Hello world,
After an emotional time I am now into writing my third entry. The last 10 days has been somewhat traumatic. I was handed my marching orders at work just over a week ago which was a shock, as I was certainly not expecting it. Yesterday I heard that my appeal has been turned down, which was a blow so now it's time to pick up the pieces and look forward.
It's a real shame as I was actually enjoying my work and I felt we were about to embark on an exciting time despite the current economic down-turn. My boss obviously thought otherwise. Note to self: Ensure your boss thinks the same way as you i.e. not that you are worthy of nothing but the heave-ho.
Ah me, I pine for the days when life was all sunshine and bike rides around the triangle. (that's not a euphemism by the way) Anyway, the good news is that I had time sit in on the latest OTA Trading Academy course which I took originally this time last year. It's called Professional Trader and I highly recommend it for the following three reasons.
1) All the theory they teach you (which is extensive) can be practiced in the classroom on their account, with direct access to the market. Very exciting if you're doing it for the first time and it allows you to make all the rookie mistakes in a safe environment without it hitting your own pocket.
2) You are taught by an experienced trader using live data, mostly USA based stocks and indices and the classes are small enough to ensure all your questions are answered effectively.
3) They actually care that you are successful. They take time to discuss your plans and strategy. They allow you access to their trading account to practice on at regular grad days, they allow you to re-take their courses free of charge, they even give you lunch! They are a great bunch and I heartily recommend them if you are looking to learn effectively and make a success of your trading.
Anyway onto today's trade!
I am currently paper trading after a solid month of taking pretty good quality trades and then suddenly reverting to taking a gamble and blowing my account in one day! It has happened three times now since I have been actively trading and this is the last time. The beauty and the horror of trading is that you are essentially trading against yourself. You find out alot about yourself staring into the screens, pitting your well worked plans against your ability to execute. All too often Mr. Ego overcomes Mr. Objective and the inevitable blow-up ensues. But not this time Jack I am in this for the long-term and I will keep Mr. Gambler Ego in his box.
On the OTA course I learned about a set-up called the neutral zone trade, principally used on stocks. The quick and dirty is that you take the trading range of your chosen stock for the first 30 mins of the day and use those as your trading parameters. If it breaks above the limit you buy, if it breaks below, you short. The theory is that this this move sets the tone for the day and you are in a solid trade from the start.
After an emotional time I am now into writing my third entry. The last 10 days has been somewhat traumatic. I was handed my marching orders at work just over a week ago which was a shock, as I was certainly not expecting it. Yesterday I heard that my appeal has been turned down, which was a blow so now it's time to pick up the pieces and look forward.
It's a real shame as I was actually enjoying my work and I felt we were about to embark on an exciting time despite the current economic down-turn. My boss obviously thought otherwise. Note to self: Ensure your boss thinks the same way as you i.e. not that you are worthy of nothing but the heave-ho.
Ah me, I pine for the days when life was all sunshine and bike rides around the triangle. (that's not a euphemism by the way) Anyway, the good news is that I had time sit in on the latest OTA Trading Academy course which I took originally this time last year. It's called Professional Trader and I highly recommend it for the following three reasons.
1) All the theory they teach you (which is extensive) can be practiced in the classroom on their account, with direct access to the market. Very exciting if you're doing it for the first time and it allows you to make all the rookie mistakes in a safe environment without it hitting your own pocket.
2) You are taught by an experienced trader using live data, mostly USA based stocks and indices and the classes are small enough to ensure all your questions are answered effectively.
3) They actually care that you are successful. They take time to discuss your plans and strategy. They allow you access to their trading account to practice on at regular grad days, they allow you to re-take their courses free of charge, they even give you lunch! They are a great bunch and I heartily recommend them if you are looking to learn effectively and make a success of your trading.
Anyway onto today's trade!
I am currently paper trading after a solid month of taking pretty good quality trades and then suddenly reverting to taking a gamble and blowing my account in one day! It has happened three times now since I have been actively trading and this is the last time. The beauty and the horror of trading is that you are essentially trading against yourself. You find out alot about yourself staring into the screens, pitting your well worked plans against your ability to execute. All too often Mr. Ego overcomes Mr. Objective and the inevitable blow-up ensues. But not this time Jack I am in this for the long-term and I will keep Mr. Gambler Ego in his box.
On the OTA course I learned about a set-up called the neutral zone trade, principally used on stocks. The quick and dirty is that you take the trading range of your chosen stock for the first 30 mins of the day and use those as your trading parameters. If it breaks above the limit you buy, if it breaks below, you short. The theory is that this this move sets the tone for the day and you are in a solid trade from the start.
I have refined this for my FTSE index trading and back-tested it and it's very effective. Today's trade is highlighted in the chart at the bottom of the page. The two horizontal lines show the neutral zone area, as you can see the FTSE breaks the upper limit and moves to resistance looking to test the 4360 previous high. I take my profit at 4350 for a decent trade, hoorah!
If it moves back down, then you can re-enter the trade, but beware the old whipsaw, use your indicators to guide you, but I will be using this and refining it over the next few days to begin live trading again. Well that's it for now, enjoy the snow and the joy of pitting your wits against yourself. Happy Trading!
This blog is written for my own benefit and in the hope that my stumbling observations may add something to your world. It is not and should not be used as trading advice or tips and Dirk Advocado takes no responsibility for anything you do as a result of reading his ramblings.
If it moves back down, then you can re-enter the trade, but beware the old whipsaw, use your indicators to guide you, but I will be using this and refining it over the next few days to begin live trading again. Well that's it for now, enjoy the snow and the joy of pitting your wits against yourself. Happy Trading!
This blog is written for my own benefit and in the hope that my stumbling observations may add something to your world. It is not and should not be used as trading advice or tips and Dirk Advocado takes no responsibility for anything you do as a result of reading his ramblings.
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