3min FTSE

It was a lot easier on other markets yesterday though, for example on the FTSE, which gave us this beautiful +6R Profit (ignoring slippage and commission) on the 3min Chart.

Sometimes the trading is a lot easier than other days. That is why you must not get emotionally involved and tart each day (the good the bad and the ugly) in exactly the same way. This is just the Natural Cyclical Nature of Trading at work, some days are hard and some days are a lot easier....

Thanks, Steve

Patience and Discipline

Hi Everybody.........

Today’s lesson is all about Patience and Discipline. These are qualities you must learn to have if you wish to become a successful professional trader. The 3min ES yesterday was a perfect example of this.

As you can see the 3min ES had 3 straight losing trades yesterday, so most amateur traders would have given up. BUT look at what happened on the forth trade of the day, a brilliant +6R winner (ignoring slippage and commission). So +6R less 3R (three -1R losses) meant even with 3 losses and 1 winner you were up +3R overall. Understanding this is what makes the difference between a successful professional trader and a losing amateur.

BTW, when you are sitting on a good profit and you only have a short time before the market closes, it is always sensible to look to lock in that profit, that is why I suggested trailing the stop just above the bar highs. If you had held to the close it would still have been a +5R winner though.

Thanks, Steve