to know why it happened. But, I guess it really doesn’t matter why, but, just, that it did. It’s always good to want to know why. As long as it’s for the right reasons. Like…confluence, curiosity satisfaction, knowledge period. It would be for after the fact, only. In any case, this week, when I seen what happened to the CAD, in response to their meeting, it was like a confirmation to the question of why. And sure enough, it followed through for the rest of the week. Kind of like more confirmation. I only can see this stuff in hindsight anyway. But, it possibly can be an indicator of a trend, or a continuation of the flow. In any case, I concentrated on my exit strategy. Technically speaking, follow the 9 ema price line. Monitor the spread of the 5 & 9 lines. Also just taking profits off the table.
Well, there are other factors that point to a change also. Predominantly the strength of the JPY. Man…take a look.

I changed the way I construct this chart. Started April 1st. New quarter. It is the cumulative pip spread against all of the other currencies. But now, I made it to show how it looks like on the charts. See, I trade the JPY long or short now. So, no more bias. On the charts, when a JPY pair goes up, that means the Yen is weak. Going down means the Yen is strong. So, that’s how this chart is constructed also. See, since the beginning of April, the JPY has been getting weaker and weaker, cumulatively speaking. But, you can see that in the last 5 days (this entire week) they have been getting stronger. Much stronger. So, that tells me a lot.
Let’s look at another indicator.

It’s my strong/weak relative indicator. I could show you it in whole, but this is what’s most important to me. Surely, we can see that the NZD has taken a dive. They are second to last ( CHF last ) in the whole field! The AUD is following. And since the CAD has been strong for some time now, it will take some time to see the change be evident on the chart. That’s the one good thing about this chart. It smooths out the relatively small retracements that occur. Oh…after looking at this chart, I realize that I forgot to put in a crossover. The NZD crossed over the JPY, on Friday. (Should be on the most bottom part). The 5/9 crossover that is. So, there is a slight difference between when the 5/9 crossover happens and when visually they crossover on that table. The line-up table.
So anyway, my point is there definitely seems to be a change taking place. I know, I know, it could very well be just a retracement taking place. But, only time will tell. Do you remember what I was telling you before? About equilibrium? Well, I believe we are off equilibrium now. Meaning, they are kind of moving through the middle part of the table. We’ll just have to see where it ends up. Look…I’m not saying that the JPY will be going up to the top. Or all of the Comms will be going back up there. I’m just saying, because history has shown, the JPY and the Comms usually end up on one end or the other. And all this, now, really is telling me, STAY OUT OF THE MARKET, until things become more clear. I was in the market earlier, because it was clear that the Comms mostly dominated over the JPY. And I made some good money. But, not anymore.
This is nothing more than a perspective. It’s my indicators. But, when the time is right, I will place some limit entry orders. I simply don’t want to jump in long JPY, just yet. Who knows…the Comms could just be taking a break before gathering much more strength. I just do not know yet. It’s the time to sit out and wait till the dust settles.
Boy…I did good with the CAD/JPY. Take a look.

I ended up with 4 positions. Took profit last Thursday. Yep. That’s not a mistake. 722 total pips. I guess getting in the last position was a mistake. I mean, I could afford it. I did put a tight stop loss to it. Only lost 31 pips. All in all, I did good. I learned much about my exit plan. Probably the biggest thing was determining that I will count all open positions as a set, not as individuals. That was a bit of a major decision. I feel good about that plan.

Well, I’m running out of time here Journal.
But, I did want to mention another thing that really hit me this week. I remember when it occured. I was on a test drive, at work. It’s funny when the mind realizes some stuff. Doing some mundane things, like taking a shower, driving a car, and the like. Well anyway, it hit me. Do not chase price. Let price come to you. Boy, as soon as I got back, I wrote that down. And the application for me about that is in entering limit orders. In which I do, but I also would place market orders, at an end of a day. Well, I’m not going to be doing that anymore. It’s going to be a rule. But, what I’m going to be doing more of now, as I know to do, is to follow the 9 ema line. Cause, that’s what I follow, more than anything else. That’s where I want to be getting in at, and also to be getting out at. Again, it’s all about principles. Why am I getting in at a certain place.

Ok Journal. So, this week coming up, I’m gonna get into this book more. Plus, I plan on applying it more to my business. Will keep you clued in, Journal.

Mike

[MikeWolski]

Good Morning Journal.

Hey Mike!
Wow, a day early. Nice! Something on your mind?

Oh yeah Journal. Boy, have I been wanting to get on here and talk about what’s going on lately.
Let’s see, where do I begin. I guess I need to bring you up to speed on the situation at work. And then my plan of action, in response to it.
Ok. Here we go.
(I’m trying to think if I should use the real names or not.)
Alright. So, I am an Audi technician. A mechanic that specializes in this one particular car. And the way it works is that I get employed by a dealer. Which means that the dealer and the manufacturer work together. (I’m not going to mention the dealer name). But, it comes down to the dealership where all the work happens. Cars are bought, sold, and serviced here. This is where my work place is. So basically, my employer will be whoever the dealer is. It’s the franchise owner of the car maker. And I’ve been at this dealership ever since the turn of the century. Close to 20 yrs, but not quite. In any case, this particular dealer owns, not only this one particular make, but many others also.
Ok. That’s nice. Well, it was a nice run. After over 20 some years now, (for our particular brand), things have changed. This dealership has changed hands. Ever since the beginning of this year, the family owned dealership got bought out by a real big company. A publicly traded company. I mean, their massive. They are the 4th biggest car dealership company in the U.S. Anyway, we’ve gone through many changes this year, so far. But, the changes are not over yet. So much so, that we simply do not have a home yet. Ever since the word came down, that the ownership has changed, we all knew that there was going to be a major move in store for us. See, the manufacturer has standards they want upheld from the dealer. And since we are behind the times, (an old facility) we know that we must move. Or should I say upgrade. See, in the past, when we would have inspections by the manufacturer, we’ve always got the word that this was such a sub par environment. I seriously didn’t think we would continue to operate the way we do. But, now, in order for this new owner to continue with us, they have to abide by the manufacturer’s standards. Which means that we will be moving. Well, that’s been common knowledge for us ever since the beginning. But…up to this point, nothing has happened yet. And we are hearing rumors. Some true, and some not so. But, we do know that they are at odds right now. About where, and how. See, you have to understand something about rumors. Boy, I remember, when we first got the rumor that we were going to be bought out. Back in December. But, we didn’t get the official word until the turn of the year. And then we heard that it was in the works for the previous 8 months! So, that rumor ended up being true. Even though management had tried to quench it beforehand. And now, here we go again, with the rumors. Well, I’ll tell you what is fact. We do know that the new dealer is not agreeing with the manufacturer now. In regards to the plan for us. The where are we going, and the how. There is no agreeable plan for us, right now, between them 2. So, we are in limbo. But, the latest rumor, which I don’t think is true, is that we are wanting to be sold. Or possibly going to get dropped, period. See, our general manager, after a big talk this week, keeps telling us to not worry about it. We all will be fine, he says. And look, we all know that he’s just trying to keep us concentrating on doing our work, in the present moment. I mean, of course. It was enlightening to know that we are rated number 1 in our city. And plus, why would they buy us in the first place? But, we also heard that Germany got involved, exactly when the changeover took place. They had reservations, at that time, about the long term plan for us. Now, that didn’t sound good at all. So, it’s like the decisions are trying to be hashed out way up at the top now.

Alright Mike. I got it.
So, what’s been going through your mind lately?

