Pre and Post Trading Checklists
One of the most important things you can do to improve your trading is to develop specific patterns of behavior. If you have ever watched a professional golfer get ready to hit a shot or pro basketball player take a free throw, you will see they have a very defined ritual or pattern they follow each and every time.
Since your goal is to be successful on every trade, profitable every day, month and year, you will need to develop routines used by professionals to ensure maximum consistency and success.
Develop Pre Trading Checklists, a Daily Schedule and System Setup (including disaster plans) and Post Trading Day review checklists.
Also snap pictures of your charts at the time of your trades for both entries and exits. You can then review and annotate them with how and why you took the trade and the exit. This is an excellent learning tool that will significantly improve our trading.
Once we decided to get serious about trading we established these rituals and keep them religiously. We measure our success on how well we follow our system and our trading signals. You will need a programmed Excel spreadsheet for a trading logs to help you monitor your progress as well as some way to compare various trading approaches for profitability, win-loss ratios, draw-downs and stop loss comparisons.
Note: You can use our measuring tools or develop your own. We provide bonus spread sheets to assist you in developing your own expectancy ratio
Are You Having Trouble Pulling the Trigger?
If so, ask yourself: How Do You Handle Fear and Greed?
When you've conquered fear and greed, you can "pull the trigger" with confidence.
Four things about fear.
First, a definition. Fear is the unreasonable assumption that an outcome of any action will be negative. And greed is just the flip side of the same coin. It is fear of success, not failure!
You can overcome fear and greed by becoming familiar and confident with just the understanding of what is causing you this fear. Analyze all the issues and see how you feel before, during and after an event.
Fear can be overcome by understanding the basis of the fear, but better yet the lack of understanding is caused by your lack of confidence in your system. You get confused. That is easy to do because all trading programs, gurus, time frames, etc. will give you conflicting signals. Until your conscious mind and your subconscious mind agree on your approach, you will not trust the signals you see, and either hesitate, jump to soon, or freeze totally. This is caused by the uncertainty you feel.
No one can predict the future. You can only intelligently guess with some level of probability that a certain outcome will occur. Since trading the eMini is really trading the psychology of thousands of traders from around the world, it's important to understand that that psychology goes through fairly predictable patterns.
Patterns
Patterns such as Fibonacci retracements occur very often because of fear and greed. Smart people know that and fade those retracements, which is why the Pesavento Patterns we talk about work. After trading and reevaluating certain patterns, we have discovered two very high probability trades and we have developed the patience and discipline to trade them.
We compare trading signals from four different trading system approaches to show you how similar they are to one another. We prove that the key to any trading success is based more on mental control and money management than trading signals
you can literally walk by the computer, see whether to be long, short or out. Take a trade, if appropriate, and exit on the next signal with a 2.3 point average profit Finally, when you begin to get results with 70% win loss ratios on the real charts but are still not using your own money, it is time to go for it with real money on a small account. As you get more confidence, you can grow both your trade size and your accounts by using Dual time frame trading system
One of the most important things you can do to improve your trading is to develop specific patterns of behavior. If you have ever watched a professional golfer get ready to hit a shot or pro basketball player take a free throw, you will see they have a very defined ritual or pattern they follow each and every time.
Since your goal is to be successful on every trade, profitable every day, month and year, you will need to develop routines used by professionals to ensure maximum consistency and success.
Develop Pre Trading Checklists, a Daily Schedule and System Setup (including disaster plans) and Post Trading Day review checklists.
Also snap pictures of your charts at the time of your trades for both entries and exits. You can then review and annotate them with how and why you took the trade and the exit. This is an excellent learning tool that will significantly improve our trading.
Once we decided to get serious about trading we established these rituals and keep them religiously. We measure our success on how well we follow our system and our trading signals. You will need a programmed Excel spreadsheet for a trading logs to help you monitor your progress as well as some way to compare various trading approaches for profitability, win-loss ratios, draw-downs and stop loss comparisons.
Note: You can use our measuring tools or develop your own. We provide bonus spread sheets to assist you in developing your own expectancy ratio
Are You Having Trouble Pulling the Trigger?
If so, ask yourself: How Do You Handle Fear and Greed?
When you've conquered fear and greed, you can "pull the trigger" with confidence.
Four things about fear.
First, a definition. Fear is the unreasonable assumption that an outcome of any action will be negative. And greed is just the flip side of the same coin. It is fear of success, not failure!
You can overcome fear and greed by becoming familiar and confident with just the understanding of what is causing you this fear. Analyze all the issues and see how you feel before, during and after an event.
Fear can be overcome by understanding the basis of the fear, but better yet the lack of understanding is caused by your lack of confidence in your system. You get confused. That is easy to do because all trading programs, gurus, time frames, etc. will give you conflicting signals. Until your conscious mind and your subconscious mind agree on your approach, you will not trust the signals you see, and either hesitate, jump to soon, or freeze totally. This is caused by the uncertainty you feel.
No one can predict the future. You can only intelligently guess with some level of probability that a certain outcome will occur. Since trading the eMini is really trading the psychology of thousands of traders from around the world, it's important to understand that that psychology goes through fairly predictable patterns.
Patterns
Patterns such as Fibonacci retracements occur very often because of fear and greed. Smart people know that and fade those retracements, which is why the Pesavento Patterns we talk about work. After trading and reevaluating certain patterns, we have discovered two very high probability trades and we have developed the patience and discipline to trade them.
We compare trading signals from four different trading system approaches to show you how similar they are to one another. We prove that the key to any trading success is based more on mental control and money management than trading signals
you can literally walk by the computer, see whether to be long, short or out. Take a trade, if appropriate, and exit on the next signal with a 2.3 point average profit Finally, when you begin to get results with 70% win loss ratios on the real charts but are still not using your own money, it is time to go for it with real money on a small account. As you get more confidence, you can grow both your trade size and your accounts by using Dual time frame trading system