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unclemike

Be a Consistent Trader

By unclemike, in Day Trading and Scalping

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unclemike    10

unclemike
Posted

In addition to having both a good trading strategy and being adequately capitalized to trade you must have the discipline to follow your system in good times and bad. Most new traders or inexperienced traders will cherry pick trades. They watch a variety of markets and pick and choose what may or may not be a good trade. Even worse a trader will see a winning trade and want to take those profits off the table too soon or even worse take a losing trade and let it go only hoping it will come back to break even. Let your winners run and cut your losses. This is where an disciplined trading system can be of great help. MORE tomorrow.....

 

chart and video of a couple trades today See video here

2-9-2012Perry.thumb.jpg.bbb80901e02a1012ee0c037ab82a2923.jpg

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CYP    10

CYP
Posted
In addition to having both a good trading strategy and being adequately capitalized to trade you must have the discipline to follow your system in good times and bad. Most new traders or inexperienced traders will cherry pick trades. They watch a variety of markets and pick and choose what may or may not be a good trade. Even worse a trader will see a winning trade and want to take those profits off the table too soon or even worse take a losing trade and let it go only hoping it will come back to break even. Let your winners run and cut your losses. This is where an disciplined trading system can be of great help. MORE tomorrow.....

 

chart and video of a couple trades today See video here

 

Mike - nice video. Thank you. How long have you been using the 1,3,8 cross-over? How did you decide on scale out targes of 3,5,8? Why not just wait until your PT is met and exit all. Do you find it calms the nerves by scaling out? I've done both and I find that scaling out and moving stops to BE help me stay calm, but I'm also not maximizing my profit potential...but oh well.

 

Looking forward to more on the topic of being a consistent trader...

 

Regards,

 

CYP

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unclemike    10

unclemike
Posted

It is imperative to not get shaken out of a market when you are in a draw down. You need not follow blindly forever, and may need to back test again. There have been many traders that have had a good trading system and were well-funded still loss due to lack of trading discipline.

 

You need to practice discipline and staying power when in a draw down. This is difficult emotionally for most traders. What happens is a trader will start trading a system after they watch it go up and make a lot of money. The problem is that all modes of trading will pull back after going up. Many will second guess their trading and pull out of the markets after seeing draw down. While it may be ok to second guess, if you do second guess, do not abandoned the system, go back to back testing to see if it is still relevant or if there are other issues that emerge as better traders in the current market.

 

Here is a breakout trade from 2 days ago....

 

Yours in Trading,

Uncle Mike

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joshdance    10

joshdance
Posted
Here is a breakout trade from 2 days ago....

 

Yours in Trading,

Uncle Mike

 

"Uncle Mike,"

 

You are a vendor, and have not registered as one here with TL. I'm not a moderator but just giving you a heads up. The setting is under your user profile.

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