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Part 2 - Comments from a Market Wizard and Coach
Several years back I spent a few weeks with one of the “Market Wizards” and thought you would find my notes and his interesting and helpful. Even if you’ve heard some before, review is always smart.
Stay tuned and “LIKE” this, so others may benefit.
Setting up your “Trading Rituals”
It’s important to define your rituals and practice them daily OR them don’t get installed as a ritual. Here are some suggestions, and feel free to add those that work for YOU.
Trading
Several years back I spent a few weeks with one of the “Market Wizards” and thought you would find my notes and his interesting and helpful. Even if you’ve heard some before, review is always smart.
Stay tuned and “LIKE” this, so others may benefit.
Setting up your “Trading Rituals”
It’s important to define your rituals and practice them daily OR them don’t get installed as a ritual. Here are some suggestions, and feel free to add those that work for YOU.
Trading
- Determine the key levels that make sense for your market and style
- Know the larger timeframe context and work down to the smaller timeframe – Get the feel for the direction and overall picture
- Levels – Know the highs and lows of – (3) previous days, the overnight, and other key levels (ie: VWAP, pivots)– write them down if you don’t want to clutter your screen, but KNOW them
- How much was the proceeding day UP or Down?
- How much was the High volume and Low volume for the previous day – Keep track and compare, notice any patterns
- Look to “lock-in” 6 – 10 ticks
- Don’t let a winning trade turn to a losing one, no matter how small
- Don’t get stuck in one mind set or direction, always be “in the moments” action, what’s really happening
- When you take a “hit” it’s important to have a positive NEXT trade- if you need to stay safe reduce size or use SIM – must rebuild confidence
- Don’t set unrealistic expectations for the length of a move
- Don’t move a stop, just to prove you’re “right”
- Markets tend to have residuals from the previous day’s trading
- Rarely will a market change its personality unless there is unforeseen news, worse than expected or better than expected
- A good set-up has the potential of 75% probability
- ALWAYS have your Buy and Sell in at the same time
- Notice the length of candles – how many ticks in each
- Check to see if there are scheduled announcements of important #’s – PPT, CPI, Fed, Beige book – Know what is coming and what is expected
- Notice the current impact of positive or negative “virus” news on impacted companies, countries, and price movements
Great Quotes:
“The first thing every morning before you arise, say out loud “I believe,” three times. - Ovid
“The first thing every morning before you arise, say out loud “I believe,” three times. - Ovid
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A NEW TAS – 30 Day Series starts monthly, Mention AMP and receive a credit of $850 towards admission. But must call to qualify. 702-616-3744
Always dedicated to increasing results.
Submit a question, will answer in the AMP forum.
Email with questions: [email protected]
Visit: www.RobinDayne.com in media area for FREE videos
Quote from a TAS Master: “Robin, I’m. So glad you said what you did about finding trades. My setups were definitely present; because of the way it unfolded, I either didn’t recognize it at the moment or I didn't trust it. I have been missing the bigger trades, but they are all hitting the targets. The levels I have on my charts are so accurate, as are almost always the 15m projections. But I think you're right - I may be looking at too much in the moment. Thanks - Maureen.
Always dedicated to increasing results.
Submit a question, will answer in the AMP forum.
Email with questions: [email protected]
Visit: www.RobinDayne.com in media area for FREE videos
Quote from a TAS Master: “Robin, I’m. So glad you said what you did about finding trades. My setups were definitely present; because of the way it unfolded, I either didn’t recognize it at the moment or I didn't trust it. I have been missing the bigger trades, but they are all hitting the targets. The levels I have on my charts are so accurate, as are almost always the 15m projections. But I think you're right - I may be looking at too much in the moment. Thanks - Maureen.