Sweeper...

I’m closing out the month of March here at Grinder Trader.  Like I said in January I’ve set a modest goal of 200 pips per month, hoping to extend it where I can.  January was good, February was the lost month and I end March on the up swing.  I was really looking to just recover a bit from February.  Sort of make a dent in the loss to prove that I can trade and come back from a slam.  Practice can make perfect, or at least right the ship.  March was one of my best trading months thus far in my three-year odyssey as I stretched the goal out to 588 pips.  That beats the February bite of (245) pips.

I’ve joined one of the first Forex social networking sites – Currensee.  You should take a look at http://www.currensee.com/ for more info.  I am quite impressed by the fact that they ask that you put your trades out there (real money only) for all to see.  You can hide but then what is the point.  It’s a virtual accountability method that is sure to help any trader.  I’m looking to put together my own team of traders who are looking to grind out the profits.  Join us.

For now check out the monthly sweep.   With the non-Farm Payroll (NFP) coming up, I’m off to Spain for the Easter Break.

Wired, Angry... What?

Check out this interesting piece in today’s New York Times.  Day traders are alive and well apparently.  I’m not real interested in the angry part.  The beauty of being an independent trader is that we are the only ones in charge.  If I choose to make the trade it’s all my decision.  Taking my profits too soon (ok enough) or letting my losses run (it’s going to turn around) is all about me.  It’s the freedom that the Grinder Trader loves – it’s like a cruise down the beach on a long board.

I was most struck by the profiled traders thoughts on algorithm trading and how they often gripe about being hit by the “algorithm boogie.”  I am in a dance all right, but I’m the only partner.  It’s not the program, my broker or even other traders.  I guess this is why I identify so much with Mark Douglas’ Trading in the Zone. This is a must read for any “day” trader who is looking to grind this into a money making venture.  The challenge is great; those who stick with it will be rewarded.  I don’t subscribe to the conventional wisdom that trading on your own is giving your money away.  I can and we will make Forex and Options trading a big success.

It was great fun trading the EURUSD last week until the EU meeting in Brussels.  Initial reaction was a rebound at the end of the week when the current idea du jour to bail out Greece was announced.  What about Portugal and Spain?  It will be another interesting week.

I’m hopping on that long board.  

http://www.nytimes.com/2010/03/28/business/28trader.html?src=linkedin

powered by Fotopedia

Lost (last) Month...

 In skateboarding as in trading, it would seem that taking a slam every now and again is inevitable.  So it was with last month – my lost month.  I returned from my trip to Washington with all the trading confidence in the world.  A week of unnecessary meetings was troubling and the sudden loss of a valued colleague led to my biggest slam of the year.  But really it was all about me.  Skaters fear locking up on the coping of a ramp or pool more than any fall.  A big backside air with a lock-up leads to the full body slam. 

Going big in trading leads to similar slams.  Overtrading, failure to follow trading plans, or trading too many lots in the Forex world is the quickest way to suffer a fall.  February was a month punctuated by a handful of these trades.  Most of us who follow the EURUSD know that the year has seen a bit of a downtrend, a few up moves along the way, but mostly a grind down.  My mistake was to not follow my typical trading rule – never trade against the trend.  I did and I slammed!

But the Grinder Trader does not give up.  A simple refocus on my trading rules, a decrease in lot sizes and improving trade selection has helped me recover a large portion of the losses.  I know that I will get to the big airs – I just have to grind it out.