Doing what's right even when you do not want to do it.
Execute plan. Never "Maybe I'll try this!"
Objectivity
Do not trade on emotion.
Accept that the market can do the opposite of what you believe.
Believe that the market will do the opposite at least 40% of the time.
Patience
Understand the context and wait for a good signal
A trade is never over due
Uncertainty
Trading is a sea of uncertainty, embrace it
Clarity in the market is brief
Never be afraid of losses, they are inevitable
Commitment
Be committed to your plan, strategy, and trading
Personal Responsibility
Everything that happens to me in the market is my responsibility. I hit the button, I accept responsibility. Whether the trade wins or loses is my fault.
Management
5PT Max stop per trade in NQ. $200 max daily loss. $800 max weekly draw down. If trade is outside of 5PT stop it is not valid. $350 a day profit target.
Maximum of 3 lots per trade. First 2 lots will be used for scalp targets to cover a 1:1 risk of a trade. The last contract will be allow to run with a B/E stop.
Setup / Context = Directional Bias + Market Cycle (Breakout, Trend, Channel, or Range) + S/R
Chart Pattern = Flag/Wedge/Triangle, Breakout, Double Bottoms or Tops, Trends, Ranges
Signal = Two Bar Reversal, Bull Doji Bear (Wolverine Top), Bear Doji Bull (Wolverine Bottom), Engulfing or Harami (Inside bar).
Entry Price = A tick above the signal bar close or wick.
Quotes:
"If you're right at the wrong time, you're wrong" - Yra Harris
"It is not whether you are right or wrong that's important, but how much money you make when you're right and how much you lose when you are wrong." - Stanley Druckenmiller
10 Laws of Trading (Working)
1 - Trade at a I don't care sitze.
2 - When in doubt, Get Out! Deal with reality. If it doesn't perform, exit trade immediately!
3 - Learn the difference between gambling and trading.
4 - Don't add to losers. If you want out, get out. Scale into winners.
5 - DON'T OVERTRADE. Trade more only as you get experience and only if you are winning. Never trade more to make up for losses. Limit number of trades per day.
6 - You must use stop losses. - NEVER MOVE STOP AGAINST YOU. STOP ONLY MOVES FORWARD TO REDUCE RISK / LOCK IN PROFIT.
7 - Daily Loss Limit = $200 | Daily Profit Target = $350.
8 - Be logical, not emotional. Do not get angry, do not get excited.
9 - Do not trade if their are computer problems, market problems, severe weather or external forces that will distract you from your trading.
10 -Be disciplined. Follow your plan daily.
Korean Trading Principal
DON'T LOSE MONEY
If you do lose money, lose very little money.
List of Indicators Used:
Bar Numbering: Gom MP: anaDailyPivots and anaDailyOHL: anaDailyVwap: ShowMeTheMoneyFlow:
Direct Links to Setups and Info on Strategy:
150T Context -Failed Second Entries & Range detection: Major Trend Reversals: Pullback to EMA: Al Brooks Vids: Market/Volume Profile info: Wedges / Flags / Triangles: Opening Gaps and Breakouts: Master the Gap Videos: 2 Hour Move: VWAP Band Trade Setup: ADN/ADR High and Low: ADN/ADR Video: VPOC Shifts: VPOC Shifts video: Volume Ledge Range Detection: VWAP Bands:
Mind articles:
Pre Market Checklist: Morning Routine: The Productivity Secret That Astronauts, Samurai, And Navy SEALs All Use Don't Break the Chain: SWOT: SWOT: Threat Resolutions: SWOT: Weakness Resolutions: SWOT: Opportunities: