[B] KENNETH lEE
Trade Inspiration Not Despiration . Member Since Nov 2008
1,858 Posts
So why are so few making so many pips and so many making so few?
I believe maybe somewhere along the line the primary goals of the system may have gotten twisted around…
The Main Goal is to pick the areas of greatest concern or where we see that price might reverse using our higher time frame charts. The daily and 4 Hr. Once they are plotted on our charts to watch Price Action in those areas and use our lower time frame charts to get the best entries possible allowing us to get the most out of each MAJOR move. Taking Profit also when price aproaches areas we have marked as possiblities where Price Action shows we again have a turn.
To achieve this goal we need to focus more on our higher time frame charts than we seem to be doing. We watch them for those areas and we enter off them along with price action and signals. But other than just possiblly covering our trades we aren’t allowing the profits to build as we should. Every trade is not a scalp ! Repeat after me; Every trade is not a scalp ! If we ever have plans to be half as good as EO and the others we will have to have a shift in our priorities.
The major trade should be the main focus and the scalps icing on the cake. This would be so much easier than trying to grab a few here and there. One reason the best do so well is that even when they are taking scalps they are normally in a very positive trade allready and either just adding to or trading against their main position. Sounds like a great thing to me. Plus I am sad to say their scalps are bigger than mine most times too. The main reasoning for that is they have no fear and we wouldn’t either. They are trading from a positive point almost all the time. Very rarelly are they waiting for something to go green. They don’t ,if it doesn’t they get out and try again Taking trades when your positive is easy you have that feeling of trading with house money. Plus that trades equity is on the plus side. If we can pull this off for a couple of weeks our whole mindset should shift and these ablities will come easier quicklly. I know how I would feel if I had a couple of weeks with gains even at one thousand it would change a lot of things.
We have all gained some patience to wait for trading entries and some have captured some great profits. But the consistency seems to allude us. We need to start using our skills to exceed our previous best and aim for much more. We will go through how I think I know it is being done by the best and how we can, using their skills as a guide teach ourselves to achieve similiar gains.
Probablly the first and foremost thing we will have to do is break our normal trading position size into a workable number of entries to allow us to manage our trades. If we are using to few of entries we have that all or nothing attitude. We need to be able to let some of our trade run while covering to relieve stress. This has been talked about a lot but it is critical to moving forward and if done correctlly can make the biggest difference in our trading the fastest.
Even the few that are achieving those awesome gains cover differentlly. I know one that doesn’t take much profit at all while another takes a good portion off at the first areas. One is just covering the cost of the trade and the other is locking in some good profits. Both are doing very well but per pip everything being the same the first leaving more $$ to run has greater gains per pip. But the other having less risk gains more pips. That isn’t the only factor but it sounds good and simple. LOL The second maybe having set in his mind a total amount to risk across all his trades may feel more able to take more counter trend and scalping trades than the first already being spread out a bit. Doubtfull but would maybe cross our minds in the begining.
So having the trades setup so we can cover in the way that makes us feel the least anxiety is key. This of course will be a personal choice. But if we do this correctlly we could very soon find ourselves trading at levels only imagined. This alone could be all that some have been missing. But we will go through a complete trade cycle to remind us of what we should be doing.
The SECONDARY GOAL of the system is the short term trades or secondary entries. I post chart with lots of marked trades. I fear some are miss reading what is posted those should not be viewed as a bunch of single trades but primary and secondary entries. You are looking for the best entry point at the extreme point . But if you miss that for any reason then the best secondry entry should be looked for and used. They are also showing points that a great entry can be covered and added too. So when looking at a chart with many entries always have in mind that the entry which makes the most gains is the one you are striving to learn to take.
But we don’t always have times of great trades and there are lots of chances to add to our equity by taking short term trades. I don’t know for sure the precentage but could figure that 25 to 30 percent of one of the best traders pipage is gained from short term trading. That is a great skill to have but as I said should be the second focus. I do tend to lean a bit more to those trades as it seems easier for begginers to understand a short trade.
But it isn’t the ultimate goal. That goal is to be well versed in all the trading methods presented here and have no problem taking them all. That is the only way the few are making 2000 to 4500 pips a week. People don’t believe those number are possible I hear crap about it all the time . The reason is that almost anyone making that kind of return isn’t bothering to help anyone else.
I will start the trade in a litle while… Ken [/B]
