Tuesday, March 23, 2010

Trades for 3-23-10

I have been quite the downer mentally lately. At 1st I found that my problem (in my trading) is not sticking with my original plan. I would keep stopping myself out too soon due to allowing fear enter the mix after I make my entry. However, I was in an overall bad mood with life, snow, the cold, work, people, money (not the lack of it but the fact that it is a necessary evil), pretty much everything. Basically you could say I was really relating to king Solomon when he wrote:

“’Meaningless! Meaningless!’
says the teacher.
‘Utterly meaningless! Everything is meaningless.’”

-From Ecclesiastes Chapter 1, Verse 2 (NIV)

When you think about it nothing we do on this planet means anything (to us) because we all wind up dead sooner or later and we can’t take anything with us. Even if you want to think that your work will make things better for the next generation it really doesn’t because they will die also.

So I thought some more about why I had this going through my head. I also read the rest of the book of Ecclesiastes looking for some purpose to life. After finishing the book the message I got from him was to take joy in the short life we do have, and whatever you do devote it to God because the good work we do pleases Him.

After coming to that realization I have a renewed purpose for life in general. However, I knew my trading problem went deeper then just allowing fear to enter my trade. So I asked myself “why is fear entering the trade” and came to the conclusion that the reason it was there is because I lack confidence in myself. I don’t know where exactly it comes from (yet), but I know there are some things I can do to improve my confidence level (workout harder, pray/fast/study more, etc.). So I’ve decided to paper-trade this week so I can concentrate on my life outside of trading.

Lastly, I would like to thank my Dad for helping through this. It helps a lot to have someone to talk to.

Now onto today’s results:

Today I did well with a couple of gainers during “normal” hours (11amEST-NYSE close). I also traded during abnormal hours (9:30amEST-11amEST), but it just confirmed that I shouldn’t. I don’t know exactly what it is about that hour and a half, but for some reason it’s not tradable for me. My best guess would be the volatility from the US market open.

Totals for the day
Forex: (+1.02%) (Paper-Trading)
All times on the charts are Mountain Standard Time

2 trades, both gains

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