Well, look Journal, I’ve said this since the beginning. This is not my future. Ever since 5 years ago, I made up my mind what I want to do. And become. You know what my plans are. And so, I’ve always just thought that this is all temporary anyway. I just need a little bit more time, relatively speaking. My sense of the future is not going to be attaching myself to a company. I want to do my own thing. My own business. Fully independent. And the timeline? Man…I just do not know. In fact, I asked the g.m. if he knew of any kind of apparent timeline for when things might get resolved. Well, he just doesn’t know. But, the reason why I asked, was for myself. Because I would like to know how much time I have before any possible real change that could happen there. See, this is the question I have asked myself this week. What would happen if we got dropped. I mean, like, if they just decide to close up shop. Cut their losses and move on. It could happen. If them 2 cannot come to an agreement, then that scenario surely can become real. But, there is one thing that you have to remember. Look at exactly what I do. I am a commodity. Do you know how many certified, experienced, Audi technicians there are? Let me tell you, not many at all. It would be very hard pressed to find someone with the same qualifications that I have. We are a select few. Not just anyone can do my job, let alone have all of the certifications that I possess. And also you have to see the brand, in comparison to the others. It’s foreign, first off. And high end also. I mean, there are many, many Chevy techs around. This is the U.S.A. Between them, Ford, and Chrysler, that’s pretty much everyone. Ok. That’s nice. Anyway. The point here is that my position is in demand, because of the amount of these cars found on the road today. Which is quite many. It’s been a rapidly growing market since the 2000’s. But, guess what Journal?
I don’t want to do this any longer!
This is not me. This is not the reason why I was born. I’m not even a car guy!!! ( I hate cars) (But, I do like figuring out things though)
So, what would I do, tomorrow, if we got the ax?
I know what I want to do. But, I’m not ready yet. I would have to relocate, possibly. Start over at another dealership. And would I really want to do that? Only for a relatively small amount of time?
No. I wouldn’t want to.
But, would I have to?
Maybe.
Ok. So, it hasn’t happened yet. But I’ve been doing much thinking now. And this is what I’ve come up with.
I need to start planning my exit. I need to make my own bed, and lie in it.
This is what I’m going to do, now. This is my plan.
Boy…I thought about it. The real reason all comes down to money. I mean, that pretty much goes for any business. I need starting capital. Think about it. No matter how good I can trade, or how good any proven strategy can be, there’s no business unless you have the capital to do it. You must have the money to get in the game. It is that simple. Plus, I realize that it’s gonna take a lot of money to do it properly. It’s just the nature of the business.
So, what can I do about this? Well, I can at least start the process. ( I wish I would have some time ago) But, it’s never too late. So, I’m going to start using all of my resources to build up the capital that I need.
My dreams are going to be realized now on a daily basis. I plan on bridging that gap, between my goal and reality. Oh…I just remember. Why don’t I just show you my mind map on it. This is my plan.

As I have done this earlier this week, and look at it now, I just remember another thing I did, just this week. I do realize that I need a good broker. One for U.S. residents. So, I opened up a live account with Oanda. It’s getting close to finalization. Basically, I will be funding it soon. (Their checking my bank account now).
Ok. So, this was another change I needed to do. Cause, I definitely need the transactions to be flowing. Meaning, if I’m going to be using my trading account as one of my resources, then I will be needing to take money out of it, on a regular basis. Hopefully, being from the US, this broker will facilitate the transferring of funds much easier and quicker. Cause, I haven’t had much luck with the one I’m with now. I just hope I can get all of my money out of this one, period. It’s only a couple hundred dollars, but, from now on, Journal, every dollar counts. As you see up there at my mind map.
Yeah, as you can see. Any extra money I can get my hands on, is going to count. See, there’s a saying, that goes something like this. “If your faithful with little, you will be faithful with much.” And this is how it begins. I already have a dedicated bank account set up. I’m going to continually keep putting money into it. It’s a savings, with a purpose. And I do realize how much money I throw away. For as important as this dream is to me, I’m going to prove it to myself, on a daily basis. And for as much money as I really need, this will be a constantly worked on matter. Plus, this will satisfy my sense of purpose. I always ask myself…“Am I really getting closer to my goals?” Well, now, I can definitively say yes, if that account is growing. In this respects.
Of course I’m always working on all of the other aspects of the business, also. But, this particular one, is hitting home now. And that’s because of the reality of the situation. Which is, can I start my business yet? And the biggest problem is money. Though, I’m still working on the strategy. And still getting experience.
In the meantime, I’m just hoping that I can buy more time with the way things presently are, at work. I just don’t want to be confronted with a major change, just yet. I don’t know how long this uncertainty can go on for, but, that’s the reason why I need to concentrate on building as much capital as I can, now.
You see, Journal, I don’t know if I ever told you. About how I get paid at work. I’m flat rate. (It’s really not how it sounds). But, the bottom line is that my paychecks are never the same. It all depends on how much work hours I have generated. So, the more hours I generate, the more money I make. Even though I’m there for only around 40 hours in a week, I generate much more, during that amount of time. I usually average in the high 50’s. Actually my goal has been to generate 12 in a day. Which comes out to be 60 in a week. I’ve been as high as upper 70’s, (last summer). But, as low as 40. Lot’s of factors involved…how slow we can get…exactly what type of jobs I get on the cars…whether things go smoothly or not, on the particular jobs…etc. Anyway, I say that because when I bust my butt more and more, it does pay off. And now, I do know that I will be busting my butt with a purpose. So, when I say that my vision will become reality on a daily basis, it will correlate to all that I will do. Cause there’s nothing more important to me than to see my goals and vision to come true.
It’s time to get real. I will make it happen.
See, that’s pretty much the whole point of this journal. I want you, Journal, to see and experience all of the changes that I will go through. Cause I know that I will be living proof, that someday, this dream will come true. I wonder how many newbies have this dream, but never actually get there. I’m sure a lot. And that was part of the reason why I started this journal. So that it will be documented, evidence that this can happen. It’s a story. My story.
Unless I die, or BabyPips cease, this dream of mine will come true, and be documented.

Alright Journal…got to run.
Now that I got that out of the way, tomorrow morning should be about something really interesting.

Mike

[MikeWolski]

Good Morning Journal!

Good Morning Mike!

Well, here we are again. Man, Journal, I don’t quite know what to write about. After yesterday, it seems like there’s nothing left in the tank. I guess I have satisfied my need to talk about it.
But, I do have a slight problem. And looks like I will just use you, and this time, to find my next course of action.

Ok Mike, sure.
But, what kind of problem are we talking about here.

Well, you see, I always want to be working. There is nothing more important to me, (actually regarding anything in life), than to be productive. And you should know, when it comes to my very own business, I need to be working on something. I mean like, I want something to be center stage. And look, something always is. Some kind of subject matter is normally an issue of importance to me. Well, what I told you yesterday, was definitely the most important thing. Ok. Yeah. I got it all off my chest. And that’s exactly what I’m doing now, on a daily basis. Bottom line…all my extra money is being funneled for the cause.
But, now what? I’m kind of coming up empty. I need something to work on. Specifically. And I’m not too sure what it should be right now.
See, the last thing I’ve been up to, was reading my book. “The One Thing.” And surely that content has practical applications. And that’s exactly where I’m at now. What should it be?

What is the most important, one thing, that I should be working on?

Oh, I just remember a thought I had this week. And I think it needs to be explored. I wanted to put out there the pro’s and con’s about it. I need to put this into it’s proper perspective.

WHAT’S THE POINT OF MY TRADING, RIGHT NOW?
Only 2 possibilities.

• (1) Assimilation trading.
• (2) Capital building.

