This morning, I placed just two trades. One if them was AUD/USD.
It’s finally breaking out past a TL I drew. It danced around it for two days. The candle closed outside of it, so I opened a long position.
Another position’s buy limit order got triggered, finally.
Other than that, no more trading today.
I have plenty liquidity, but I also have enough positions opem. I want to open more, but I kinda prefer to just hold on right now.
Tomorrow’s another day.
I’ve been meaning to study some charts for the past few weeks.
I’m finally getting to it. As I analyze a single swing-consolidation-swing period, I see so many of my ideas fall apart.
It’s both sad and liberating.
My brain is seriously stuck on the idea of more trading=more money.
It’s a real mess. I think I need more study before I keep chasing bounces and sideways trends.
I have a book about trading ranges. I really like that book.
I’m jumping the gun, but I’m challenging my ideas about ranges. Trading consolidation can be profitable, but not all ranges are profitable. And not all sideways markets.
A sideways market could be a terribly choppy range. Meanwhile, here I go jumping in trying to catch money boucing around in a blender. Sure, I may catch some coins, but in the end my hand got shredded.
Was it really worth it? Is the problem me or the blender?? Right now, I don’t know. I need to think about it more.
Part of me wonders if some trading books are strictly about selling a dream.
Trading ranges and channels can be profitable. The books show you the complete picture. The best examples.
When they make it look easy, you think that technique is better than your current one.
But what the books don’t tell you is the patience that comes along with that strategy.
You have to wait for those types of ideal set ups. In the book you see a channel. So you jump in just like in the book. Well, the book’s technique mixed with your own fear and greed, and Bam!! Stopped out. Again and again.
I heard a speaker talk about the idea of “side B”. Nobody talks about side B. They sell you “side A” with the pictures, clean entry and clear exits.
They don’t tell you that “side B” is drawing TLs and creating a channel out of a trend that’s not a channel; price pulling back to the MA90 and market makers pushing the price lower beyond the support then going on a bull run.
But you lost twice: the support bounce, and the short trade because you thought price was breaking support.
Part of me wants to skip the small trades and just focus on the big swings.
Another part of me is scared to do that because I believe that more trading=more money.
But that’s not true. More trading=more opportunities.
But those opportunities mean profit or loss.
You could suffer 20 losses, and that one win convinces you that your strategy works.
Instead that profit should be a sign that something is wrong. You should realise that you’re willing to forget about that entire losing streak just because of a single win. That’s a problem.
That’s not a winning strategy. Just do the math. Your account balance is lower this month. That one win means nothing. Sure, use it as motivatiom to keep going. But something has to change.
Sorry guys. This is a bit of a rant. It’s not directed to anyone. I’m just talking to myself, actually.
I looked at a single swing/consolidation period and I think about where I would have lost and what I should have done…
I’m gonna keep studying…