Why I Trade and Nick Update

There is only one reason I trade - for the MONEY. 

If I could, I'd go live on the Barrier Reef in Australia, go diving every day and eat coral trout, and just get them to send me the cheques (checks). But reality rules, and that's just not going to happen. (Mrs. EL says that I would live that for about two weeks, like every other time I tried, and then start complaining that I had too much time on my hands or I didn't have enough "brain" work).

So I'll keep working till I die, slowing down a bit as I enter old farthood and trading longer term through my option program. 

But for the foreseeable next 5 years it's the ES, Euro, ET and Bund for me. All liquid markets. I'll use the FloBot to take the load off a bit.

Traders make it hard for themselves. I just try and keep it simple, the simplier the better. My trading plan is sound and I don't care about losing trades. I understand my trading profile and what to expect. I know when I have losses due to lost focus and I try not to trade when my head is not in the game. I would rather lose a day of trading than lose money due to my lack of focus.

This aspect of isolation and focus is very important for me. I am continually fighting to keep it. I sometimes get tempted to look at something on the web, start reading that new book or something else not directly related to the trade. If I do, I'll miss a trade or miss an exit. But that's my trading disposition, yours might be different, but it pays in spades to find out what "yours" is.  The better you know yourself the better trader you will become.

Nick will be starting treatment for his Hodgkins this week. He is in very good hands - a team that specializes in Hodgkins. We spent the last two weeks doing tests and scans of every kind so the team know what they are up against. He has a 6 month treatment schedule ahead of him and I won't be posting about him again until I can say that Nick has been cured which is what the doctors are aiming at. Thanks again everybody who is thinking of him and has wished him well.

Trades from Monday 29th March in the Euro FX future show that sometimes a late entry is not a disadvantage. Also, using range bars, the methodology is quite forgiving and allows you to exit potential losing trades at a small profit or break even.

Click to enlarge