Thursday, July 23, 2009

Have the Courage to take big profit - thats how

Thats it. I started writing this post in a techno - psychoanalytical description of the edge that good traders that I know have. 2 paragraphs later it was way too verbose and still didn't explain it - so I shredded it. In one sentence this is what they have - Courage to take big profits and walk away from a loss.

So lets say that you broke even yesterday or took some loss or better had the powder dry. Today, there were opportunities to get in pre-market at the short term balance point or POC around 948-50. Those who trade the eminis for a living do trade pre-market whenever it is the opportunity presents itself. So if some of you are going to say well..Woodie said dont trade before your wife is awake, then tough luck. Keep exploding yourself and your broker will get you that many virgins in heaven.

After today's open some bought the open price and it was never tested. But the IB was another buy point after the show of strength. Talking about entries and exits is not the point of this post though.

The serious trader loads well at any of those entries and puts his stop below a reasonable support which in our case would be the interim balance point. Not 2 points or 1.5 points or 5 ticks whatever bull. But below a reasonable support (supported by objective numbers). Then you calculate your risk/reward. If the support is so far away that it will result in my broker breaking down my front door for a margin call, then its not for me.

Load enough that you can peel like an onion. And let it run. Peel at strategic points with a time decay -- not at 5 ticks or 6 tick. Well, may be you can peel one at 12 ticks or so. But get the 5 points and 10 points 15 and may be 20. 20 pointer today was an achievement today because of the recent ranges...so congratulations to those who got it. But wasnt that the premise of this trade - the break from balance.

If you miss it though, don't try to get in with some CCI or TTM squeezy late in the game. Walk away if you don't have a trade... not saying you didnt but dont look for trades you did'nt pre-plan. It only looks good in highly edited newsletter videos from the gurus. Have you been to these rooms where they trade like they have a paint shop pro for a trading dome?I have. The guru goes like... "I sold it here " and marks a dot on the excel sheet right on top tick when its already retreated from the entry.. and then " oh shoot..". It blows up again and again and again. BTW if you know who I am talking about, don't ever go to those rooms. It will take you years of electric shock to reverse the brain damage!! seriously! I did for a month I think, many years ago. My damage is permanent.,lol. I have no hope.

34 comments:

棗子 said...

百發百中不是一試就成的。 ..................................................

Anonymous said...

Since it is the early worm that gets eaten by the bird, sleep late.............................................

Anonymous said...

噴泉的高度,不會超過它的源頭。一個人的事業也是如此,它的成就絕不會超過自己的信念。 ....................................................

Anonymous said...

GOOD........................................

Anonymous said...

thank u........................................

Anonymous said...

聰明的人喜歡猜心 雖然每次都猜對了卻失去了自己的心......................................................

Anonymous said...

感謝分享好的作品~~ .........................................

Anonymous said...

very popular to u! ........................................

嘉麟 said...

此處是值得一探究竟的好部落格!! .........................................

Anonymous said...

舊書不厭百回讀,熟讀深思子自知。..................................................

Anonymous said...

來給你加油打氣!!!保重!!! .........................................

RobinGalle俊毅 said...

人生中最重要的是要自尊、自愛、自立、自強、自信。 ....................................................

Anonymous said...

Better be the head of a dog than the tail of a lion...................................................

asda said...

Gold will not buy everything...................................................

Anonymous said...

仇恨是一把雙刃劍,傷了別人,也傷了自己..................................................................

林奕廷 said...

人因夢想而偉大,要堅持自己的理想哦......................................................................

怡君 said...

河水永遠是相同的,可是每一剎那又都是新的。....................................................................

Anonymous said...

It takes all kinds to make a world.............................................................

Anonymous said...

認清問題就等於已經解決了一半的問題。.................................................................

Anonymous said...

有用的才華若不用,便如同日晷儀放在陰暗之中............................................................

Anonymous said...

留言是種美德-感謝分享..................................................................

Anonymous said...

Better say nothing than nothing to the purpose...................................................................

Anonymous said...

幸福不是一切,人還有責任。............................................................

Anonymous said...

辛苦了!祝你愈來愈好!..................................................................

Anonymous said...

感謝分享,將本身的錯誤想法改正了!............................................................

Anonymous said...

let us be happey everyday!!..................................................................

Anonymous said...

我是天山,等待一輪明月。............................................................

Anonymous said...

及時行樂-快樂不需要理由..................................................................

家唐銘 said...

相逢即是有緣~~留個言問候一聲,祝您平安順利...............................................................

Anonymous said...

Look before you leap.................................................

敬周喜 said...

累死了…來去看看文章轉換心情~............................................................

Anonymous said...

河水永遠是相同的,可是每一剎那又都是新的。. . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

張王雅竹欣虹 said...

一個人的價值,應該看他貢獻了什麼,而不是他取得了什麼......................................... ........................

Anonymous said...

你好勁呀! 感謝!!!............................................................