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Trade your best setups

Thursday, 15 September 2011 08:33

I have been very busy these last few weeks making many changes to the training program, revamping some of the lessons, rewriting my ebook and of course teaching and trading. I have always been one to focus more on my best setups but of course that is not always the case, but I find that as busy as i am I do not have the time to waste on trades that do not provide the best chance to make money.

Being selective has many benefits and I find that during my preparation time is when I get to formulate what I believe may transpire throughout the day. I have written a recent blog regarding a setup that occurs when the Pivot Point (PP) lines up closely with either S3 or R3 and how that is an added level of support at S3 or resistance at R3. When I see a number of these same setups on a given morning in my prep time, that helps me formulate how the day should play out.

Today afforded me a great setup with a few names with nice buy areas down near S3 and support from the daily chart. I referenced a few of these in my morning call, QQQ, IWM, VMW, NVDA and SNDK. The problem is that none of these names reached my target and therefore left me with a very light trading day.

A great lesson here is to not get upset when this happens it is very common. But the other side of the lesson is that when you have a day when your setups are great and the trades do appear you need to make the most out of it. Focus on your most profitable setups, when the trade starts to work, press it up maximize your gain and be very patient.

Happy Trading!