August 28th, 2009

Finding Confidence in the Stop Loss Principle

Finding Confidence in the Stop Loss Principle I spoke with one of our coaching students today.  He has been through the product courses (Launch Pad and Nth Degree) a total of three times each.  He has been entering trades based on the signals and he told me he is finding great benefits from having the [...]

July 24th, 2009

Discipline

Discipline is the ability to be patient – to sit on your hands until your system triggers an action point. Sometimes the price won’t reach your anticipated price point. At this time you must have the discipline to believe in your system and not to second-guess it. Discipline is also the ability to pull the [...]

December 17th, 2008

Develop a trading plan and Stick with it (7 of 26)

Develop a trading plan and Stick with it.  Do not change your trading plan from day to day Just like a business needs a plan a trader needs a plan.  Write down the specific market prerequisites (setups) that must take place in order for you to make a trade.  List the time of day the [...]

December 16th, 2008

Keep things in perspective (6 of 26)

Keep a trade log or journal of your trades for the day or week.  If you know that your biggest winner is 50 pips then do not allow a losing trade to be larger than 50 pips. If you do allow a loss to exceed your biggest gain then, effectively, what you have when you [...]

December 10th, 2008

Chasing the Market (3 of 26)

Wait for the market to come to you 100% of the time to prove that you are disciplined.  If you chase the market then you are not disciplined. If a trader says he waits for trades but anticipate the signals and jumps in the market then he in not a disciplined trader.  He might win [...]

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