I've been shamelessly scalping the AUDJPY this week (via Oanda). It may be hard to fathom, at least when you see the numbers, but I'm not entirely happy with my results.Jun 28: 00.28% NAV+Jun 29: 06.65% NAV+Jun 30: 11.66% NAV+So far this week, if I can hang onto it, I'm up over 19% on my trading account.Now, you may be wondering why I'm not satisfied with my trading. Basically, I've made too many mistakes. From time to time my discipline is lacking and I jump into a position at what is realistically an unwise entry point.This keeps me from capitalizing on later opportunities until I've extracted myself from the position foolishly entered. It also subjects me to a lot more stress while I wait out moves on a larger timeframe.Anyhow, I've decided to quit fooling around, scalp myself a decent stake, and get serious about trading. Now, if I can just work out my discipline issues I'll be set.
Twitter Forex Tweet Strategy
Have you been following people involved in fx trading on twitter?Have you noticed how many people are happy to tell you what happened? While macroeconomic news and previous day post analysis can be useful, it certainly doesn't help you make a trading decision based on current charts. I have a little proposal to make.Instead of tweeting that you've opened a long or short position provide some information that other people can use to apply their own strategies. Frankly, I don't care what crappy decisions others are making. I care what the charts are saying. I'll do my own technical analysis and decide on my own trades.So, tell me that a pattern is forming on a named pair's chart in a certain timeframe. For example, right now the AUDJPY is retesting May highs of 76.00 and obviously this is true on any chart -- though you may need a longer chart to actually see it.Then, I can whip open my chart, draw some lines, figure out a strategy, and trade on the opportunity.To summarize, we need to tweet about opportunities that are shaping up. We need to just drop each other a note that something is happening. Anybody who has traded for any length of time can figure out what to do -- but unless we have the luxury of trading full time we just can't spot all the opportunities.In short. Smarten up and stop trying to show the world how damned smart you are. We don't care!How about we call this the Useful Forex Tweet Agreement (UFTA).UPDATE: I've tweeted the AUDJPY information (again) using the #ufta tag...
Twitter Forex Tweet Strategy
Have you been following people involved in fx trading on twitter?Have you noticed how many people are happy to tell you what happened? While macroeconomic news and previous day post analysis can be useful, it certainly doesn't help you make a trading decision based on current charts. I have a little proposal to make.Instead of tweeting that you've opened a long or short position provide some information that other people can use to apply their own strategies. Frankly, I don't care what crappy decisions others are making. I care what the charts are saying. I'll do my own technical analysis and decide on my own trades.So, tell me that a pattern is forming on a named pair's chart in a certain timeframe. For example, right now the AUDJPY is retesting May highs of 76.00 and obviously this is true on any chart -- though you may need a longer chart to actually see it.Then, I can whip open my chart, draw some lines, figure out a strategy, and trade on the opportunity.To summarize, we need to tweet about opportunities that are shaping up. We need to just drop each other a note that something is happening. Anybody who has traded for any length of time can figure out what to do -- but unless we have the luxury of trading full time we just can't spot all the opportunities.In short. Smarten up and stop trying to show the world how damned smart you are. We don't care!How about we call this the Useful Forex Tweet Agreement (UFTA).UPDATE: I've tweeted the AUDJPY information (again) using the #ufta tag...
No comments:
Post a Comment