Humility reigns supreme and compulsions are identified clearly. Granted, the forex markets have been much more volatile, and hence more difficult to analyze with the routine methods. Few fundamental announcements have been made, and the bullish and bearish rallies were more sporadic. I made 4 extra trades as I became more familiar with Oanda and IG brokerages for my live account. All that to say, I was less concerned with the results from trades this past week. The only thing I'd say I did well was size my positions. I noticed the importance of anticipating the volatility. Utilizing candlesticks on the H1, H4, and D1 charts helped the most. I have another strategy in the works for the live account. It's more of an improvement of my current strategy to manage risk and increase probability of success. What else is a strategy suppose to do?
I also received good info from an old friend who's been trading in the stock market for a few years now. The resources he provided proved to me yet again that the skills gained in learning charts translate across markets. There's a reason why so many books spend chapters on chart reading strategies (technical analysis). For options trading, I see technical analysis being more beneficial, and I've been listening to more options talk toward that end.
The Corporate Finance book is going well. The most interesting topics have included Net Present Value and capital gains taxes (less than normal income taxes). There are great exercises at the ends of each chapter, and I haven't attempted any of them. A simple read through was sufficient. Small businesses fail because of "overconfidence, relativism, and compartmentalization," all which translate to ignorance or a lack of understanding. You have a good team to see around corners for you, see ahead, and apply lessons from history. With growth, there has to be a growing perspective and awareness of everything that can impact your business. I can see the importance of projecting the sales of products, including sunk costs, production costs, contracts, etc. You have to be see the profit in scaling your sales up and expanding your market reach. The current chapter hits on Financial Statements. I want to take away a lot from this one.
I'm in the final stages of this academic workout regime, visualizing what I routine will look like in the future. This may be the week of finality. Until next week!
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