The hard part isn’t coming up with a new idea.
The hard part is falling out of love with the old idea.
Once I develop a large, deep, and clean intraday database I will be able to conduct historical and intaday analysis in real-time. This will allow me to track momentum and the shifting odds throughout the trading day.
Don’t wait. The time will never be just right!
I don’t have the coding skills to create a sophisticated system just yet so I am using Microsoft Excel with Metatrader 4 (DDE real time data export) that anyone can accomplish with a little googling.
For example, I am able to look at what typically happens after the market opens up, what it does in the first 15 minutes of trading and track the momentum and direction for the major currency crosses through the day. This is great for intraday analysis, but I also need to create a historical database to conduct further analysis and in order to create better trading tools.I believe I will be using a semi-automated process for the historical data retrieval as I do not want this to become onerous. I am still exploring options.
I will be ustilising screen capture software to record the Market Dashboard in real-time, and in conjunction with live trading charts which will allow me to capture my trades throughout the day for later analysis. This method of study, analysis and introspection can take up a lot of disk-space, a 3TB Hard-drive can come handy 🙂
Writing can be viewed as a tool. There are huge benefits to writing, even if no one – yourself included – ever reads what you write. In other words, the process matters more than the product. Tim Ferris