Morning to you all.

I am still in convalescence – so early starts (which I enjoy) are not part of my life yet, but another week or so should see me back to my old regime of going for a ‘hard’ cycle ride very early in the morning for exercise, and then getting into my office by 6 or 7 o’clock – there are some good trading opportunities at that time of the day.

Anyway – today was going to be a short one,as I wanted to get away to Southwold as early as I could – and I had all my screens set up by 8:30am. I have 2 systems that I use during my ‘Day-Time’ trading, my “Any-Time” system and also my “USA Forex” one, and by quickly looking at all my charts, I can tell which one should be better to use. Additionally my free system is a strategy that you can use as extra profit if you see the system’s pattern while you are trading another system. Don’t forget – if you want a copy of that system, just email me and I will send it across immediately.

The markets today however were not giving me any clues yet, so I thought I would just wait and see what comes up – and then on the one hour S&P chart a nice signal had started to develop at around 7am with my ‘USA Forex’ strategy.

When mentioning “Wait and see what comes up” it reminds me of a quote by that most famous of traders – Jesse Livermore. I think the quote goes something like this  ”It’s not the trading that makes the money, it’s the sitting and waiting” – he is basically saying is – do not trade just because you are bored, if you have a system – you have to wait for the exact set-up before you enter a trade – do not trade just out of boredom. If you have had to wait 4 hours for a signal, that’s what you have to do, that’s trading. I am lucky as I have 3 different systems to trade (I also use my ‘free’ system)  + my evening strategy, so I never have to wait that long ! I have a PDF document of the thoughts of Mr. Livermore if you would like a copy – just email me .    One of his best quotes is with regard to taking a loss, a big problem with new traders, as it plays games with your mind and you fall foul to fear and greed.   This is the quote:

“The loss of the money didn’t bother me. Whenever I have lost money in the stock market I have always considered that I have learned something; that if I have lost money I have gained experience, so that the money really went for a tuition fee. A man has to have experience and he has to pay for it”

Anyway – back to that trade signal. It developed as I had hoped and I entered the trade at 9:06am and let it run up for a while, and I ended up with a profit of +46 pips. I did not close it off at my usual daily target of  +25 pips as the index was advancing so strongly.

Later on in the day – I had a signal on my “Evening” system at 5:40pm and I took advantage of the strong up-trend in the S&P index, and I finished the evening with +83 pips, so my day’s total came to +129 pips