(1) — This has been my course of action this year. I felt it was more important to not think about the money. Take that out of the equation. If money is not a factor, then I should find my way of trading…get good at it…prove to myself that I can make consistent profits over time…all documented. It’s finding that rinse and repeat process.
Do you remember the question I posed? It kind of went like this.
If I was given 100k, right now, would I know how to run my business adequately?
Well, of course, the answer is no. I mean, look, do I have that experience? No. Well, let’s gain that experience. Let’s run the business in a scaled down manner. I can do that. It’s all about the percentages anyway. (Now, I know this can be debated. The psychological difference between 100k and 1k can be a game changer.) But, the principle of making consistent profits is the whole goal here. But anyway, back to the point. I trade, operate the business, in the most similar manner. Meaning, I take out money every month, from the trading account balance, to fund my operations. Pay myself. The inflow and outflow of money regarding the business. There should be no reason why I can’t do that now, on a small scale. A mock trial.
Well, I’m sorry Journal! But I didn’t do that! Believe me, it hurts when I think about it. It was because of my broker. I just have a hard time putting money into the account. Well, that’s the biggest reason why I opened up another live account, with Oanda. Look, I know I need to get a system down where I can be putting in money, and taking money out easily. So, I’m on it, Journal.

Time out on the field!

(2) — Capital building.
Now, let’s talk about this. To me, this is a different way of trading. It would require different strategies. It’s not just getting a conservative few percentages every month. It is more of an aggressive approach. I mean, think about it. Your out to make some money. This is the whole, entire purpose of trading this way. It’s like asking, “how much can I get out of the market?”. As opposed to the other way, asking, “how do I stay in the market for the long run?”. Sure, it’s more risky. The more risk, the more reward. And the other way is kind of the opposite…the less risk, the less reward. I mean look, I completely understand the fact that the market, in itself, playing the game, is risky enough. It’s not easy. Especially when we’re talking about having some kind of consistency. But, the thresholds between these 2 approaches are different.
Look, there’s another factor, in which I always think about. Somehow this plays into the difference between these 2 ideologies. And that has to do with what kind of time frame to trade. This comes to my mind a lot. When I’m trading full time, am I going to day trade? Man…my first thoughts are no way. I am not a scalper. Geeeez. I am so far from even trying to come up with a strategy for that. I have concentrated on the daily time frame for quite a while now. It’s, by far, my most favorite time frame. I mean, it only makes sense. You have a good idea of where price really wants to go by waiting to see where it ends up at the end of the day. In the longer term anyway. But, when I think about it, I guess I would, when the time comes, to do some kind of short term trading. ( I don’t even like that word scalping)
This is what I have always had in mind, when the time comes. I will have strategies for pretty much all time frames. Starting with the long term. It will be those one or two (who knows how many) trades that will be continuously running. Monthly time frames. And look, it could even be with other instruments, than currencies. They run for a time frame of about a calender’s year worth. Then working down, I will have those running for months at a time. Like for certain seasons. I don’t know, maybe with the commodities for that. Then you got the trends that run for a month. I guess that would be the time frame that I work with now. Cause it surely seems like at the turn of a month a switch has taken place. Risk-on vs. Risk-off seems to match that time frame, relatively speaking. Ok, then. Let’s see, moving in closer. I guess it would be sort of looking at how the week transpires. You know, there always seems to be that bump in the middle of the week. And then the profit taking at the end of the week. Surely, those can be exploited. Probably would work with the 4hr charts. And then, there’s what happens in a day. Man…I just don’t know. Somehow come up a system that goes after the no-brainers. Maybe follow the news events. It’s the quick in and out scenario.
That’s nice.
I think I need to keep everything in it’s own perspective.
Another thing that’s always in the back of my mind, is this. Will all of these different time frame strategies be different? I thought it should all be based on a similar principle. A similar approach. Like my crossover method. Man…I’m telling you. I like it. I rather concentrate on where average price has been. It’s so much smoother. Therefore, more predictable, than latest price. (Or should I say, price action.) And, to be specific, that’s on the daily time frame. I don’t know, maybe that won’t be as effective on the shorter time frames. And I’ll have to find out what’s more reliable, with that.
But…you just said that you would want all strategies based off of a similar principle. Right?
Yeah, ok. Well, I said similar. I didn’t say exact. Like, how about instead of the crossover method, go with some more specific strategy with the Heikin Ashi candles. They are all average price, period.
Man…Journal…don’t be talking back…making me think too much…I’m kidding.
Just keeping you on your toes, Mike.

Ok. I’m still not getting anywhere here, with the capital building part. See, Journal, it was only yesterday that I told you that this will be one of my resources to build up my “fund”. I mean, doesn’t it make sense? I can use some of my trading profits for the cause. Without the capital, to fund my business, I won’t have a business. So, I have to build it up. But, on the other hand, I need to prove to myself that I can trade in a manner that looks at the long term. Consistent, regular generation of money.

Hmm. Maybe I need to separate the two. This is what I mean. I have two issues here. 1) … building up capital. It’s the FUND. And the other issue is 2) … my trading system. It’s the plan of attack, of taking money out of the market, period.
Yeah, it’s becoming clearer now. This is my thinking. I trade in the manner that I want to. Need to. For consistency reasons. Following the plan. Document my effectiveness. Learn all of the mistakes. Get closer to the rinse and repeat process. And it don’t have to be about how much I make! It’s really all about how regular I can get my trading to become. Cause when I get to the full time status, I want it to be business as usual trading.
And, on the other hand, I can work on my “fund”. As is in my mind map, my mission is to build it up as much as I can. My resources are : my day time job, (extra out of that). Substitution, in lieu of, spending. Gifts. And even my trading profits. I mean, why not? It’s not about how much I have in that trading account anyway. It’s about whether I’m effective or not. Yes. or No. Ready for full time? Or not?
So therefore, I will have two things that will tell me whether, and when, I can trade full time.
THE FUND — Do I have enough in it to start?
CAPABLE EVIDENCE — Have I proven to myself that I am able to adequately run the business? This will require a proven track record.

Ok Journal. Is that clear enough for ya? I think so.

Very good Mike.
Now…let’s move forward…what’s the one thing that you are going to be working on.

I’m thinking…give me a minute.

…let me guess…Solidify the way you trade. Knowing exactly how you will be getting in and getting out of the market…every time.

Journal, I’m getting a little burned out about that. Look, I’m getting a little tired of beating myself up about finding exacts in those respects. Work with me. I’m aware of it. I’ve done a very good job with the last bunch of trades. I mean, everything went according to plan. I count it as successful.
But, what I think will help me in this process, is this. I finally found the word I’ve been looking for.
METRICS
I need to come up with a system which will answer some pertinent questions, about my trades. For instance.
How effective do I follow my system?
What are all of the metrics concerning each trade?
----Wins.
----Losses.
----Risk / Reward stats.
Etc…
I can’t think of everything right now, Journal. This is what I’m going to be working on. It will be all about knowing how I compare to the ideal. I just know I need some running pertinent numbers. To keep track of. To show me the areas of where I need more work on. Basically, I need to develop a mirror. A reflection on how good or bad my trading is.
You get the idea.

So then, we’ll talk about that next time.

Alright Journal. Thanks for listening.

Mike

[MikeWolski]

Well, Good Morning Journal.

Good Morning Mike!

I finally made it here, Journal.
Boy…do we have to talk.
I just got done tallying up the daily and weekly numbers (standings). It took much longer to do, cause there’s so much going on in my mind right now. It’s so hard to concentrate on anything.

Whoa, Mike…what is going on with you?
Everything OK?

And this is why I am here.
NO.
Let’s talk.

Well, let’s see. How should I put it.
Remember last weekend, my emergency talk with you, on Sat.? What was I so concerned about?
All of the rumors that were flying about what might happen to my day time job. ( I gave you the complete background situation about it.) Well, the verdict is in. The cat is out of the bag. No more secrets.

It’s over.
We are done.
We are no more.

Wow…really?
Oh, I’m so sorry, Mike.

Yep. Journal. I can’t believe it. I mean, honestly, it’s still sinking in. Everyday.
This whole entire week has really been something. The rumors floating around was just crazy. There has been so much talking going on, between all of us employees. And then Thursday, was the day. That’s when our g.m. gathered us all to give us the news.
Boy… you should have seen it.
Everyone was standing around, in a circle. The g.m. took his time in getting it all out. He was very sad. He started by saying that he finally got authorization to tell us. That we are going to be terminated. Sometime between June & Aug.
Man…it was so quiet. You could hear a pin drop. Until one guy blurted out the F word. But, yeah, that was the sentiment. It was pretty sad.
And so, once again, the rumors end up being true.
But, we don’t know the date yet. That’s supposed to come down soon. I kind of think it’s going to be June 1st.
He also told us that this has been in the works from before we even got sold. It was destined to be.
The franchise is going back to Germany.

