ASX Morning Wood Encore 3 - Third Time!!! Morning morning

Monday morning. First up 8am Short the ASX!!!!! Make 100 points easy.

No real tech analysis here - just a punt on the odds. And the odds were for a big fall in view of the disaster in Greece.

A trader's prayer

Credit belongs to the man who is actually in the arena,
whose face is marred by dust and sweat and blood; who strives valiantly;
who errs,
who comes short again and again,
because there is no effort without error and shortcoming;
but who does actually strive to do the deeds;
who knows great enthusiasms, the great devotions;
who spends himself in a worthy cause;
who at the best knows in the end the triumph of high achievement,
and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.

Don't be afraid of failing

http://nymag.com/thecut/2015/06/vera-wang-says-know-when-to-walk-away.html

If you don't fall - sometimes you don't learn.

"Each time was very, very painful, to make a decision to leave. But I didn't feel like I had reached the summit, the absolute top. It wasn't like I was insanely ambitious, but in my own mind, I always fell short. And I think these two events were very influential for my outlook on life now. And what I do now couldn't have happened without the first two. I had to constantly reinvent myself.
It seems to be a similar thread throughout everything, which is that your life isn't always measured by tangible results. What it really is in the end is the process, and what you learn about yourself and about life. That's something I've taken with me. No matter how bad things get, no matter how discouraged I feel, no matter how much of a failure I feel like — and that applies to motherhood, friendship, everything — I try to believe there's a reason, there's a process, and there's a learning experience. Maybe the journey is where I gained wisdom, where I gained confidence, a sense of reality, a sense of creativity. None of this has been easy. There's an old skater's saying: Don't be afraid of falling. It's 90 percent falling — otherwise, you don't master anything. You might hurt your ass. Or break your ankle. Or crack a rib. It's the same thing in life. There are other places to go. Other things to try. So don't be afraid of failing. I think not trying is worse than failing. Have the courage to try. Otherwise, what are we here for?" Vera Wang

ASX200 Morning wood encore June 26th

Seems relatively easy. Just jump in at pre-market and take the ride down to the basement. Not too volatile. Could have captured 50 points here easily.

The American behind Chairman Mao

In WW2 a US soldier was sent to China to liaise with the Chinese communists - after the war he stayed back and helped the communists. This is his story.

http://www.theatlantic.com/china/archive/2013/12/the-american-who-gave-his-life-to-chairman-mao/282647/

ASX200 June 25th morning wood

The ASX is a peculiar market - sheltered by timezone and can be quite predictable.

Today I took an early morning position - pre-market - at 5678 short.

I was worried it might spike up. So I put a stop at 5684 just to be safe.

The overall general international markets seem more or less negative.

So the odds favor the market going down.

And predictably like a juvenile skateboarder - it did fall over.

I drew a channel based on the previous day move - and got out at 5663. Thankfully - cos it spiked up in the next bar.

I could have reentered at 5675. But I was busy writing my journal. haha. Its still going down. But its time for breakfast now for me. :)

How to be a good trader - some politically incorrect stuff :)

Dax30

The bias for the dax is on the downside. But the chart wants to go up. That's ok. Plan is to wait for it to go up - then sell it down when it inevitably falters at the historical trend line.

Breakout for Dax30

Simple breakout chart for Dax.

If you don't believe in breakouts - at least stay away from placing "sell" positions at that point.

Try and always stack the odds in your favor. If there is doubt don't trade. And never trade on impulse.