Sitting On My Hands
I don’t see anything in my charting universe this morning I deem worth mentioning, and believe me it hasn’t been for a lack of trying. My parents taught me a long time ago: If you have nothing good or nice to say then better don’t say anything at all. Not that that has ever stopped me of course.
Our equities campaign is actually the only one that requires attention right now and fortunately it is to advance our trailing stop a little higher. My campaign management rules post 3R in paper profits involve either -1R MFE or the most recent spike low, whichever is lower. In this case the previous spike low is a bit below the current MFE and thus I’m placing mine below ES 2305. A bit of discretion is one of the advantages of manual or semi-manual trading, of course your mileage may vary.
Slow Frequency Trading
Before I let you run for today I wanted to share a neat little story. My brother from another mother down under, Scott Phillips, visited his hot new wife’s extended family in Thailand recently. Whilst there he met one of her relatives who apparently lives somewhere out in the jungle and when he’s not busy roasting rats on a skewer (no joke) charts all his favorite stock symbols manually on paper.
I don’t know how he actually places his trades but I suspect it probably involves inscribing the trade on a scroll made out of frog skin which is then relayed post haste via express donkey to some Bangkok bucket shop several hundred miles away.
And there you have it – the exact opposite of high frequency trading, So next time you find yourself complaining about a missed entry or a crappy bid then just chill out and think of this guy.