Look, Journal. You know me. You know that this is not my future. But, it was my bread and butter. I mean, this is how our bills got paid. It was the short term stability that we had.
But, now, I’m at a crossroad.
What am I going to do?
Now, I have to face this question, for real. No more hypothetical.
Well, I had time to think about it, for the rest of the day. See, I was on a big job that day (engine related). So, I didn’t have to move around too much, which gave my mind some time to ponder that question (mindless work). And this is what I’ve come up with.
In fact, this has all been a progressively thinking determination. You start putting everything into the proper perspective. The most important parts first, then on in. And this is what I got so far.

But first, more coffee.

Here we go.

- I’m changing careers.
This chapter of my life is over. I want to do something that I like. It really was a means to an end. Look…I’m a worker. Always have been. It’s how I was brought up. It got me all the way up to this point. Which was a good thing. It took care of a lot of things. But now, I want to finish my life doing something that I like. Something enjoyable. Fulfilling. Satisfying…what I was born to do.
- The last 5 years… I have been working on exactly what I want to do with the rest of my life. I’m a trader. And I want my own trading business. You should know by now, Journal, that I can’t start it. A little itty bitty thing called capital, is the problem. So…where does that leave me, now.
It hit me that I should take my own advise, (which I always pass on to the younger generation) which is to at least get into the field that you want to be in. Then, you can work your way up to exactly where you want to be. Ok. So, that would be in the finance arena. Well, I spent pretty much all morning yesterday on ‘indeed’. It’s the internet way of looking for jobs. (Man…it always used to be in the help wanted section of the newspaper) Well, it was hitting me that I don’t know anything about managing people’s money. I’m not a manager of finance. And then…I realize that I’m not really an analyst. Then it eventually hit me…the only real experience that I do have is in trading. Currencies. Only. I mean, that’s it.
**- My resume…**See, I know that my resume is not going to do me any justice. Because, what my resume looks like, and who I am, are pretty much two different people. Can you imagine what someone sitting behind a desk would think of when he would see my resume? Plus, the fact of how old I am. That’s not going to help matters, at all. My resume is pretty dog-gone simple. The last 21 years as a certified mechanic. Dealership experience. Then before that, 6 yrs of driving a truck, for a sandwich company. Basically, a vendor. Then before that, it was 6 yrs in the Army. That’s right after I got out of high school. So, basically, I’m a worker, who doesn’t jump around from job to job. Life…Kids…were more of a priority to me than finding out what I was made to do.
Man…I forgot about the 6 yrs that I worked at the post office. ( I was a typer, data entry position) Believe it or not, it was a full time job. I worked around the clock. At the shop from 8am to 4pm. Then post office from 6pm to Midnight. No lie. 6 days a week. That was a tough 6 yrs. Then, when that post office job closed down, I had to work at the shop from open to close (8 am - 9 pm). Basically, from the time I was 30 yrs old to about 42, I worked around the clock. (Lesson learned…don’t get a divorce. Man…but…I always took care of my kids…were supported much…either I was working, or was with my kids, during those dark days)
And so, well…it was probably 6 years ago, that I’ve embarked on that search to find who Mike Wolski really is. And I’ve been on that path ever since.
- ‘Indeed’.
Anyway, back to the ‘indeed’ job searching. I know that the only thing that I have to go on is ‘what I know’. And simply put, it’s trading. Currencies. That’s it. That is the only leverage that I possess. That’s the skill that I have developed in the last 5 years. Which is the path to my future. But, how can this translate into getting a position somewhere at the ground level? I mean, what business will hire me? I did see some big companies wanting this position for their FX team. But, for the most part, their on the east, or west coast. Far away from me.
- This is sole proprietorship.
This is what I am realizing. This is the real issue here. It’s really about working for myself.
It’s just very difficult to find a way to reconcile both making money for the household, and furthering my venture. You know, finding some kind of common ground.

I just don’t know.

Trish (my mate) is definitely worried. I mean, she was pretty thankful that I upheld the entire household last year when she was without a job. Now, a year later, she finally got a new job. But, simply doesn’t make as much as I do. We were on track to be banking some good money. Well…it was a good idea. Not now, though. We’re gonna be trying to stay on top of things, period.

This is my plan.
Look, if I don’t know what to do, why not ask someone who has some experience with the matter. Journal, I’m going to do it.

No Mike…no.
Ok…what you have in mind

Do you remember my mentor? Terry? Well, it’s time to get back in touch with him. I mean, he’s a business man. He’s helped many businesses with problems. That’s what he used to do, years ago, before he got into trading. So, all I know is that I need to do some serious explaining on what I’ve been up to. It’s been a year later, now, since I went through the program. Look, I needed to find my own way of trading. And I did. But now, I have more of a major problem. I wonder if he can help. Boy…I’m gonna have to a lot of catching up to do, with him. I even wonder if he is still around. He was quite old. And, I even hope that he will accept me back into the fold.
Journal, I’m gonna be so nervous with this. It won’t be easy.

In any case, I know I need to do some talking. To the right people. Those who know this business. Who have made it already. And maybe can give me some ideas, or a course of action to take.

We’ll be in touch Journal.
Maybe I will have some answers, before tomorrow’s time with you.
I’m gonna email him.

Mike

[MikeWolski]

Good Morning Journal !

Good Morning Mike!

Well, before we begin, I have to say that I didn’t hear back from Terry. I mean, I sent out an email to him. I even left my number at the bottom. But, who knows if he even has that email address anymore, or even if he’s alive, or …I just don’t know. Anyway, I’ll keep you informed if anything comes about that. See, that is my next course of action. I realized that this is the time for me to start developing relationships. I’ve read recently, and it is such common sense, that no one is self made. Every business related person trying to get somewhere is business, really needs the help of others. That’s at least one other person. So, now’s the time, for me, to reach out. If I don’t hear from him, then I’ll have to move on. I think I’ll try for Paul. He was Terry’s partner. ( I did much talking about those 2, over a year ago, here)
Ok. That’s nice. Journal, we got a lot to do today. I just need to get some of this stuff out real quick. But, I do have another breakthrough. I must tell you.

Trish –
Well, yesterday was interesting. See, every weekend me and Trish have to do our weekly shopping. We go to a couple different stores, and then always end up somewhere for lunch. ( That’s been our regular schedule for the last 8 years) Anyway…at lunch, the talk took a turn, alright. How about I just give you the bottom line here. She, basically thinks, that I should give it a shot. (It’s funny how different minds think…especially between men and women). “Well Mike, what could you do with, say, $1,000 ? Why don’t you find out? Give it a real shot. For, say, a couple months time.”
She’s talking about day trading. See, I’m due for some vacation. I have always taking a week at the end of May. But, however that turns out, and between me going on unemployment, I will be having some time to be able to find out what I can do.
Mike – What a novel idea! This, up to this point, has not occurred to me. Talk about the psychological issues we can have. I guess, when it comes down to it, day trading has to be the answer. But, in my mind, all I remember is some serious crash and burn. Sure, it was some time ago, that I tried it, with real earnestness. Honestly, probably only one time, in which I did. It was during a vacation a few years ago. Well…and this is another psychological issue…I have learned so much since then. Plus, unfortunately, I think I might be getting used to the fact that I don’t trust myself. It might be a barrier, in which to think that I can do this feat. What I’m saying is that I might have convinced myself that this is not possible. I’m talking about day trading. Well, during this whole conversation, the psychological walls might be broken through. Cause I really do not know whether I can or can’t. At this point. Without having tried to. But, if I were to be honest with myself, I definitely think it’s possible. If I had the time to devote all my effort into it, who really knows. No one !!! Not even me. Unless I try. Look, I’m a worker. What could happen if this was my work? I’m talking about putting all of the things that I have learned, into action. I know what the market can do. Really…I don’t think there’s anything that would surprise me. I’ve experienced, not one, but two black swan events. ( CHF, and China)
Ok. 3 . (Brexit)

