[KateMoloney]

Thanks Glen.

I’ve triple checked the tech, fingers crossed it works !!

[KateMoloney]

First trades placed with the API.
Started with a small account so I can get my head around the technology and IB platform, create a routine.

Thank you to Nick for your patience and helping me set up the API. I’m still a bit mentally slow and appreciate the time you took to help me get my head around all the settings.

[KateMoloney]

Very true Tim.

Sometimes you have to go down the “crazy” path to appreciate that long term wealth creation is not the exciting, hyped path that marketing will tell you it is.

[KateMoloney]

I think its a given, start trading a new system, expect a drawdown. Market knows you are coming!

Unfortunately many of the “gurus” are in the business of selling courses. I once knew “gurus” who were in real estate, they invested in property that dropped 80% in value (and recommended same property to their clients). Their equity was negative millions of dollars. They were told to declare bankruptcy, instead they scaled their business selling property seminars … which involved them falsely claiming to be multi millionaires.

The experience taught me to take marketing and gurus with a grain of salt.

Often it is the quiet, humble people with the smaller followings that are the ones making money. Like you, I am grateful for Nick, Craig and the team. Nick has certainty that what he is doing works, and he doesn’t need to sell it to you. Craig is super patient and is a great teacher (especially with coding and AB). And of course, give yourself a pat on the back Tim for continuing to search despite spending $100k on programs that didn’t work for you. You could have easily given up and become spiteful towards trading, and here you are now profiting from it.

[KateMoloney]

When I was in university I discussed TA with a number of my professors and got a lot of push back.
But then I had to remind myself that they (in their own words) were teaching us things that we wouldn’t use in the real world. For many of them their only source of income was from employment. Not that its a bad thing, it just shaped their views, especially when combined with the curriculums they taught.

[KateMoloney]

Hot tip : Buy that squid coin crypto

Just joking – but take a look at the backstory. Its interesting.

[KateMoloney]

Hey Glenn, oh yes the market is certainly full of surprises. Keeps the game interesting.

I certainly won’t get cocky when the profits come along, which they will in time.

People who glamourize trading (or any kind of business) forget that the profits are earned during times like these.

[KateMoloney]

You make such a good point Julian.

When I started trading I looked at the account balances daily … beginners cycle … now I check in weekly (depending on the system and frequency of signals).

I keep linking trading back to dairy farming. Some years my parents made no money despite long hours in all kinds of weather …… other years they made incredible profits and were able to pay down the debt, invest off farm, expand etc.

Its why I love having multiple streams of income … you are less reliant on one thing working out, which ultimately gives it room to succeed.

[KateMoloney]

Thursday and Friday last week two of the portfolios held a share that dropped circa 17% – 19% in one trading session.

Thanks to MRNA, Friday night session saw a loss of circa $17kUS. The day before, two of the portfolios dropped in value a combined circa $15k.

In December will have been trading for 12 months and have seen profits go from $90k to a loss of $10k.

I am very lucky to have a life partner who understands the bigger picture and doesn’t get rattled by the day to day swings of the market, although I imagine for some people their partner may not be able to handle the swings of the market “what are you doing – go and get a job”.

In terms of mindset, the initial losses didn’t bother me so much at the time, but then a couple of days later it did start to bother me. Some of this might be because I’m recovering from a minor ear surgery and the wound dressings have blocked my ear up, which has impacted my mental function/balance. Simple things like walking, talking and thinking are more difficult than usual.

I can’t control my balance/mental issues until the dressing comes off in 10 days time, but I can control my thoughts.
So I’ve started writing down a list of ….

The benefits of financial losses,
the benefits of trading for a year and breaking even,
the drawbacks to me if I made a $100k profit in the first year of trading.

What I keep realising is that despite the recent challenges, I still want to keep trading and understanding the game. I am certain that I will be trading in years to come.

I also realise more and more the importance of time IN the market and having multiple systems. In the future, the issue I am facing at the moment won’t be as much of an issue when I have my target 6-8 systems running. Additionally, we won’t get cocky when we encounter the big wins, because we know the ups and downs you have to go through to get to the big wins.

As Nick says, trading is simple, but it is not easy.

[KateMoloney]

This week has been an interesting one. With a corrective surgery and being out of it for 48 hours….. it does make one think about the systems and processes to put in place when we are not capable of running our daily systems. Even today I am struggling with cognitive function due to having one ear completely blocked off.

On another note, its been a ride the last 24 hours in the ASX momentum system and Trade Long Term. Both systems had one share drop 17% – 18%.

Felt no emotion over it and thought, what kind of joke is the market playing on us at the moment. Just like profits come and go, so do losses.

The mischievous side in me wanted to email Nick and complain, but since we are having a call later today I figured I better be nice to him ! :cheer:

On a more serious note, my husband and I are achieving our financial goals without trading. Whilst our trading profits this year have dropped from a peak of $90k to $10k, I have no regrets, and if we can achieve our financial goals without trading, then *WHEN* (not if) the trading profits kick in, then it will only supercharge our ability to achieve our financial goals.

[KateMoloney]

Because making money is too boring for the media ….

[KateMoloney]

ASX momo 0%
Growth port -4%

US TLT +8.2%
US momo +5.13%

Aiming to start trading my MR system in the next 2 weeks.

[KateMoloney]

Update

Still working on the system every day. Really enjoying the process. Need to do an excel course at some stage to learn a few shortcuts working with copious amounts of data.

Looking forward to designing a trend following system (will leave that for 4-6 weeks until the MR system is finalised).

[KateMoloney]

Hope you get better soon!

We have a safety deposit box with instructions (updated 12 monthly) on how to login.
Instructions at present are to exit all positions (except the chartist systems, which a muppet could follow).

My best friend is trading the chartist systems, so she could help my husband & Mum become acquainted to the chartist systems.

I have also started writing more detailed instructions on a project management system which sends out weekly/monthly alerts (when actions need to be taken).

[KateMoloney]

Yikes, even my first *crappy* attempt at a system was better than this

[Author]

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