I’m making it a regular discipline to sit down in my leather chair with my trading notebook and write out a page of my thoughts every Wednesday evening. Last week it was almost all about things I need to do, this week it was more about realizations of ways that my business plan needs to change.
I realize that I simply cannot trade the way that I thought I could. That is, I cannot trade on the lower time frames. I support software that is used in college classrooms and once the semester started, my ability to focus on the market during the day became non-existent. I only made one trade last week and it was a small loser. I have not made a trade this week.
Now, it is funny, because in the past I didn’t have a plan and I could trade during the day (and break even)! But now that I have specific rules, since I can’t be there for the setup, I can’t trade! So, I have several options and the one I’m choosing to try is to place all of my orders after the market close and base my trades on stocks using the daily time frames and higher.
One sentence of my writing today makes a great point. “I don’t really want to do what makes me money as much as I want to do what makes me better.” So, I simply need to adjust to the reality of my circumstances and focus on practicing and developing my new skills. Besides, I have a potential money machine in the wings with the Ultimate
Signal Service. I placed my first demo trade today, made a few mistakes and still made 10 pips. I would say that my comfort level with placing the trades off of the tweets is about 20 out of 100 due to my lack of experience with Forex. I can take those trades despite my busy days because someone else is making the decisions. All I have to do is be careful and spend a couple of minutes entering the order and triple checking my work. And it is not as though I won’t make good money trading daily bars.
As a result of my first status meeting last week, I began to notate the time I spend working on the markets. I keep a detailed log of my time spent, each week.
I wanted to put 16% of my time into vision last week and I put in 24%. I wanted to do 20% learning and I did 28%. I wanted to do 40% trading and I did 35% (looking for setups at night is considered trading) and I wanted to do 24% organization but I only did 14%.
Nearly half of the trading time was preparation for the Ultimate Signal Service. I had never placed a Forex trade before today, so I had to learn the MT4 platform, get an understanding of Forex and watch the videos, etc.
The real story is that it was a big week about establishing vision for myself. That was highly successful, I feel that I really began to get how I need to put the materials I’ve learned into use to make me successful. But it was a bad week for organization. I was screaming for organization in today’s meeting.
I’m very good at organizing, but it isn’t as sexy as the other work, so it can easily get passed over. I would give myself a C- on the state of my trading affairs. So, I’m committed to some very deep organizing, this week. I have already listed 24 specific areas that need to be organized and prioritized them. During the week, I’ll go down the list in priority order and take the time to build the solid infrastructure that I need. I hope to at least get the 6 most important areas highly organized this week.
This is a lot of work, but I love it!