Ok, in my early stage of blogging, I was as ignorant as a clueless ant walking blindly in circle without a sense of the surrounding social media phenomenon. Like a baby-face farm boy who was oblivious to the metropolitan world of communication, I logged in my trades under the comment area of my blog post while others are sharing their trades and quick thoughts on the super-highway of twitter.
“If you’re not using Twitter to promote your work, you’re a f*** idiot” The Fly proclaimed in one of his post.
Holy Jubilee! Time to get off my lazy ass and learn to ride the twitter highway.
Slowly and in baby step, I dipped my toe in and began to walk on the twitter highway.
And a lot of walking I did; so much so that I ignored my blog for the easy twitter updates.
Talking about walking, if The Fly has thought of “Walk the Dog” while reviewing my blog “followingpriceaction.com”, something is not right. I suspected it must be the word “following”. Yes, it must be it; dogs always follow their masters. (Hint: Price Action is our master in the world of trading.) Originally, I chose the blog name to remind myself to follow the price action; but then, thanks to The Fly’s reaction, a reminder doesn’t necessary make a good blog title.
In some way, I’m glad of The Fly’s brutal honesty, Followingpriceaction does sound limited in scope. So, I enlisted the help of my family members and came up with one we agreed on:
I like it.
Think about it, it doesn’t matter what technical tools or fundamental stories I am using to back up my decision on a trade, it is essentially my 2 cents in the end. All I am doing is to build a supporting structure using chart patterns, momentum indicators, fundamental story, etc. to give me confidence to execute a trading decision.
An interpretation of a chart is nothing more than my 2 cents in attempting to forecast the short or long term direction of the price action.
My belief in the fundamental story of a stock is nothing more than my 2 cents in attempting to form a vision of the future.
Nothing is ever guaranteed in life and everything has its own risk; but it all starts with our taking a position or direction based on our 2 cents.
History has shown that while it is in our nature to take risk, it can be catastrophic to take risk for granted. Our 2 cents can only takes us as far as we are correct (aka being right); but to ignore the risk (aka the cost of being wrong) will be foolhardy. This is why we must always take precaution to cut our losses when our 2 cents turned out to be worthless (aka being wrong).
Although followingpriceaction.com started off as a reminder for myself, tradingmytwocents.com also has a reminder baked in- because it is ONLY my 2 cents, there is no need to prove how right I am. If I’m wrong, I can throw my two cents away. In other words, don’t pay top dollars to keep your two cents and learn to cut your losses quickly folk!
TradingMyTwoCents.com is my next step in transforming myself as a blogger.
Let’s see where it goes.
Categories: Trading philosophies and thoughts