Another tough week

I had a pretty good CAD trade before my 3rd lot closed out this morning but I missed the bigger move upward.  No need to be greedy though.  Other than that, I’ve had a pretty bad week. 

I cannot say that there haven’t been traces of impulsiveness but generally I’ve been following my stop loss and limits.  This is a good thing.  1 mistake that I have made was making 2 trades because of the advice of others.  This is where I lost a majority of my money this week.  There is no problem with taking the advice of another if you also did the research and study.  But what I did was blindly go with what 1 other person recommended.  I’ve been receiving John Carter’s newsletter this week during a 2 week trial and his latest recommendations didn’t work out.  This isn’t a knock on him because you obviously have to expect losses.  What hurts more to me is that I was not in control enough of myself to make my own decisions.  The only decision I made was to read a newsletter and place a trade exactly as it was written.  If I didn’t want to do any thinking, I shouldn’t have been trading. 

What’s done is done.  I always preach to myself to make my own decisions and live by them.  You cannot expect to make money by listening to a newsletter here and a newsletter there.  That’s a good way to lose your money and fast.  If I subscribed to John Carter’s trading room or was an avid follower of his newsletter, I might expect better results. 

One exciting thing this week has been the development of my 4th custom indicator.  Just like every indicator, it is just a derivative of price but it is suited to my preferences.  I can’t say much more because I don’t know if this indicator will work out yet.  I’m still testing it but the results look promising so much so that it surprised me.  I have a firm belief that there is no holy grail.  I understand that.  But there is a system that you can create that will work in certain market conditions that will consistently make money.  With my programming experience, it is my thought that if I can create such an indicator, it can be totally automated.  This doesn’t mean that I don’t want to study charts.  Supplementing this with a steady money making system is like having another employee working next to you making trades and money for you.  You have to give it direction but generally it works primarily on its own.

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