Good afternoon and happy trading day to all,

As most of you are probably aware, I announce my trades live in a chat room on the Marketiva trading platform, and have done so since around November last year. It is something I have enjoyed and I really appreciate the kind words (and the not so kind ones) from those that hang around in the shadows of the Australia room. I never started the live trades with the presumption that my knowledge warranted it, or that my trading skills were better than anyone elses, instead it was a tool for me to simulate the pressure and responsibility I felt I needed to make a living from this caper.

However, as my trading level starts to change, so does my live calls, as well as the level of analysis I feel is needed to trade responsibly. So here are my plans as of next week:

1. The problem with my calls at the moment, and essentially my trading method when I think about it, is that the calls come as the trade is made, rather than giving enough notice for others to look at the suggestion and either follow suite or laugh at the sillyness of the analysis. Again I started live calls while I was doing demo trading, in an attempt to simulate the pressure and responsibility that would be needed to trade live. Now that I am trading live, I really believe that it helped me greatly, and I recommend others to do the same with the appropriate warning to others of course.
   
   The obvious weakness to me in my trading method is not when I carefully analyse a days charts, applying my knowledge to what I see and planning a trade accordingly. These have a fairly decent record, instead, it is when I become what I call a "reactionary" trader (or it could just as easily be called a reckless trader), where bad habits such as opening trades mid candle, not waiting for confirmation, pre-empting breakouts etc. etc. creep in (bad habits for me that is).
   
   So it is time for me to adjust the nature of the calls to counter this, instead I will provide suggested trades based on my daily analysis, things like
   
   ".. if blah blah support is broken, the daily trend line should push things down to the next round number support ..."
   
   I anticipate that this would be accompanied by charts and would be done some time early Asia, and on occasions, late Europe if there was something lining up.
   
   
2. Ill be changing how I announce this analysis, partly because the Marketiva chat rooms do not allow you to post images, but more importantly, of the (on average) 350 or so unique visits each trading day, the vast majority are not Marketiva users. Instead, I will post the analysis in two places. Here on the website of course, and secondly I will group message any Yahoo Messenger users that subscribe to the service (yep for free of course) so you will know instantly when the analysis is done.
   
   I am aware of a function in Yahoo that allows image sharing and chatting as well as conferencing, I will look into that also to allow interactive daily analysis perhaps on a Sunday night before the weeks trading as was suggested before, and if anyone knows of a web based chat program that allows image sharing please let me know, the search is driving me nuts!
   
   Please see the bottom of this article for the process to subscribe via Yahoo, it is really very very easy.

There are exciting times ahead for myself, as I move to an account size that allows me to move towards my goals I listed here, and I hope that I can take this site forward as well. Ok here is the process to subscribe to the daily analysis service straight to your Yahoo:
If you don't use it already, download and create a Yahoo Messenger account here, if you do not stay on the one computer, there is a web based version with limited functionality here. (and here is an introduction to Yahoo Messenger)

SUBSCRIPTION PROCESS

1. To subscribe to the alert service you must add akuma99_alerts@yahoo.com to your messenger. Note that this is different to my personal yahoo id that many of you have on your list already.
2. This will send a request asking for authorization, so please if you remember add a little comment in there indicating who you are to ensure I dont think it is spam :)
3. From there I will authorize the request and we are all good to go.That is it, wait for the next Asian session to recieve your alert, please know that this is set up purely for alerts so I wont be able to answer personal questions at that ID, and don't be concerned if it is offline most of the time, as I will need to be logged in to my personal account when alerts aren't being made.

Love to hear your comments if you think this will be a good or bad idea, remember if you don't want to use Yahoo, there is a day's end alert service in the right hand menu that sends you a quick email when an update to the site is made.

Yahoo Analysis Do's and Don't's

Happy trading!

This entry was posted on Thursday, January 19, 2006 at 3:12:00 PM. You can skip to the end and leave a response.