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.