Trader Tip: Patience, it is one of the most important emotional attributes a trader can develop. In hindsight it’s always easy to see the trades. When caught in the cross-fire of battle and having patience to wait for the proper, low risk set ups are what separates the pros from the wannabes. If we find ourselves wanting to force trades even though the right set-up has yet to appear in our cross hairs, take a break. Step away from the trading platform, get away from the environment and come back once refreshed and your mind is clear. We can then refocus on trading the right way and with what patience will bring us and that is profits! Patience is a virtue…and can be VERY rewarding too!
Pretty much another day like yesterday although I tried to play twice. Saw resistance level in 80-84 area and had an order loaded in the first half-hour for 82.25 which was approx. two points above overnight HH, yesterday close and PP. Missed by a couple points and had the trade set prior to the consumer confidence eco report was announced at 0955. It did not pick me up so I did not chase. Had one other MO on first big pullback at 1010 as price tried to retest high of 80.25 but missed it as I was more engrossed in my EWS studies.
Tried one more time to trade in afternoon session, entered short at 72.75 and added at 74.75. The 74.75 was the better entry as price began to grind between 872-876. Was looking for PO1 at 70.75 which ended up being too aggressive. Did not take profits in 72 area of support. In hind sight, that was what the market was giving me and should have taken it. Result: Scratch
So, “nothing” for me today other than having the satisfaction of not forcing any trades. In the end, that IS something!
Have an enjoyable weekend and remember to always….
Trade Well !
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4 comments:
Hi Steve,
Please tell me honestly about the E-mini wizard system.Has it been helpful always/sometimes? Does it really help you get better entry/exit point etc?Thx
Hello Jr.
The system that the Eminiwizard offers was launched only one week ago so I can't provide any hard numbers because I'm in the process of learning the system.
With that said, I can share with you about my decision making process to join and my early assessment of the system.
First, I feel it is important that I provide a little background.
I have been following 'E' on Twitter for several weeks and had exchanged a couple emails with him prior to deciding to get involved with his system. I was impressed with his 'tweets' and prompt replies to my emails with all questions answered.
After looking over the public site of the system, I determined that it was the right move for me to get involved.
I believe I am a good judge of character and can size people up fairly well even with only minimal communication and/or interaction. Call it a leap of faith but it felt right so I signed on.
I have been trading the ES almost exclusively for about 18 months. It is a journey, not a destination and it takes a lot of time and passion to learn how to trade with consistency.
I have bought many books, a few other trading systems and attended seminars in my pursuit of piecing together my trading education brick by brick.
For where I am now with my current level of trading experience, this system is what I need to take my trading to the next level.
With all that said, I can tell you that I am extremely satisfied with my decision to join. My expectations have been exceeded! I feel as if I should have paid more.
'E' is supportive, prompt with replies to questions and from what I have read and experienced first hand, he truly wants and encourages his members to achieve success, and he has a methodology that has really opened my eyes.
If you are looking for someone to call out the trades, then look elsewhere. If you are looking to learn how to improve your understanding of how to trade, then 'E' teaches you how to trade for yourself and provides you with a dynamic system to help get you there.
I've spent literally thousands of dollars on other systems and none compare to what I have found within the 'E' system. The value is by far the best I have found and the community of traders who have joined are delivering another layer of support in learning.
That's as honest of an assessment that I can give you and hope it provides you with some additional insights. Feel free ask me any additional questions and let me know if you join.
If you are serious about improving your trading game, I truly believe you will not be disappointed with 'E' and his system!
Steve
ps: Trade Well !
Hi Steve,
I appreciate your honesty. Would you say the Eminiwizard is primarily suited for day trading or is it applicable as well for swing/position trading?
Cheers
Jr.
My pleasure. The way I understand it, the system can be used equally effective with day, swing and position trading the E-minis. Not as certain about the position side of trading as I am concentrating on day and swing.
From what I see and understand, the system will support position but...its best to email 'E' for more detailed and specific questions.
I can share with you my experience but I'm a student still in learning.
Hope this helps you and thanks for the post.
Steve
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