Saturday, October 5, 2013

Dumb Money stop being dumb, when it realizes it is

I can't remember where I read the quote, but I think it's very applicable to me. I've been very much using dumb money to do my Las Vegas trading.

After beating myself up over it, I've come up with a few implementations for myself to help improve my baseline and profit margins.

Setting up Command Centre
I've finally got about to setting up my usual dual monitor set-up that I've been all too familiar with for the past 3 years in university. Needless to say, I feel so much relieved and more efficient now that I have 2 screens up and running. I no longer have to alt-tab constantly to check what's going in the market, while looking at other things. This should help me improve by basically allow me to process information more efficiently and also react faster to changes in the market.

FxStreet Live Analysis Room
I accidentally stumbled upon this while looking for some tables as well as research, but I actually quite like it so far. It's a nice atmosphere, and it's good knowing what people out there think, since everyone has different views and analysis. I'll use it mainly to look me look out for set-ups that I might be missing.

Money Management
I have decided to engage in proper money management in terms of my intra day trading. This means mathematically calculating optimized stops, as well as margin used and take profit as well. I should be using a Google Excel template for this.

Technical Analysis Refresher
Realizing that I'm too panicky, and merely reacting to the market so rashly based on crazy trends, I have now decided to totally mechanicalize my thought and execution process. I shall be refining my thoughts and my process here, while possibly actually making an online archive or my trades and their outcomes. Actually, it sounds very exciting, I might just actually do that!

So now that I am down so much money, I am determined to prove that I am able to recover my losses and get back into the green, even if I have to do it slowly and steadily.

Stop losses and mechanical trading!

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