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Friday, September 14, 2012

Currency Intervention Has Massive Effect

When I've seen currency intervention, it moves the market enormously.

Is this an accurate heads up on intervention?  Wouldn't that be nice!

Japan would sell Yen to lower it and that would be huge.

The last two times I've seen it, it was stunning.  Hundreds of points on the futures contract, 6j, went by.

Here is article link on Marketwatch:

http://www.marketwatch.com/story/japan-goes-on-intervention-watch-after-feds-qe3-2012-09-13


Sunday, September 9, 2012

Forex Trade With Small Gain

I'm new to Forex so I'm still trading very small size.  What's nice is IBFX allows me to divide up the lot size even with my mini lot sized account.

Here's the trade I'm still currently in, but gain is fading since the momentum has decreased a lot.  But I did take half of the position at the higher gain amount which feels really good.


Saturday, September 8, 2012

Forex

I may be changing the title to jaytrades futures and forex.  I got a forex account extremely quick and easy.  I'm lovin' it!

Thursday, July 19, 2012

Fears Surrounding Trading

Here are a few of the fears surrounding trading that I can think of.

Fear of losing money.
Fear of the unknown.
Fear of feeling wrong.
Fear of feeling like a loser.
Fear of complexity.
Fear of risk.
Fear of taking a hit to one's ego.
Fear of having to learn something new.
Fear of having to spend money on learning, software, monthly and annual fees, commissions.
Fear of looking like an idiot by doing something everyone tells you to not do.
Fear of not being able to succeed.
Fear of having it take a long time before you make any progress.
Fear of losing more than you plan or expect or can handle.
Fear of gambling.
Fear of being addicted to it.
Fear of having to quit.
Fear of being duped into something like a scam.
Fear of falling for scams like so-called educational services or get rich quick schemes.
Fear of wasting time in trying to learn to trade, then trading, then losing and then quitting, making the entire venture a total loss in not only money and effort but also time spent.
Fear of feeling like a total amateur newcomer who has to start at the bottom like when you were a kid or first starting out in school or a new job and knowing nothing and having no experience.
Fear of not knowing things that are very important, or essential to know.
Fear of having it take far longer than you would ever expect to start to get it or succeed.
Fear of finding out that it's just not for you, or that you really don't have what it takes to succeed.
Fear of it looking like it is starting to succeed and then having it turn right around an you are back to the  beginning.
Fear of learning that it is highly psychological and that you may need to look deep within yourself to find out what you have and then also realizing that you need to change things about yourself.
Fear of something changing once you start to get it.
Fear that it may be taken away by new laws or regulations.


Monday, July 16, 2012

Series 56 Links

Series 56 info from various sources

http://www.prop-trading.com/finra-series-56-outline/

http://www.prop-trading.com/series-56-study-guide/

https://www.cboe.org/examwaiver/Series56ContentOutline.pdf

http://www.scribd.com/fullscreen/60281207?access_key=key-2itmaxav3xt1mso63exr

http://series56.wordpress.com/tag/series-56-study-guide/

http://www.youtube.com/watch?v=Z1xTRuJV_XU

http://theseries56.com/excerpt-from-the-series-56-study-guide

http://www.optionscity.com/blog/sec-requires-proprietary-traders-pass-series-56-september-2011

http://www.pristine.com/Online-Trading-Education/Trading-Courses/Proprietary-Trading-Seminar/1250/1

http://www.finra.org/industry/compliance/registration/qualificationsexams/registeredreps/p011051

http://www.tradersmagazine.com/issues/24_329/registration-series-56-exam-deadline-pushed-finra-109519-1.html

http://www.scribd.com/doc/59080431/Series-56-Content-Outline

http://boardreader.com/thread/Official_Series_56_Training_Manual_Avail_16rgzX4szn.html

http://www.strategybox.com/forum/topic_details/125/21






Forum posts re: prop
http://www.elitetrader.com/vb/forumdisplay.php?s=7d910c2ecc64ab1e3a28fe8fe0a827e6&forumid=15

http://www.elitetrader.com/vb/showthread.php?s=7d910c2ecc64ab1e3a28fe8fe0a827e6&threadid=222864&perpage=6&pagenumber=1

http://investful.com/forum/archive/index.php/thread-24.html

http://www.trade2win.com/boards/trading-firm/136358-series-56-help.html

http://investful.com/forum/forumdisplay.php?fid=22




Tuesday, January 31, 2012

Trading Psychology Tests - Tue 1 31 12

The number one thing we always hear is separating emotion from trading. I couldn't get rid of my emotion today, so I didn't trade. I missed the big move up this morning. I started to come out of it and got focused for the pm session. That session was a test of trading discipline. There was only a range of overlapping, poor quality price action. No trading and that's a good thing.

