A lot of thinking about stuff today, but I will try to keep this short. As I was going over charts, it finally hit me that I am developing a very profitable strategy that could make me more money than I ever need. Although Iâm sure it will need some refinement and patience (which I think I have now), I began thinking about the point of pursuing perfection.
At that point, I began to understand why traders seem to accept less than ideal strategies â whatâs the point? Now surely there are plenty of variables (trader qualities, time, resources, education, etc.), but Iâve always been mystified with position and swing traders are satisfied with barely above average returns when they could be trading shorter and making more (ones that donât run into capital problems intraday), or traders who stick to one or a few very simple patterns or strategies and never drive for further success, but it makes perfect sense to me now. I even understand why traders are satisfied with a little bit of swing or position trend. Why the difficulty, time, energy to pursue more?
After a lot of thinking, I decided that my original plan was best â trading most days per week and at least one market day off researching and innovating. Although nothing changed, I think things like this are very important.
After all the thoughts of getting a job and this new perspective on trading, I believe it relegated trading down to a more proper role to me. Before, I always felt like I needed to work because I have very difficult goals set in place, or otherwise that this is my top priority (I didnât hang out with my friends when I was watching the market or paper trading at school, for example â usually two nights/week but still).
Although Iâm far away from living off trading or even getting a job at the moment, I feel much more peaceful â I am here now because this is what I want to do in my spare time, not because I feel like I need to, but because I want to.
I will probably also be spending a bit less time on trading than I have been as well â not in the sense that I wonât be doing much but more in the way that it will be more in my spare time rather than whenever possible. At school, for example, I will probably be doing something else while Iâm trading (helps that Iâm trading off the 15 min+) for maybe one day a week and just keeping up on the hour when Iâm on the computer. Otherwise, if Iâm trading the 3 hr, I will probably just tune in for maybe 20 minutes every three hours. No real need to learn Elliott wave, no real need to move up to the 5 min or 1 min for a while, just a few steps of experience and innovation in my spare time.
Today: just made a few charts and worked on my market observations document a bit. I am looking to begin trading again Monday.
Chart: haven't posted one in a while. This TL was an uptrend line from the beginning of the parabola, and the PA from the day before (when it broke it) told me it was still respected. Definitely hard to interpret, though - I originally drew it on the hourly a very long time back (which didn't show anything attractive here), but it looked good on the 3 hr as well.