–What ‘beyond’ means now–
You know, it’s interesting all of the transitions that we must go through. Just look, up there at the title of my thread. That’s the first transition. Yeah, a pretty big step, from the demo stage to the live stage. A must go through time. But, you know what? I believe I’m going through another transition. That’s from part time to full time. That’s what that word beyond is going to mean, from now on. I mean, doesn’t that only make sense? That’s where I’m going anyway. But now, life is kind of forcing me to take a real stab at it. It’s time to test the waters. You know, there’s a saying. Sink or Swim. I think I’m at the point, in my career now, that I need to, at least, find out if I can swim. Or will I drown? See, I’m coming up on a juncture. I will have the opportunity to devote a whole lot of time, for a trial, to find out whether I can stay afloat, or not. Trish is right. There’s no reason why I cannot find this out. I’ll go on unemployment, use up my vacation time, and see what I can do with 1k amount. It’s all about percentages anyway. Look, that’s not going to break us. We (or should I say, she) has money in the bank. And up to this point, there’s no way I have asked to use that for my venture. I know better. But, and I think this is where she’s coming from, what can I do with a small amount? And I mean, given to a fully devoted time period (couple, few months) to the day trading scenario. What kind of return can I accomplish? That’s an unknown. But, it’s time to find out. So, the point here is, that maybe I need to prove whether I can generate some kind of return, with the relatively small amount, given being under realistic conditions. (Fully devoted to it day-in day-out)
Think about it. This trial period could, should, tell me what I would need to do next. Find a temporary day time job? Or continue to build up a ‘funding’ account, with my predominant resource being from trading. For the near term future.

Alright Journal, I’m done talking about it.
We need to start talking market.
Let’s go over what happened last month.

–April–
It was a good month. Not only was I in profit, but mostly, I believe I have solidified my trading system. Finally. No more tweaks. I think this was the reason why I profited. I’m pretty clear on what I need to see in the market. Let’s see some numbers.

I did spend some time this week reviewing what the market did, and how my trading fared, in response. Let’s begin. From the top down.

Well, first, I need to know how the JPY did, on the macro level. It all started on the 3rd day of the month. (I’m telling you, things transpire on a monthly basis…for the most part) That’s when the JPY got real weak. The line moving up means they get weaker and weaker. Well, that era was relatively short lived. Cause by the 10th, 11th trading day of the month, they turned strong. As you see, heading into May, they came to an inflection point. Oh, it could have gone either way. A reverse direction, or a continuation. As we know now, they continued on getting strong. There’s reasons for that. I don’t feel like going into that now. But, it just did, that’s all.
Now, what did my trading look like? I’ll show you, in a minute. But, bottom line was, I took the high road. Meaning, I went in with shorting the JPY. The Comms, I went long with. Only the 3. (That’s the only 3 pairs I’m trading).

Well, that should be pretty descriptive for ya Journal. You know what’s funny. I’m sitting here looking at this, just like you are now. Believe me, I did NOT plan this. Cause I started with the A, for Australia (AUD/JPY). Then I did the NZD/JPY. Then finished up drawing the CAD last. Well, what does that spell?
Right!
CAN!
You know what…I CAN do this.

Ok. That’s nice.
That’s a view of when my trades were running. And of course, no one catches tops or bottoms. So, it only makes sense, to jump when I see the tide turning.
So then, my thinking from that point moving forward, was to wait and see how the dust settles. There’s absolutely no way I’m going back in with an opposite way with the JPY. Cause look, day 16, 17, & 18 there was probably some profit taking. It’s the old consolidation taking place. So, I waited to see how it was going to turn out. Especially heading into the end of the month. Actually, I thought there should be a continuation after a good pull back, which took place there in the middle of the month. But, nope. The JPY took on more strength.

So, why didn’t you go long the JPY ,then, Mike?

Journal…I’m still waiting for the dust to settle. It’s not that easy. I believe it’s the time to be out of the market now. I’m not going to be doing the jumping in, jumping out method. No way. That’s not smart. Why not just wait for the Comms to gain some strength. It shouldn’t be too terribly long for that.

Good boy, Mike.
Just testing you.

Yeah man…I’m patient. And I think it’s mostly due to the fact that I have set up my system this way. It gives me the opportunity to trade in a couple different manners. Long the Yen, or Short. See, the other way tends to make me want the market to go the only way I would trade. Being bias. But this way, I can sit back, wait it out, get the proper perspective, and then get in when it’s pretty dog-gone clear.

–Comms strength –
I’m waiting for this to happen. Which invariably means the JPY will lose strength. They both cannot be strong. (Ok, I know, anything can happen. But, up to this point, I’ve never seen it. Well, now that I think about it, I do remember some time ago they both were up at the top, compared to the whole field.)
Anyway, I want to show you my thinking. Well, why I am thinking this way, anyway.

I want to point out a few things here.

–Relationship the Comms have with each other –
Let’s walk through how the month transpired. The CAD was no doubt the strongest currency, across the board. The NZD had a lot of strength also, in the beginning of the month. But notice how those 2 brought up the AUD. The climax took place around the 13th. Oh, yeah, that’s Friday the 13th. Nope. No superstition here. Anyway, Yeah, it was on a Friday. Well, what happened that following week. Well, the AUD and the NZD fell apart. And, mind you, by the end of that very week, the JPY took on strength (Thurs & Fri). So, let’s keep with the topic. The CAD stayed pretty strong while the other 2 dropped. And mostly it was the NZD that dropped out of the sky. Weakest of the whole crowd. But, now what…Look what took place in this last week, just at the turn of the month. We definitely see a coming together. That’s why I think there’s a strength coming for the Comms.

–Why the CAD stayed up there—
From my experience, the CAD is known to tail the all mighty USD. Sure, it tails Mr. Oil also. But, don’t forget, them 2 are trading partners. And, with all of what’s going on fundamentally (NAFTA talks), there’s good reason to know why they haven’t broken down. I mean, look, everybody knows center stage has been captivated by the almighty Dollar lately. And surely you can guess that it’s them that has taken the top spot, above the CAD in the line-up.
Alright, alright. I’ll show the entire line-up.

–The JPY–
Also, in respects to how they are relate to one another, it’s no surprise to see the JPY tail the USD also. See, they are both Majors. That means something. Also, they are both safe haven currencies. My point is… that I have seen them ride together, also. In any case, the JPY is been pretty high. And it seems like we could be in for a fall. Especially since the Comms might be moving on up.

–Curosity–
Man, Journal. No lie. I remember wondering who was going to take the top spot, once the CAD came down. They have been up there for a good length of time now. This was sometime at the beginning of the month, I pondered it. Well, now we know. The USD did. I mean, it only makes sense. If you remember, this year has been a lot of doom and gloom for the Dollar. But, everyone knew that the interest rates were going to rise. I guess it took some time for that notion to kick in. This, absolutely, shouldn’t have been a surprise. But, I do remember thinking, that it just didn’t make sense why the Dollar struggled so much this year so far. They have been on the up for a couple years now.

Ok. That’s nice. I just remember something else I want to mention. It’s pretty important.

–This week–
Yesterday I stumbled across the news events that’s coming our way this week. See, I normally don’t make that a priority. I don’t know, maybe I should now. When I think about it, that’s really a smart thing to do. Need a sense of what’s up and coming. Oh, I bet the market makes that a priority.
Well, we definitely have some Comm news hitting the wires. Predominantly the NZD, and the CAD. Let’s see if I can find what I saw.
Hold on.

