Trading to win using the Secret Code of the Illuminati

Body Bags

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Stop Losses

Enough already. You can analyze the market to death… at some point you have to concede that the trades make sense or they don’t.

It’s Friday, right?

Most undisciplined traders get carried out in body bags on a day like today: We call them Rabid dog days.

They come along often enough to hurt you; maybe 2 or 3 times a month.

They are outliers; possible, but out of character. No give, all take.

One way elevators.

I expect that most traders, including the one who said:

RT @xxxxx: @eminiwizard kind of expected when open above globex, & obvious trend day. / hindsight is always easy did u buy 32?

…do not understand the dynamics of trading.

If you are not in the long side before the report, are you just trailing? Moving stops up? Risking you profits (if any) before the news ?

“First do no harm”… accept a stop out, maybe two… then stop beating your brains out.

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My posts to eminiplayer made it clear our style of trading

RT @eminiwizard: we were prepared for the 41 test… and this is just one of those days that hurt undisciplined traders /// True

@eminiwizard Have u traded from Long side today? Aside from that 1st pullback to 36 Area, I didn’t see any good spot to get Long

RT @eminiwizard: no good entry, then missed is missed… key is don’t get trampled by undisciplined traders being squeezed :) /// Definitely!

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Missed money is better than lost money.

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Target was 40.75, then the 42 to 43, with any day high possible.

We figured 38 as support after the 42 high was hit.

We advised traders to use the 44+/- idea as resistance scalping for a few points. The goal was to capture any stop outs.

Half gap trade is a favorite play of ours, and today it gave us no chance to do much of anything at the open. Accept it, don’t take it personal, live to fight another day.

Those who think they can make a living at this business buying opens like this on a regular basis, please show me how.

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Special thanks again to Jeffrey Lin for his work taping our numb skull session.  If you want to know what it is like in our chat room, take a look.

Have a great weekend all.


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