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Friday, March 9, 2012

Keep a Trading Journal!

MAKE A DIARY OF YOUR TRADES to keep a written on-going track record of your progress. I cannot tell you guys with enough emphasis how important your trading journal track-record is, except to say that if you don’t keep a trading journal or at least regularly analyze your trading history and equity curve, you are extremely unlikely to ever make consistent money in the markets.
The actual process of updating your forex trading journal will help you stay disciplined and organized. This is part of developing the positive trading habits that are so crucial to becoming a long-term profitable trader. I don’t care if you think updating your journal is boring right now, stop complaining and start doing the things that YOU KNOW you need to do to become successful. I can promise you that if you keep screwing around by being unorganized and half-assing it, you are never going to pull the sort of money from the market that you want. You NEED to look at your track record on a regular basis to see something tangible that reflects back to you your ability or inability to trade This will work to keep you on top of your game.

Taking a break tonight! March 09 2012 Thursday

Presumably, the renewed bid tone in the markets over the past 24 hours has been primarily driven off the fact that Greece has secured a 95% take up rate for the debt swap deal. Market participants have found comfort in this fact and the successful passage of the deal will help eliminate any added unwelcome uncertainty in a still shaky global macro environment. However, from here, we are not all that confident in the prospects for additional risk buying on Friday and things are expected to pick up into the latter half of the day with the all important monthly US NFP data, immediately followed by the EU’s final decision on Greece’s second bailout.

I don't see any setups tonight. Non Farm Payroll data coming out and that is a vital news release. We will sit on the sideways and take another break. Lets relax tonight!