Ok. I found it. Look.

What do I see here?
I see some risk-on opportunity. You know that the NZD can make a statement. All we have to do is pay attention to what they do for the run-up to Wed. Also the CAD has their employment numbers. I think that could add onto their gains, of late. That’s at the end of the week. My point here is that there are some good reasons for the Comms to take on some strength. That’s all. And I need to be ready for it.

–The GBP?–
It’s the elephant in the room.
How do they factor into any of the relationships that I care about?
Well, I know they are a risk-on factor. But, just like any currency, everyone is an individual also. There’s no secret what’s going on, fundamentally, with them lately. Brexit stuff. And also, according to my tables, they have fallen from grace. They are dead last, dog-gone it! I don’t know…it’s just interesting to note. So, come Thursday am, maybe something will be more solidified. Look, they have been riding quite high for some time now, like this year. And now it seems like they are going the other way. I don’t know…I wonder if they will take down the EUR with them. Cause, this entire year, the EUR has been majorly strong. All you have to do is look up there to that last table of mine. Far left, for April, is the monthly line-up. Who’s number one? The EUR. That just tells us the they have had strength for a long time. And kept it. Anyway, we very well could see a turn, regarding Europe.

Let’s see, there’s one more thing I want to mention.

–I’m Ready–
This is the only way to trade. I don’t want to chase price. I want price to come to me. I’ve determined to wait for some strong Comms. Therefore, regarding each of the 3, if they come up to a certain spot, then my entry orders will take.

The white lines, respectively, at the top is where my entry orders will take place. The orangish color lines below is the stop losses. But, as it stands, I’m not in any yet. In fact, they’ve been set already. Cause you never know what can happen in a day. So, we’ll see what happens.

Oh…one more thing.

–Oanda–

Let’s take a look at what it looks like.

All I need to do is put in some money.
There are some good things about the whole set up. I can probably get used to this. As it looks though, I have the charts on the regular candlesticks. But, I can change it very easily to the Heikin Ashi candles. So, I appreciate that a lot. Also, it’s a good thing to see these charts on the N.Y. close. I guess that’s one of the perks of dealing with a USA broker. Man…just look at the AUD/JPY. Those closing candles are very telling, price action wise. Something is going to break. Compare that chart to the one above, (my other broker). What a difference. It’s a good thing that I don’t put all my eggs into one basket. I take stock in my other tables, probably moreso, than price action.
Yeah, I would rather follow average price than current price action. But hey, I’ll take the confluence.
But…remember…(I follow the blue line…I follow the blue line…I follow the blue line…)

Alright Journal, times up.
Catch ya next time.

Mike

[MikeWolski]

Good Morning Journal !

Good Morning Mike !

Well Journal, I won’t have a whole lot of time here. Today is my Saturday that I have to work. That leaves me with a limit amount of time to work with. I just finished up with tallying of the numbers. It’s 4 now, so, that only gives me just short of 2 hours to talk to you. (Which will go by so quickly, believe me)

Anyway, Journal, you should know, that so much is going on nowadays. So, let’s see, from the top down. We haven’t gotten a termination date yet. We’re supposed to find out that date this coming Tuesday. Man…everyone is up in arms about that. I mean, of course. The fate of everyone’s future is undetermined. It’s like a slow death taking place. Not knowing when we are being terminated, but knowing that it’s going to be relatively soon, is really terrible. I mean, there’s not a lot of planning you can do within this time period. It is giving everyone much time to think, and talk. And the morale, around the shop, is unbelievable. I mean, it’s like, no one cares anymore. My V.W. buddy noted how the atmosphere has really changed, in the shop. See, their turn hasn’t taken place yet. It’s common knowledge that they will still continue business as usual, when us Audi personnel go away. Their fate hasn’t been determined yet, but it will though. It’s just a matter of time. ( We’ve always worked alongside V.W., but actually are different franchises).

Anyway, times are changing. Some guys have a good sense of what they are going to do, and some do not. One guy is going to retire, cause he’s 65 now. That’s a no brainer. And the other older guy is pretty lucky to have gone through the process, and finally got his first Army pension check (which has been in the works, for him, for some time now). Oh, he will have to supplement that income, but that shouldn’t be a problem for him. But, the other 3, younger guys…now, they are scared. Upset. I feel bad for them. Those 3, which are quite close to each other, have so much talent. They’ve been best friends since the beginning. They came aboard around 12 or 13 years ago. You talk about genius’s. They are. They can figure out, fix, anything. When I look at them, it’s only evident that they were born, formulated in their mothers womb, to fix Audi’s. They, truly, are amazing techs. ( Oh, and they each make a lot of money, trust me ). Anyway, they have no idea what to do next. You would think that they would be such the commodity, but the real question is, is their a demand for their talent, qualifications, in the area? They don’t think so. There’s only 3 other Audi dealerships in Pittsburgh. And it doesn’t look like their are any openings. But, the bottom line is, they don’t know their fate, yet. It’s quite sad.

Then, there’s me. Boy…I’ve let the cat out of the bag. During this difficult time of unknowing, I’ve made it known that this chapter of my life is closing. I’m done with cars. I’m going to do my own thing. And I’ve mentioned it…I’ve been working on this for 5 1/2 years now. It’s the only thing that makes sense. I’ll tell ya, a lot of people are pretty jealous of me. You know…they’ll say…‘Good for you Mike, that’s great.’ But, I know they are hurting inside, for themselves.

Anyway, that’s nice. This is where I’m at, Journal.
I’ve come a long way. I’m getting pretty dog-gone excited about this. Sure, I was punched in the gut a week ago today, but, it’s time to move on. This is who I am. It’s time. And, I finally got around to calling my kids, and telling them. So, I first talked to Mikey ( my 24 yr old). His bottom line take on it… sometimes life throws you a bone, and you have to take it. Sounds pretty exciting. Then I talked to my youngest, ( you know Ian). He says…sounds terrifying. Hope you can do it. Then I talked to Sarah (My oldest, 28). She says …this is a blessing in disguise. Is exciting!

Bottom line is this. I’m gonna take the next 6 months off. Basically, for the rest of the year. This is going to be my trial period. I will be at home working on my business. Day trading. Then, at the end of this period (year), this will tell me whether I can do it or not. Whether I need to pick up this skill again (mechanic), for a time, or will I not look back. Look, I know I have a lot to learn. I’m talking about the intraday trading technique. Believe me, I’ve already started. Maybe tomorrow I’ll show you the mind map I’ve started on it. But, the bottom line is that I won’t have any excuses. This is the time that will be devoted to it full time. Don’t worry Journal, I plan on being smart about it. I understand the difference between working hard, and working smart. Being productive can take on different forms. For me, the transition will be going from the physical effort given, to the mental effort given. It’s really about being smart about it. Each and every morning I’ve been pondering how I’m going to be operating my business. I have many ideas running.

Journal…don’t worry. You will know everything. Oh, I plan on talking to you so much more, through this whole process. I even plan on showing you what my office is going to look like. Many changes are going to take place. Oh, I wonder if you even remember what I told you quite some time ago. About how I’m going to dress. Well, it’s still on. Basically, I’m going to be looking like Wall Street, each and every day that I’m at work here. I’m going to hang up my hat, and don some nice threads.

We’ll talk much more later.
I got to run Journal.
These days are going away.
I can’t wait.
Then, I’ll be the boss.
Finally.

Mike

[MikeWolski]

Good Morning Journal!

Good Morning Mike!

Well, Journal, life is going to change.

Yep.
Big time.
Ok. So. Are you preparing for it?
What have you been doing lately?

Well, I know I got to get smart about it. I’ve been thinking of how I’m going to run the operation. Basically, I know I need some kind of plan. A system in place, in which to follow. And not only that, but, how am I going to trade intraday?

