Read the tape.
If you want to take profits from the market, that skill is an important one in my opinion.
The bewildering challenge today is not a lack of ideas and opinions; it is too many choices.
Five hundred TV stations, but how many are worth watching?
We have eight favorite gurus on twitter, ten fancy indicators, and two voices on TV vying for our attention.
Free webinars, low cost seminars, high priced ones.
People with 60 followers getting advice from those in their comfort zone, maybe a few hundred.
All to make the choice of what to “Buy” or “Sell”.
We don’t trust ourselves; no wonder we are always chasing other’s advice.
My voice and opinion won’t solve your problem, unless you allow it to penetrate and integrate it into your trading psyche.
RT @hooper10: E: still inside day… contra time … under 78 ok for shorts above uh -oh #EMWS / we thought shorts edge for morning only
Traders with little success or experience go to “gurus” for advice. Smart move, if you align yourself with those compatible with your bank roll and temperament. You will save years of trial and error, as well as money.
We still have to internalize the information so we can ACT in our own best interest.
That’s the part of Teamwork that can only be done by us individually.
When someone ignores risk and reward and wants his last two points…we often give back a substantial portion of our gain.
Using 4Q as an example, his rigid bias kept him focused on his target, rather than reading the tape. When he finally accepts his trailing stop out, the market resumes in the direction he wanted for the closing, in a profit taking swing.
He could have done better, in my humble opinion, by taking a portion of the contra, and a piece of the closing swing. Mental flexibility is an important characteristic of successful traders.
Teams help us from being swayed by our own emotions. We point out gently to each other observations, and we all draw our own conclusions.
Gurus who won’t listen to anyone else’s opinions have the capacity to harm us if we blindly accept their bias.
No one knows where the market is going. We speculate. We educated guess.
I ran a tape reading webinar yesterday for our team. Every time I do that, it helps me as well. A young lady was measuring from one swing to another, the way most traders do.
Reminding her of one of our most powerful system tools, I was able to demonstrate how we could correctly perceive those turning points in advance, within one point. Using the SP , NQ , and Gold, the key pivots could be visualized easily and quickly.
It takes time to grasp this work, but its worth the effort.
The system tools, and not any guru, are the prophets of our profits.
Friday’s move was a typical regression trade that was an inside bar, testing the previously unauctioned portion. Those who wanted a breakdown missed the trade logic that was obvious to sequence traders.
Those who wanted eighty five target were also disappointed.
In between was the right answer, as it should be.
There is nothing more I can say or do to convince you this system works. For almost four years I have shared with you a partial view of the depth and breadth of ideas we use to identify the trade logic.
I hope you have enjoyed the free videos. Subscriptions will soon be available for those who want to learn from our methodology.
MARKETwizardz is my companion site which will offer tools like these for those who want to be successful in and beyond the E-mini sp. Check regularly there for course offerings to fine tune your game.
The open Half gap Trade
Range Low target achieved.
Pre market seeds…