August 25, 2011

Finish your trading day & be ready for Tomorrow with this Simple Plan

Disclaimer
———————————————-
SchoolOfTrade.com and United Business Servicing, Inc. are not registered investment or trading advisers. The services and content provided by SchoolOfTrade.com and United Business Servicing, Inc. are for educational purposes only, and should not be considered investment advice in any way. U.S. Government Required Disclaimer – Commodity Futures Trading Commission. Futures and Options trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results. CFTC RULE 4.41 – These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or-over-compensated for the impact, if any, of certain market factors, such as liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown. Testimonials may not be representative of the experience of other clients. Testimonials are not a guarantee of future performance or success. No compensation is ever paid in exchange for any testimonials. Testimonials have not been independently verified.
———————————————-

How do finish our trading day?
–          Review the trades I took today
o    Use your trading worksheet, included in the advanced course
–          Learn from any mistakes I made
o    I’ve made detailed notes on any mistakes that I need to be aware of
o    Don’t let these mistakes kill the confidence you built up during your trading day.
o    If we made a mistake selling the lows ( i want to buy the lows) then we need to be more aware of our entry rules and our price structure.
§  Make sure I always check the 89range chart looking for the BIG PICTURE wedge, trend lines, channels, etc.
§  Always check my rules prior to entering a trade
–          Clean up my workspace (prep for tomorrow)
o    Do this today rather than forcing yourself through your prep too fast tomorrow
o    Removing anything I don’t need anymore
o    Drawing the final trend lines to help me tomorrow
o    Saving the workspace and make sure im ready for my next trading day.
–          Prepare for Tomorrow:
o    Anything I need to do tomorrow that is not trading-related
o    Check the news for tomorrow, try to get an idea of what the day will look like.
§  Will we have early volume?
§  Late morning volume?
§  Any clues for tomorrow?
–          Take a break from your work
o    Go outside and get some fresh air
o    Do something FUN!!!
o    Something you ENJOY
§  20 minutes or 2 hours get yourself back to your normal ‘self’
§  Give your eyes a break
·         Every 20 mins, focus on something 20 feet away for 20 seconds.
§  Remind yourself WHY YOU WORK THIS HARD
·         Play with the kids
·         Enjoy time with your spouse
·         Do things you enjoy !!
Our new room schedule:
–          Open @ 730am for the Members-Prep (no Q&A)(730-800)
–          We will review all the news and the charts
–          We will post our findings on the blog by 800am
Too many auto levels:
–          Delete the line file
–          If that doesn’t work, try deleting the file again (2nd time sometimes works)
–          Sometimes the lines are there and correct, there’s just a LOT of them.
–          New lower low or higher highs
–          Classified by the speed at which it makes the new lower low/higher high and then the speed at which it reverses.
–          Fast speed pushes a 5-tick new lower low, and then just as fast price jumps back up and makes a new swing high.
FDAX = DAX
–          EUREX Exchange
–          Cost per tick is much higher
–          $25eur / point
–          Settle in EUROS
–          We get the spread on the USD/EUR conversion
–          Very similar to crude and russell
–          3am -630am EST
–          European open through the US Open is the best times to trade DAX
Contract Rollover:
–          We rollover monthly on crude
–          Every other month on Gold
–          Every three months (quarterly) on Emini, Dollar, Currencies, Bonds
Minimums to get started?
–          $500 for Euro
–          $1500 for Gold/Crude
–          $2000 for the Auto Trader
Personality Changes, when do you know?
–          This morning the personality at 800am was very slow and sloppy.
–          Then at 830am the personality clearly changed when we saw lower lows, more speed, and lots of selling.
–          Then after 1030am this morning we noticed that all the speed was gone, we were no longer getting the new lower lows, and the candlesticks were flattening out.
o    We were able to pick up on the change in personality because we were watching the personality through the whole morning.

    schooloftrade

    Click Here to Leave a Comment Below

    Leave a Reply: