Control Your Life by Controlling Your Time Part 2

Suppose you just got off your lunch break from work and I call you all the way from New York. I say “Listen, if you meet me here at the John F. Kennedy airport by 3pm sharp, I’ll give you $750,000.” You look at the time and it’s a quarter past noon. You’re first reaction is no way. Impossible. That’s a little under 3 hours. The flight is two, and traffic alone to the airport would be an hour. But wait with three quarters of a million on the line you get creative.

We talk ourselves into believing we cannot control events that we can really control. The better you feel about yourself, the most productive you will be. What types of things do you do that make you feel best? You feel best when you do things that matter most to you. What are the highest priorities in your life? Of these, which do you value the most?

Why do we have so much trouble accomplishing the things that mean the most to us in the long term? We think we are going to have more time at some unspecified future date than we do now. “Well, I’ll do that next week, or next month, or next year, or when I retire, or when I make better money,  when the economy is better etc”. We think we can somehow save time. As if you don’t have it already. That’s like trying to jog a mile faster by saving your energy. You have all the energy you need. Instead of walking half the damn time, we should focus on actually running.

You would be very upset if someone gained access to your bank account and stole all of your money. Why then don’t most people blink an eye when all sorts of distractions creep into our lives and steal our time?Procrastination. The dirty word. Why do we procrastinate? Important tasks are likely unpleasant. What’s sexy about balancing a checkbook, counting calories, or taking out the garbage? Be productive and successful requires us to leave our comfort zones.

Set a deadline. Do the most unpleasant part first. Make a game out of it. Build in a reward.

The Winning Spark

When people start limiting the amount of success they desire, I assure you they will limit what will be required of them in order to achieve success and will fail miserably at doing what it takes to keep it. – Grant Cardone

Today I learned that I am not successful. What a revelation indeed. However, knowing this, there must be so limiting belief I have that is and has been keeping me back.

My success philosophy comes from a weird paradox. We live in two worlds. Two universes. The first universe dictates that everything that will happen will happen. There is no choice. Current and future actions are byproducts of actions that have already occurred; this universe obeys no one. The second universe is a hard working servant bound by the all causes, choices, and actions that are being made. There is no limit to any request it is given, and this universe discriminates to no one. Any free person can oblige this universe for its servitude, and any free woman can have their requests granted.

Reality is somewhere in the mix.

Losing Recap

Now is the perfect time to get back to my roots and assess where I am.

Trading was never meant to be easy, and I don’t expect it to be.

However, I do know that with enough hard work and dedication being profitable is possible.

The common thread I have noticed is the timing of my trades, the quantity, and the timeframe.

What do I do best?

I do best when I enter a trade on data and instinct. Pick the best pairs and do analysis. Time your entries after the best three pairs are analyzed.

 

The quantity work best is with patience. After my first trade, I must immediately figure out what went wrong adjust for the second trade. Trade no more than 5 every 15 minutes.

Best case: $12 profit

Good case: $2 profit

Eh case: $6 loss

Worst case: $15 loss

Even a $2 profit in 10 minutes is great!

 

The time frame is important as well

I can use the 15 minute, 30 minute or hourly

The maximum amount of trades I can make in one hour are 12

Start your trades like this:

2×15, 2×30,1×60

3×15, 2×30,

3×15, 2×30

Recap of Week Oct 1

The best strategy is the one that works. Rather than some magical formula that you haven’t found yet.

The 5 energies of the market

Trend- Check the Oanda volatility charts. Look at the hourly. Anything above a 0.1% change is fine.

Momentum- For an uptrend you want momentum to >0. You also want retraces to be above zero. If not the trend is not strong enough and you have to throw out all assumptions. Draw as trend line on your

Cycle-Stochastic: Use Length 2, D-3,K-5. If it disagrees with your overall trend, then the direction is going to change. Its a leading indicator and use it with momentum. Drawn a trend line for you momentum line and if when there is a cross

S/R-Leverage this with multiple time frames (3:1 ratio) and Support levels

Fractals- Each time frame should be referred to. Used

 

Weekly Recap for week-Sept 24

Life happens, and it sure has for me. However, some important lessons can be taken from this week. Firstly, trading makes you overly confident if you are not careful. I placed way to may risky trades in my $1000 account and I was down to $883, but after two successful trades in a row, I’m up to $894. My investment amounts should never alter until my capital DOUBLES. Period. $5-10 trades only. Secondly, consistency is the key. Whenever I am out of the market, I’ve noticed that it takes a while for my “instinct” to kick in. I need to trade everyday to become profitable. Thirdly, a major mistake is not following strategy. I can trade naked price action; however, I need definitive entry and exit points to stay consistent. This is will especially help me for whenever I trade by pips instead of options.

Going forward, my battle plan for trading is:

  1. Commit my trading strategy to memory
  2. Trade two options a day.
  3. Finish two tasks in Apiary a day

EDIT: http://www.livecharts.co.uk/currency-strength.php

I shall use the currency strength meter as well, and also take advantage of longer term expiry on Porter Finance.com