I'm going to make today's recap quick because, well, it's Friday! One thing that definitely wasn't quick was today's price action. Friday's are often a bit slower but combined with what was a fairly low energy week so far it wasn't any real surprise. What this meant was that I needed to be a bit more conservative in my approach in terms of what trades to take and when to take profits. Read more
It seems like forever since I last posted a recap even though its only been a couple of weeks. I plan to keep them coming far more regularly now that I have a lot of my other work wrapping up. What work is that? Mostly it's a lot of behind-the-scenes stuff here at Samurai Trading Academy as I fine-tune the curriculum that will be available in the near future.
In the past year I've been working with a number of Forex traders (another market that I trade) and one request that regularly comes up is that they would like to see a more involved training approach in live markets each day. I first considered doing this in Forex but the working day is just too long and there are too many times where the market is flat for extended periods of time. Read more
There's only one day left in the week and its been great so far. It wasn't a big day with only 4.5 points banked but when it comes to trading well the number of points made shouldn't be the main focus.
Whether it's 2 points a day or 10, as long as you are positive and keeping the equity curve sloping steadily upwards you can achieve anything in this business. It's definitely possible to get to this level of consistency as long as you are willing to put in the effort. With a good system and some mental discipline you can reach the results you desire in a surprisingly quick period of time.
The excellent start to the week continued today. Although we aren't seeing huge movement in the overall market we are getting excellent price action and some nice swings.
Today's trading was all about being conservative in our targets due to the upcoming FOMC Statement release later in the New York afternoon. What this means to us as traders is that we need to understand how important upcoming news from the FOMC impacts market sentiment in the hours before release so we can plan accordingly. Read more
Today I missed out on a number of potential points of profit but that actually made it quite interesting. It wasn't a lack of focus that made me miss them though. It was simply the price that had to be paid on this particular day for higher quality trades.
The three blue circles on my chart were all potentially valid trades. I decided against taking them though because of market factors that lowered their probability.
In the end two of those three potential trades worked out for 2 points. This means that if I had taken all three I would have made a decent profit. Contrary to common belief however, trading isn't only about maximizing profits. Read more
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