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What a week!

Friday, 07 October 2011 07:43

Massive market moves, first week of the new training program and a redesign of the DAILY TECHNICIAN made for me a very busy and gratifying week of work. As Friday is just starting it is not time for me to rest just yet but today will most likely be a teaching day and then get some work done and get home early.

How many of you out there have blow your entire week on a Friday, or even worse a Friday afternoon? Go ahead raise your hand, don't be embarassed, it's ok this is a safe place. If you have read my book then you know that my hand has been raised for about 10 years. I have blown so much money on Friday's that I am glad I do not know the actual number. My rationale is that the volume slows down and the volatility remains and therefore my techniques do not work as well.

I truly do not know the "why" but I do know the pain of loss and having to carry that pain all weekend long. Nothing is more empowering to a trader than a great trading streak and if you can take that feeling over a weekend the empowerment multiplies. My advice is to set a number that is no more than 20% of what your positive week has been so far and use that as your daily stop out. I do think this is a negative place to come from but it is better to be prepared than not.

This has been a great week to make money and I hope that you all had massive success. Feel free to email me and let me know how you are doing. Have a great weekend.