Monday, January 30, 2012

British Pound Futures 6B Break Even - Mon. 1 30 12

Lots of overlap today on the bars. I missed so many entries that I became frustrated, which is an emotion, which interferes with thought and the trading analysis process. So I took a trade at a breakout or trigger rather than a limit at support long. After wiggling up & down I got out break even.

Not happy, it continued up and down, more overlap, but if I was thinking, I would have waited for the low limit and entered there, and would have had a tight, very small stop, and good scalp gains. Also there was another chance at the exact same level to the tick for another entry later on that I was not prepared for either.

Took a walk, it helped to get some of that emo turned around.

Sunday, January 29, 2012

Sunday Night Futures Market Action Trending - Sun 1 29 12

Rare nice trends this evening on the currencies, somewhat US indexes, gold, oild, US dollar. After a very nice trending down leg, a short base and a trend turn up with follow thru. Very nice, tradable, and not seen so often so early.

I didn't take any, they all seemed so easy and having seen so many nights of lack of follow thru, I didn't trust any of the setups. All of my analysis was correct, so it was good practice.

Must stop now and rest for the morning. I'd like to be ready for the US equity opening.

Looks like a potential long after this PB, but I gotta stop now...





continued....

First long after PB would have failed. The 15m comparison with 5m below shows why:


Thursday, January 26, 2012

Small Gain Trading E-mini Dow ($5) Futures - Thu 1 26 12

Limit trade entry method with the tightest possible stop. Since my account size is very small, I am only taking this kind of trade. It was only a scalp, it was also at the point where, if price action moved lower, would be the stop out point of a long entry of many possible long trade scenarios.

So as price advanced favorable for me, I advanced my stop quickly since I was ahead nearly 10 points, I got 9 ticks. It did move a little more but didn't hit my target of just under the prior pivot high. So what I kind of missed was shorting that stop out point, the reason I say that is because that point is where bulls would decide that price action turned bearish.

At that point, price did fall much more and the trend was confirmed down. But it is hard to switch bias so quickly. Maybe someday I can analyze the reverse of my current position, sounds challenging.

E-mini Dow ($5) Futures is YM - CmeGroup

Wednesday, January 25, 2012

Mistakes - Wed 1 24 12

There was a time when I was calling myself NQ Trader Jay,* when I was trying so hard to be a good trader, but I was still making a lot of errors. Most of these mistakes were due to my trading psychology. I knew I had to change it. It took me YEARS to change it.

I can finally say that I now have a different psychological trading state of mind. So when repeating a mistake from back then, it can make me wonder if I am reverting in my psychology, well, I am not. But what I did was repeat a habit from back then. That's a huge difference. More on this later.

*I was focusing on trading the NASDAQ 100 futures contract, I almost never trade that now

Free Futures Trading Room Today and Tomorrow - Wed 1 25 12

Today and tomorrow is the Pristine trading room for futures FREE entry! I'm in there, it's really good. Take advantage of it while you can.

I had a crappy trade, 6A, Aussie dollar was a really great entry but I managed it very poorly, using that old scared money method of advancing stop too soon. And, that dumb stop got slipped! I haven't been slipped since tradestation. So I only got BE+1 :( it went on for 20 more....

Tuesday, January 24, 2012

Missed am Trading Tue 1 24 12

Up late working on getting the machines running to do the blog from Linux. My trading plan rule number one now is to be disciplined in preparing. So up late but needed rest, so up late in morning, then need to prepare same way, no cheating, so I miss the morning, will be prepared for afternoon. This is starting to work for me.

Monday, January 23, 2012

Scalp Traded British Pound Mon 1 23 12

There was a drop in all the currencies and the indexes but 6B was holding in what looked like a bull flag. It was the strongest of the bunch which usually means don't short it, but all the others were moving so far and this one was lagging but it was forming a failed bull flag so I took the break under a small consolidation.

I got filled well and was favorable pretty fast, which is rare. But of course, follow thru is very rare and as it was moving, I saw a spike in the dollar which usually means a pullback so I set my target very conservatively at the extreme of the prior move and was filled and out for a tiny scalp.

Sunday, January 22, 2012

Some Links

Added new tab for Links I use every day. For me & you. I use them sometimes from here when I'm on a browser not on my main machine; no access to bookmarks.

Must know the news release times and how big of a news event it is.