Next trade is more important

I was having a walk after buying food from supermarket with my fiancee. I told her about my recent trades, I was pretty happy with my performance. She smiled and told me ‘ It is good, but next trade is more important’. This gives me some thoughts. Exactly, next trade is always more important. And the very next trade has totally nothing to do with our recent trades which we turned a profit or loss. However, human natures make us think it may. We will end up with over confident, or timid when making the next trade. Forget about your past trades. Keep the focus on the price action, and next trade is always more important. You have to give the best performance for the next trade, it might not be perfect, but it will be your best shot!

Curated Tweets – Best tweets collections

I have collected some tweets over time, which I think it is helpful for traders to read again from time to time. You can treat as “trading wisdom” or just general reminder of rules to run this business.

You find the link at the side bar “Best Tweet Collection“, or access to this page

Burn the boats

Here is the latest addition to the “Videos worth watching” collection.

Burn the boats! by Andy Andrews

In February 1519, Hernando Cortez set sail on the final leg of a voyage that was to take him from Cuba, a stopover, to the shores of the Yucatán. He commanded 11 ships, with more than 500 soldiers, 100 sailors, and 16 horses, bound for Mexico to take the world’s richest treasure. The precious jewels, gold, silver, and sculptures sheltered on this limestone peninsula had been hoarded by the same army for over 600 years. As they listened, Cortez leaned in and said three simple words that changed everything: “Burn the boats.”

Creation of Video Collection page

Lately, I found myself watching more videos than reading blog posts. And I have found some of them are really good, and definitely worth watching again. I thought it might be useful to collect these videos and put them into a place where I can access them easily. As a result, I have created a video gallery on this blog for this purpose.

You can find the link “Videos worth watching” at the side bar or “Video Collection section” from the main page.

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For clarification, I am NOT the owner of these videos. These videos are freely available on hosting sites such as Youtube. All I am doing is to organize them into a useful collection, and hopefully, it is useful to some of you.

I will be adding new videos to the collection. Of course, I welcome recommendations (please, no self promotion).

All right, head to the video gallery, and enjoy watching, and learning!

Here is the sneak preview of the gallery, visit the page for full list of videos

Really Simple Rules to kick start your trading year

387432527Not another blog post of some glorious trading rules. But, here are couple of things that I have learnt (some of them, in the hard way) from the past. So , this blog post is really meant for myself as constant reminder, and maybe, help some of my 13 readers.

Stop Changing approach, Give yourself some time.

I shall admit that, I had this problem.  One of the key “discovery” of mine was really to stop changing, stop trying to “improve” something. Stick to one, during good time, and bad, master it, journal, repeat and repeat. You need time to master a skill, you need time to master a strategy, in other words, you need time to be a master of something. Stop changing approach, get good with it. You need data to analyze, you need trading records to evaluate, constant changing your approach gives you nothing to work on.

Journal it. Give yourself a chance to grow.

Face it, your memory sucks. You thought you have learnt the lesson, but after a couple of weeks, or months, memory fades. Write it down, record them, like it or not, just do it. You will need it later. Again, you will REALLY need it later. Be as detailed as possible.

Stop micro managing your position. Give your position time to work.

Give your trade time and space to develop. As matter of fact, in my day trading, I prefer let the target hit, or let the position stopped. Taking partial profit, move stop to break even etc hurts your long term expectancy if you don’t know what you are doing. Do your math, before implementing these strategies. “Feel better” is not a position management strategy. You can do better than that.

When you are not a master, stick to one market.

Even a season professional focuses on limited number of markets during the session. Face it, if you can’t make money focusing one market, your can’t make money looking at 2 at the same time. The “afraid of missing out” symptom will make you miss out more. Stay focus.

That’s it. You can always come out with another long list of rules (who doesn’t love trading rules? They are cheap), the key is really be a master. Start with the simplest thing and master it.  To end this blog post, here is the quote from Bruce lee:

I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times.

Good trading.

Weekly Favorite tweets collection 15 Nov 2014

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Here is this week’s favorite tweets collection. Basically, the idea is to collect  valuable tweets, which I thought are helpful. It could be motivational, trading wisdoms, or just simply, the cold , hard truth of life. I am not suggesting any of you to follow these accounts. Just enjoy reading these tweets.