I’ve learned some valuable lessons from the lastest book I’ve been reading. I think it might even get me to become a better trader.

Trend Following by Michael W. Covel has been an inspiration and has given me new insight into my trading style.
Since I’ve been trading the Forex, I’ve been swinging at everything. I’ve placed trades within the trends, at the support and resistance levels, broken my own rules of trading without stops, which explains my I’m down almost $1,000 to date.

In his book, Micheal takes a examination of some great trend followers. The anlagy of trading to baseball really hit home for me. Does a batter swing at every ball that pitched to him? No. He waits patiently for the right pitch. Then he swings for the fence (home run). Well, that made a lot of sense to me. Why am I up all night losing sleep over my trades? I’ve set a new set of rules and that is to wait for the right pitch. I’ve set buys on each side of the trend way outside the trends almost 20 points and stops about 50 points above the buys.