Tuesday, February 15, 2011

Mondays results and horse race markets similarity to forex

Hello everybody,

What I am going to do every day from now is to analyze yesterday markets, I mean yesterday charts :) I will be doing that every next days morning. Yesterday was moderate day to my PL. Was using 68 liability, according to my money management plan. Actually I use two divided stakes, make double clicks, and take some profit with one them then market makes money available to lock some profits. I saw so big swings in a lots of markets but was not able to take a lot from them, just few ticks up, or down. So my plan for today is to analyze these charts and always ask myself: Why you make an entry here? Why you make a partial exit here? Why you make complete exit here? Why you put your stop loss here? Probably by doing this, I will help to integrate objectivity from a markets perspective to a functional level in my brains.


Here I put some yesterday charts. I used 7 secs charts. In some charts you can see blue lines, it's mine analysis :) Actually when you look to them after market is over, it's looks so obvious and self explaining, but trading in live, things happens so fast, and of course with some bad psyche stuff it's very hard to trade. But what I can say, I am still learning.






And here you can see Forex charts, with similar charting setup. If you are not familiar with technical analysis, probably it's seems for you like "LEGOLAND" with too much things that you can't understand anything, but actually after a lot of work and learning, it's become easy, and self explaining. Actually bf charts and forex charts in the someway looks very similar, because the same human beings are moving both, same psyche, same psychological stuff in both, fear and greed. In other hand they got a lot difference too,  pre race horses ends in ten minutes, and forex lasts for ever. For this reasons in horses is hard to notice any working divergences and momentum indicators don't work so good....



So that's it for today. I will be doing the same things, practice practice and practice. And trying to build a trader's mindset. Have a nice day!

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