Well, it's day 3 of my new career - day trading. I've decided to start off slowly and ease myself into it. I need some time to build up my confidence and technique. Going full time adds a lot of psychological pressure that wasn't there before, so I'm starting with small lots and logging every trade in my journal so that I can review my success and failures.
I've not made any really successful trades yet this week so far. This morning I missed a buy opportunity on cable at 6.15am, and then at 8.15am I had to take my little one to his child minder and I missed a decent short opportunity. So I'm just patiently waiting for the next swing to happen.
I must admit, I never thought that I would be able to deal with a 4 year old poking me with an empty water bottle and asking if he could go to the Cbeebies website while trying to trade, ...but hey, it's actually kind of fun. That's the choice I've made - and it's nice to spend more time with him.
Day trading really is a big waiting game, and it takes a lot of patience and discipline to stay focused without projecting signs that actually don't exist.
I'm currently reading "The Disciplined Trader" by Mark Douglas. Getting the psychology right is 90% of this job. The rest is just following the signals and sticking to the plan. Consistently. Without deviation.
Anyway, at the time of writing this, the cable (GBP vs USD) is on a weekly downtrend, a daily uptrend and an intra-day wiggle. If today finishes up, because we're on a daily uptrend right now I would say the probability is on the side of rising higher and hitting the next daily resistance at around 1.4860. It could just as easily plummet and reverse back down to the 1.4340 region, so we'll see what happens this afternoon.
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