Well, some things are settling in, that I think is good. See, I need eyes. On the market. And the best sight to go to, I believe, is tradingview. I’ve had the pro subscription for quite some time now. So, finally, I think I will get my money’s worth from it. So, every morning now, I’ve been hopping on there to watch all what’s going on.

That leads me to this point. I had an idea. Tell me what you think?
I thought it should be a good idea to get used to watching the market, first. Without trading. Just take it all in. Spend quite a bit of time getting used to seeing all the movement. Well, at first, my thought was to make it a rule, that when I first start my business full time, that I shouldn’t trade at all in the first entire week. Cause I know I need to exercise patience. And also, I want to develop being objective.
Ok. I’ll get back to this point. But first, I want to confess. It’s bothering me.

What I have been doing, in the morning times, is opening up tradingview. But, instead of just watching, I have been doing some trading! Sure, demo only. But, I’ve been giving it a shot. I was wanting to see what I can do. You know, test the waters.

It’s ok Mike. Don’t beat yourself up about that.
Anyway, how did it go?
Learn anything?

Uh, I don’t know. You win some, lose some. It’s hard to tell, because I’m not really following a system of exactly when I should get out, how long to stay in, etc…But, surely, it’s difficult to tell how long a trend will last (be it a short term one). Plus, I really don’t have a lot of time to play in the morning time, before work. Honestly, I never had any kind of aim or goal, or point, to the trades. I just got in some trades, seen what happened, and jumped because I had to get going. All I know is, it just doesn’t go the way you want. Yeah, that’s what I learned, Journal.

Well, good Mike!
Maybe you got some of that out of the way, now, before it really counts.

Yeah, right. It really is the wild, wild west.
But, I want to get back to the point.

Since I have the time, now, to start on the learning process, why don’t I? I don’t need to wait till I begin the business full time. Let’s get the process going…now.
So therefore, this is what I want to do. Like I was saying. And I hope this will do a lot of good. I want to sit, watch, ponder, objectively view the market without trying to make a trade. Maybe I can start taking notes while I do this. Look, I don’t want to be one that forces trades. I know I have to be patient. I don’t want to chase price. Basically, I don’t want my emotions to take over. For as much instruction as I have learned, along the way, looks like it’s time to put it into action. I’m talking about all of the psychological pitfalls that befalls everyone. In any case, would it benefit me to sit on the sidelines, while the action is going on? Can I get used to that mentality? And then when it comes time to place trades, can I continue in a similar mindset? Calm. Unmoveable. Confident.
I understand that’s precisely the reason for coming up with a strategy. There should be no room to deviate from the plan. Set it, forget it, and see what happens.

But then, that leads me to this depressed state. Do you know how long it took me to come up with my present strategy?
FOREVER!!
I don’t have that kind of time. I admit. I am slow. I am not the sharpest knife in the drawer!! Couple that with being such the perfectionist. It all spells longevity. Everything I do…takes so dog-gone long. Even writing these journals takes forever. I actually think more than I type. Let’s see…it’s 6 am now. I started this at 3.
I don’t know, I just shake my head, every time.

What can I do?..I’m a prisoner…In my own mind.
All I know is that I want to do this right. All I know is that I want to learn.
Maybe, the only way to truly learn something, is to make mistakes. But, why can’t I learn the things beforehand. Just like me teaching my kids. All they have to do is listen to me, and they won’t have to go through life the hard way. But…it just does not work that way. They learn through consequences, trial and error, mistakes…etc.

Sorry Journal, for the rant.
I need some more coffee. Hold on.

Ok Journal. Man, that was good. Chocolate chip muffin, with the coffee. Oh yeah.

Anyway…we need to move forward. As I already articulated, this is what I’m going to be doing. I’m going to sit and watch. And make some notes. Observation notes. Patterns. As much objectiveness stuff as possible. Things that I need to realize. I want to alleviate as much surprise as possible. I need to know what I’m getting into. Also, I’m not going to place any trades. It really is pointless, at this stage of the game. Cause, I need to come up with a particular plan of attack. Ok. Let’s call it what it is, a strategy. I need to hone in on one. Then sometime later I can practice it. But, yeah, for now, notes. I’ve been thinking a lot about that lately.

I have a picture in my head. You know what I want my office to look like? For as thick as I am, and forgetful, I want this. I want big pieces of paper, with important things written on them, all over my walls. I want to sit back, in a nice comfortable chair, and be reminded of many things. Principles. Sayings. Motto’s. Perspectives. Rules. Information. Just anything and everything that I need to keep in mind. Like…why not? I just want to be set up for success. I can’t trust my memory. So, why not use this as a tool?
I can see it now. Just like on t.v. When someone is obsessed with something in particular, they’ll have a wall full of newspaper clippings, a map with strings pinned on it, just any kind of information a stalker would have. Hey, how about on the cop shows, when they are doing an investigation, they will use a white board, putting on it all the information they have uncovered so far. Well, I want to do something similar. I have been known to be extreme. I’ll probably end up with pieces of paper covering every inch of wall.

Let’s see, what else have I been working on? Well, I did start a mind map on the subject. Some stuff that relates to intraday trading. I’ll show you what I got.
Don’t laugh. It’s a rough draft. Not completely done, by any means. Just some things that I have already thought of.

Man, as I look as this, (was done early on this week) I have so much work to do.
But, what I think I should do is start with what I’ve accomplished so far. Which is knowing what the longer term sentiment presently shows. Then do some drilling down from that. I mean, that only makes sense. I don’t need to reinvent anything. Layers. It’s called the ‘top-down’ approach. And I still like the idea of having trades keeping with their proper time frame perspective. I guess I can have some 4hr time frame trades, 1hr time frame trades, and then even within an hours time frame trades. Also, it does make sense to find what kind of indicators I should use. How about finding out all of the factors involved, within intraday trading. Is volume more of a factor intraday, than outside of that? What’s going to be my preferred session? Or for that matter, what’s my schedule gonna look like? I don’t think I can give up getting up early and catching the beginning of the London session.

There’s a lot to be answered. The ideas are already flowing. Like, I know one thing. For as active as I was, at work, I can’t let that go by the wayside. I’m going to pick up running again. Many years ago, I was a runner. Ran miles at a time. My longest was 11 miles straight. Took like one hour to do. And boy, was I skinny then. So, guess what Journal? I’m gonna get skinny again.

'bout time.

I know, right.

Plus, I’m going to start building up my wardrobe. Little by little, going to be buying some nice shirts, and pants. I just have determined that I need to structure myself in the right way. Need to look good. Even though I won’t need to set foot outside of the house! Also, I feel it’s important to keep with my normal routine. See, every morning, I hop in the shower at 3am. The reason…I’m dirty. And I need to wake up. Well, surely, I’m not going to be getting dirty anymore. But, I do need to wake up still. So therefore, I want to keep with that tradition.

This reminds me of what my son Ian was telling me, the other day. He was making the point that we tend to be more motivated when we have to answer to somebody. Like to a boss. As opposed to relying on ourselves. When we have to answer to somebody, we will more likely obey that, than we would if we didn’t, and had to be self motivated. Being accountable to someone is much more effective than being self accountable.
I’ve been thinking about that. He makes a very good point. He told me about a video he seen in which some successful person forced himself to hire someone to be accountable to. Cause he couldn’t do some things all by himself. This person would follow through and accomplish something if someone was there he had to answer to.

But, because of my background, and upbringing, I’m going to put things into place in which to prevent me from ruining myself. I believe that’s what principles are all about. Rules also. I guess it comes down to self-governing. I think I won’t have a problem. As long as I have a reason for everything that I do, I should be ok. Basically, I will keep my discipline. So, 3 am. Up, and in the shower. Out by 21 after, and looking good by 3:30. Then, it’ll be time to get to work. That’s how I want to start my day. Surely, I will allow myself to take naps later on. (Man, do I love taking naps!)

