It was Non Farm Payroll Friday! This trade was interesting because it showed extreme fluctuation and we have not seen movement in the market like this in two years! Here is a breakdown of the trade’s range, short, the building of belief, the challenge of the belief, and the profit release.
This morning, the market stayed consistently between 10 to 15 pips until a manipulation took place in the market, allowing traders the possibility of gaining up to 20 pips. Today is a good example of why patients are so important in trading. Waiting for clarity and the right time, are two of the keys to trading successfully.
This week’s best Euro dollar trade is based on Friday’s first high news event. It paid us out the most in the least amount of time.
So my last blog entry was about the need to make a plan——So I revisited the “lot ladder” and really looked at how I am going to “make money” at this business. If you don’t have the excel spread sheet—THE LOT LADDER– I highly recommend you ask your enrollment counselor to create one for you. This is the business plan—the “way” to see how over time you will create a monthly income. It makes the unknowable and the undoable—knowable and doable. Well at least on paper. Now this plan will not execute itself. It is up to me to make this happen. This “way” is not magical or a pipe dream. This “way” entails an investment of time, an acquisition of real skills and most importantly a realistic outlook. I know what it took for me to make what I make at my current job—the time invested in learning and making mistakes and making more mistakes and I have to be prepared to do the same.
The LOT LADDER provides me an end result I can aspire to. I know that each of us has a different set of “life situations” so the ladder might take longer than mapped out, but at least I will know that it will be up to me to do the work. If life says “distraction over here Andrew” or “better opportunity over here Andrew”, then I know it’s not that “the plan” isn’t working out…I am not working the plan!!! The great aspect about owning your own business (and I have owned my own my entire life) is that I get to call the shots. I get to focus when I choose to focus and I have the power to make as much money as I want only when I want to invest my time and life energy.
Next up- time to build my skills…….till next time….