Snake on The Windshield

This week in the markets-
The snake is the little investor. Hanging on for dear life. Confused. Not knowing what to do...
As traders we need to think like the bankers- 
if they want us to sell- we need to look for buying opportunities.
If they want us to buy, then we need to look for selling opportunities.
Retracements are the best opportunities.

Patience and FOREX

This is Axel with his trainer, Nancy, when he was about six months old. And, YES, he still has that awesome white tip on his tail. So cute.
Looking at this picture- Axel just sitting and waiting for Nancy's next command got me thinking...

One of the hardest things to do as a trader is WAIT. Wait for the best set up to occur. Wait for the market to decide what it is going to do. Wait for the target to be hit. Wait for the stop to be hit. Wait, Wait, Wait.

Forcing the market (or trying to) is such a waste of time. And money. Took a trade yesterday, it looked like a good trade. Turned out not to be such a great trade (lost 22 pips)... Did I force the trade? Well, actually, I did a bit. Was it an A trade? Not really. Do I know better than to try this. Yes. Did it anyway? Yep.

Lesson of the Week- Try to at least have the intelligence and patience of a six month old puppy when you are trading.

Be patient. Do not chase trades. Let the market come to you.

Food Stamps and the New President

What I think about when I see Barack Obama...
No matter what you think about the 44th President of the United States, about his ideas or policies, this is what I think about when I see him...

For almost 8 years I worked as a caseworker in a Welfare Office in Arizona.

I interviewed hundreds of single, working moms that needed help- food for their children was always a priority. The Food Stamp program was my favorite program- what could be better that giving the gift of food to families.

For the parent(s) it can be humiliating, humbling and embarrassing to be interviewed by a stranger who, by law, must gather information about their lives to see if they qualify. They must discuss and document all things personal in their lives- from who lives at their house to their financial situation- just to get some food for their kids. Whether they like it or not, they must comply to receive any help.

When I think of Barack, I think about his single, working mom who received Food Stamps for part of his life. I wonder about the caseworker that interviewed her. I hope his mom was not embarrassed or humiliated requesting help to feed her family (though she probably was). I think of his humble beginnings- the food on their table, paid for by the taxpayers, through the Food Stamp Program.

It amazes me to think that one of the kids I fed through the Food Stamp Program could grow up to be President. Only in America.

Today's FX Chart Journey

Worked on one currency only Eur/Usd- 20 minute chart, only- profitable day... Note: Phase 1 should say Took Short

Trading Mind Training

Not feeling very focused this am- need to spend 10 minutes on Trading Mind- see if this improves
ah, better... working on Session 1- Trading to Win Mind Set... how often do we actually take 10 minutes per day to stop and focus on the task at hand?

Hello, Father!

I see you received my note about my blog (snail mail, of course)...I made this spot just for you: If you would like to leave a comment here, or any where else, please do. Cindy

It's only fair- gotta post my 1st losing trade of 2009

Got up in the middle of the night to TRADE! Here we go... the house is quiet, everyone is asleep, coffee is on, no distractions- perfect.

Perfect to pick a loser. Went long. Loss of 18 pips. Look at that chart. Could I have picked a worse trade?

What have I learned from this-
Getting up in the middle of the night to trade is not so good for me.

Is it the market action at that time? No, it is all about me. This is the second time I have tried this middle of the night thing and all four of my trades were loser. Focusing at 2am is apparently hard for me.

The first question to myself is- why do I think I need to trade at this time of day. Answer- no distractions. So, what do I need to do to fix this distraction problem during the part of the day when I am awake enough to focus. Answer- Go to smaller time frames. I have been working with 30 minute charts but it can take some time for trades to set up and then I have to manage the trade. A lot can happen in 2-3 hours.

New Plan: Practice on getting faster with 10 to 15 minute bars. Then 5 minute bars. And get some sleep.