I’ve said this before, to you Journal. I am accountable to you! All my effort, planning, proof, rests in here. Where I came from, where I’m at, and where I’m going, resides right in here. I will make sure of it.

Well Journal, I’ve got to get going. This week is going to be interesting. On Tuesday, we’re supposed to find out the termination date. Some people think, as soon as the end of this month. Some, end of June. But, we just don’t know. Maybe will pop in here and share it, when I find out.

In any case, I will be doing a lot of note taking in the morning times. Don’t worry, you’ll be seeing it.
We are going to be spending a lot of time together, me and you. So, get used to it.

I can’t wait, Mike.
Don’t sing it, bring it!

Ha!

Mike

[amri.rudi]

Hi mike, how about your forex journal? may i know how much percentage your daily profit or how many pips per day?

[Falstaff]

Hi mike, how about your forex journal? may i know how much percentage your daily profit or how many pips per day?

Mike’s Journal is not a trading system, it is what he says - a Journal, documenting his journey and his progress through the trials and turmoils, the ecstacy and despair of becoming a trader.

It follows the gradual progression, the determination and perseverence essential to understand yourself and develop a system which works for oneself.

If and when he becomes a great trader, this little journal will become a great resource worth a great deal of money when published as a book.

Those of us who read it regularly cannot help being impressed by the candour and honesty of his submissions and I’m sure I can speak for the majority of us when I say "We’re rooting for you @MikeWolski " - More power to your elbow mate.

These pages are an inspiration. Something which we could all follow for ourselves to record our passage. Something to perhaps have bound and hand down to our kids - to show "Who we are "!

Whatever the eventual outcome, I’m sure Mike will have changed and matured as a person during his progress.

I have to say that I personally look forward to your submissions and read every one with interest and a deep sense of respect and humility at being allowed to share your progress, in real time !

Thanks Mike !

[peterma]

If and when he becomes a great trader, this little journal will become a great resource worth a great deal of money when published as a book.

I hope that Mike’s journal doesn’t mind our comments, peculiarly the UK is likewise undergoing a change in car franchise with Opel/Vauxhall

Possibly Mike will be faced with choices not yet foreseen by the Journal, his expertise with Audi could well be called upon, perhaps a skill long since learned destined to sit with trading.

Good chance that in that case Falstaff will have to drop the first two words.

[MikeWolski]

Good Morning Journal!

Good Morning Mike!

Well, I’m sorry Journal. I wasn’t going to hop on here, earlier this week, just to tell you that it’s the same old waiting game. Believe me Journal, it’s been an emotional time. So much heightened expectation, then to disappointment. The uncertainty is truly taxing on me (us). See, the G.M. did talk to us on Tuesday. And he did say that he was sorry, but all he could do was tell us what he knows. To be short about it, is this. This Audi store is going to close. We don’t know when. And we do not know our fate(s). That’s because this company, (who we are employed by), themselves, do not know the outcome yet. It’s between them and the brand. But, the problem lies (for clarity purposes) with Germany. Apparently they haven’t set a date. But, there are workings taking place, already, in which to transfer the personnel to other positions within their company. See, this company owns many, many other dealership brands. And so, it did start with him, our G.M… He told us that they are going to move him to another store. (That was to take place that evening, Tues, for a meeting with him) And see, this is what’s going on. Because of how big this company is, they will make sure that everybody will have the opportunity to be placed somewhere else. Well, I guess it could be a good thing, or …a bad thing. Will they force these possibilities on us? We don’t know yet. Surely, you would think, that everyone employed here wants to continue on, in the same capacity as to what they were doing.

Well, you should know Journal, that’s not the case. For the techs, it’s 3 against 3.
There was one day this week, Thursday, that a service manager of another Audi store (owned by a different company) came to visit us. Man…you should have seen it. At the end of the shop, just outside of the garage doors, they all convened. The 3 young guys, with this service manager, and ours. And someone else also. But, boy, did they talk. And, all the while, us other 3 (older) guys kept on working away. You know…the scene resembled a magnet. A gathering and a repelling. At the beginning of it, my boss came down to me and asked if I wanted to meet and talk to him. But, I told him, again. I have no reason, or desire to. I’m going in another direction. It just doesn’t make sense. And the same goes for my other 2 buddies. I mean, we’re talking about 2 retirements and a change of career here. But, in any case, my boss didn’t take offense to it. It is, what it is.

So, needless to say, there’s been a lot of talking going on lately. And more to come, also.
See, in my camp, we are concerned with the option of getting unemployment. There is word around, in which a company can deny unemployment if they offer you other positions within their conglomerate. They, in fact, are the ones that will pay for that. It will have to be approved. And for us, we just want to know whether we can have a choice in the matter. See, it’s the time of life for us. They are closing us down. And some of us just want to move onto bigger and better things. Will we have that choice?

I conveyed this point to my boss, of where we are coming from. And, of course, he doesn’t know the answer. But, he said he will ask up. And so, this is the latest. We are getting a visit, on Tuesday, from the vice president (of this region). This top dog, of the company, is coming to our store. We will be able to ask this question to him. Hopefully he can clear these matters up for us. But, it is understood, that this guy doesn’t have all the answers. Because, what’s going on between Germany and the company, is way over his head.

But, you better believe, that I will be asking these pertinent questions.
Because of the situation, a closing down franchise, will we have a legitimate case, if we want to take a completely different course, without being penalized? Will we be forced to go somewhere we don’t want to go? Meaning, will we have to quit, instead of being laid off? See, that’s the difference. Between being fired, or quitting. In fact, it just recently happened. We had a service advisor. She worked with us for quite a long time. But, because of some personal troubles, she just didn’t show up for work. And we’re talking, like, for weeks. So then, eventually, she comes to work, and then, gets the pink slip. ‘You’re fired’. Well, and it’s understood, when you get fired, you get to collect unemployment. As opposed to quitting. If you quit, you can’t collect. Well, guess what? She’s collecting. (That’s the confirmed word on the street). Well, all we want to know is, can we be laid off? Instead of opting for the possibility of going somewhere else?

Ok. That’s nice.
Journal, I’m actually getting tired of the ups and downs. At first, it was the excitement of knowing how close I am of getting to where I want to be. You know, the end of one thing, and the beginning of another. But, without the definite date, arising doubts, possible problems, anxiety, of not knowing what the eventual outcome will be. And I’m getting tired of all the feelings. So now, I’m not going to worry about it anymore. I’m going to choose to believe what I really think, deep down inside of me. I truly have a sense, that it’s all gonna come true. Not only to have the opportunity to work my business full time (for a six month trial period), but even then, afterwards, I truly believe I will become successful at it.

I tell ya, it is difficult to answer Trish’s question…"What if it doesn’t work out after the 6 month trial period?"
Now, of course it’s difficult to answer anything regarding the future, period. But, what I’m really saying is, that’s it’s hard for me to even want to think of what I would do if it somehow doesn’t work out. Look…this is why I was born. I will have the chance to give it a shot (hopefully). Journal…do you honestly think I will blow it? I mean, unless it’s destiny, that it doesn’t work out, I can’t see any other outcome. No one might understand what a yearning…love…I have for this business. For myself. It would be a denial of who I should be. But, I guess, timing is everything. That’s the only thing in question here. Is this the time, for my business?
God, I hope so.

Well, no matter what happens, I will continue to enjoy this process. The research, the learning of the markets, the learning of myself, learning of business, money flows, cause and affect on the charts, macroeconomics, risk, reward. (And I’m sure a whole lot more)
I just wish there were more hours in a day, to do that.

Well, all I can say, Journal, is stay tuned.
Don’t worry. The very day that I hear some concrete answers, I will tell you.

In the meantime, tomorrow, I want to show you what I’ve been working on. I think I’m making some head way.
Remember what my course of action I was to do?

Yep. Start taking some notes on what you see on the charts.

And I did. We’ll go over that stuff.

Ok Journal. See ya in the a.m.

Mike