Friday July 16 was a great trading day to highlight some of the topics I cover in many of my member only videos. Key level adjustments are an important part of my trade plan…especially the HUGE key round numbers. Trailing my stop is another technique I am a fan of. We never know how much the market is prepared to give us. All we really know, is our risk. If that’s the case, minimizing risk and maximizing payoff is a fundamental strategy for ever increasing account growth. Yes, there is nothing wrong with taking fixed targets. In fact, that helps keep your equity curve nice and smooth. It also feeds the psyche. We are all different but much the same. We all gain an “ease” when we bank our profits. Scale and trail feeds a few things as well. It feeds the greed factor but with balance. It feeds the “instant gain” as well. Not everyone is cut out for it however. Much like longer term trading, you will have to suffer through some in trade drawdown. Many can’t. No problem. Take your quick targets and move on. There is money to be made every day with the HVMM 2010.
One final point. In this video, I show the actual trades as they show on my broker charts. I wanted to hit home that the coaches at Netpicks, unlike many other companies, actually trade the strategy.
What are your thoughts on the subject?