Keep Calm and Don't Move Your Stops.....

A little risk management saves a lot of fan cleaning!

The Purpose of Life is Joy!!

Sunday, September 17, 2017

Extended Hiatus

I've been gone for awhile and I will be gone for an undetermined amount of time. I've been doing consulting work over the summer and that is finally over at least for now. However, since last September, a major bank has been after me to work for them. I put them off for a long time until after my father passed and then I didn't feel like working after that. Then the consulting thing came along and I did that for a while but the bank came calling again a couple of months ago with a better offer.

I took them up on that offer and I finished my training last week in Chicago. I am a full on employee again. I will be working 40+ hours a week in the mortgage business and truthfully I am fairly excited about it. I am good at it and I know I can make mid low six figures a year. Plus there are great benefits which my family needs.

However, I do not intend to abandon trading altogether. While I am probably done as a day trader, I am looking forward to switching to forex as a long term swing trader using daily, weekly and monthly charts and holding for weeks and potentially months.

Day trading simply has not produced the sustainable gains that I had hoped. I am not sure I have the temperament for it. I like instant satisfaction when I am sitting in front of the machine. With longer term trading, I feel like a set and forget strategy will be more suited for me. I'm not 100% certain about that but I have had success in the past with it and so hopefully it will repeat itself. At some point, I may come back to day trading but it will be under completely different circumstances and with much better funding than I have today. But in all honesty, I think I will give myself probably a year off before I think about coming back to day trading.

I'll still follow a couple of traders whose work I feel is important but for the most part I plan on withdrawing from day trading inputs. I need to give most of my attention to my new employer at least for the near future while I build a business to where it is self sustaining which I think will take a year.

Once I start trading forex with any degree of size, I will start posting here again. Until then, it has been fun, exciting, disappointing, frustrating, etc. I've run the emotional gamut in this trading game and yet I do not regret even one second of it. This journey has helped me grow in ways I did not know I needed to grow.

Cheers and good luck to all.


5 comments:

  1. Congrats on the new job, going to miss your daily shit.

    On the other hand, IF you can get a good FX broker, it is absolutely the right way to go. You wanna trade a non FIFO market and not deal with the nonsense that goes on these days with the futures market (whether CME or NYMEX or COMEX), which I believe are much more broken than FX markets.

    And anyone that disagrees hasn't traded both long enough to see what goes on in both. FX patterns remain exactly the same as they were 7years when I first saw them. Whereas the futures ranges have pretty much gone to hell.

    When someone comes along and says that FX is unregulated wild west, I know it's coming from an idiot.

    Best of luck

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