Then another nice Profit from the YM

But Friday did not stop there, as you can see, we got a nice TS3 sell later in the day on the 3min YM that made approx. +3.9R Profit (ignoring slip[page and commission). Again, this was a completely standard trade as the TS3 sell as “in line” with a red STF,. And then profits were taken at the first target as the STF was weak....

Can you all see what a brilliant day Friday was here we had two trades for a massive +9.9R Profit (ignoring slippage and commission). This is brilliant trading and would more than have made up for small losses the day earlier...... This is why it is so important not to get emotionally involved with any losses. Don’t get angry or frustrated, as you will then just miss the good trades that will come round next.

This is one of the main difference between amateurs and Processional, Amateurs worry about losses and spend their lives trying to avoid them. This then get this into such a psychological mess that they then miss then next big profit or cut profits too early, as a result they never manage to make the most of the Big Profits when they come through. The last few days last week has been a brilliant example of this, where MTPredictor has done its job of keeping the losses small and then maximising the Profits, exactly what the Professional trader needs.

Thanks, Steve

3min ES gives +6R trade

OK, after a hard day on Thursday it was nice to see this lovely +6R Profit (ignoring slippage and commission) unfold early on Friday. As you can see, this was a standard and automatic setup where the TS3 sell in line with a red STF. Profits were taken at the first target, as the STF was “weak”.

But the point is that this Profit was +6R, it would have more than made up for all the losses on Thursday and put you back onto Profit overall. This is why we keep the losses small, at just -1R, because all it takes is just one big Profit, like this, to put you back into Profit.

This is the key to successful trading, and something that this and the last post should help you all understand.

Thanks, Steve

What it means to be a Professional Trader....

Hi Everybody,

Last week was an excellent example of what it means to be a “professional Trader”. Wednesday was good, with some good trades, then Thursday was hard with a number of losses, ands this is where most amateur traders get into trouble. After a few losses, Amateurs get lost, they worry, and start to second guess themselves. The trouble is that most amateurs trader spend all their lives trying to avoid losses, rather than just keeping them small. They get worried and even get mad at making a loss. These emotions are very destructive, because after Thursday, then are so angry at making a few losses, that they don’t take the trades on Friday.......................... And guess what, Fridays trades were brilliant. So the Amateur was so busy at being angry at making a few losses that they then miss out on the next big profits. This is usually a downward spiral that ends up in bankruptcy.........

The professional, on the other hand, does not mind losses. He knows that his (or her) job is to accept then but to keep them small. The Professional is then ready to take the next trades on Friday.

Even with -2R or -3R of losses on Thursday, as we will see, these are small to the BIG Profits on Friday where almost +10R was available to the Standard Trader. So this is the lesion for today, losses can and will happen, but it is not use getting angry, your Job (if you are to become a professional trader), is to accept then, but to just keep them small. Days like Friday will come along that will then clear all these small losses and put you back into Profit overall...

OK, let’s take a close look at Friday...........

Steve