I really feel like trading now after having recharged batteries, this business really drains lots of energy from us traders, as day traders we have to be concentrated, 100% focused throughout the day, for up to eight hours daily from 8 AM until 4 PM EST, not easy!
That's the reason why in order to be a trader you really have to love this thing, passion for the work itself is a MUST in our industry, I really love it.
Back to business, as usual...
For those who are following us on the trading challenge from US$ 10k to 100K that we started on February the 2nd, we are now at: US$ 39,929.92 this is the 5th Stage of the challenge, soon heading to the 6th as we reach US$ 50,000, half way from our final target at US$ 100,000.
One of the most important thing to be successful in trading is to have a clear, positive state of mind, to control our emotions, making sure they don't get in the way as it is very common to see most traders doing, acting on emotions rather the concentrating on the process, emotions are, without any doubt, the number 1 account killer of any trader.
Once we have learned to identify the "key trading levels", our job is to wait until they show up and once we see a pattern that meets our criteria we confidently pull the trigger and let the trade run and according to our plan, a strategy to take profits as the market make them available or leave at a small loss and quickly get ready for the next possible trade setup, that's all we have to do, day in, day out, watch the market until a setup shows up and when it does we pull the trigger without hesitation...
We DO NOT KNOW whether the trade will work or not, we just take ALL setups that meet our criteria and only leave if stopped out or at our target, period.
Once you have a proven edge, one that has a good win ratio, take ALL trades and profits will take care of themselves automatically. Always use physical STOPs and follow the rules, rules profit.
If you don't have an edge, then you have at least 2 options:
1 - Create your own system and back test it to make sure it works. (Have in mind creating a system will take years of work)
2 - Buy a system that works. One of them is ours: the Diamond Setups.
With a win ratio of over 70% of the trades, it's definitely a good bet.
Looking forward for the best semester ever!