Archive for March, 2008

Monday, March 3rd, 2008

I’m pleased to say that March started off with a nice 37 point win. This was a short trade, despite the market rocketing up to the 60 point limit in the first few minutes of trading…..

I’ve kept this daily diary now for two months. My primary purpose was to show that day trading can yield consistent profits, especially after I saw a lot of articles claiming this was not possible.  

There was no way I could have known how this trial would turn out when I started, and I hope you will agree that I have kept an honest and frank record. There were reasonable profits in both January and February, during a period of great volatility in most world markets – wheat being no exception.  With due modesty, I suggest that very few other trading advisors on the net have published their own real trading results in this manner.

Trading is a volatile business, and the trader – in any time frame – has to accept substantial equity capital swings. The beauty of disciplined day trading is that the greater number of trades allows drawdowns in equity to occur and be overcome in a manageable time frame. You may have some losing weeks, but very few losing months.

As those of you who have followed this blog know, I trade from Australia in the middle of the night.  Usually I only need to be awake for an hour or so, from 1:30 a.m., but of course blogging takes extra time. I have a morning commitment, needing to be up with my son at 7 a.m. and get him off to school at 8 a.m. (My wife is a nurse working early morning shifts.)

The long and the short of it is, keeping a blog  takes quite a bit of extra time, and that, combined with the considerable consulting work it has generated, is leaving me short on sleep.  The main casualty has been trips to the gym, which I am having increasing difficulty fitting into my schedule.

One of the main reasons for being a trader is the wonderful lifestyle it offers, but I am finding my own success is impacting on lifestyle. I am busier than I was when I was working full time, and often feeling fatigued.

For these reasons, I have decided not to continue the daily trading diary and also to limit the number of new coaching clients I take on (although naturally I will continue to work with those I am currently helping). The goal will be to get back to the simple trading lifestyle, which is my greatest passion, and which gives me plenty of time to pursue those other activities which I value highly.

To those of you who may be interested in finding out more about my trading approach, my eBook covers this in a good deal of detail and will continue to be available from this web site.

Thank you to all readers who have followed this blog, and thank you for the many supportive emails I have received. 

David