Today is our last day and I’ve been reading some of Al Brook’s book at the beach. I first read it over a year ago and I guess I wasn’t ready for it then as it makes a lot more sense now. I think he goes overboard with his patterns and analysis but I’m picking up some good information here and there, and that makes a second read worthwhile. Actually I must admit I didn’t succeed in reading 100% of it the first time. <grin>
One thing has me thinking: He says to take half off at +1 pt and swing the other half with a breakeven stop. That’s what I was doing before but lately I’ve been going for 2:1 ratio on my first scale. It’s too early to know which is best so this is something I plan to keep track of.
I like what he says about counter-trend: Don’t do it until after a major trendline break with momentum and a retest of the high/low. That would keep me out of trouble and is in line with my recent attempts to avoid fading.
I also like what he says about going for 1 pt/day and increasing size. I’ve been working on increasing my profit and reducing risk. Maybe I’m going for too much? 1 pt/day doesn’t seem that hard.
I think I’m done for the day as it’s time to go back to the beach one last time. Traded “ok” today.
I made 924 euros while on vacation, without any losing days. I’m very happy with that as I traded less than a couple hours/day when the kids were resting. It didn’t interfere with our vacation and it kept me in tune with the markets. Trading only a few hours/day a few days/week was a nice relief from the 8+ hrs/day I usually do. I plan to trade a little less when we return and spend more time on exercise and hobbies. I think it’s much easier to focus when trading only a few hours at a time.
Tomorrow we drive back, a grueling 8.5 hour drive which with kids takes about 12 hours, especially if we stop and visit on the way. So I’ll be back on Thursday.