A quick note

As this week is about to kick off, I am going back to the basics.  Reason being that I had a successful week last week until I took some cocky, ill prepared and WAY off my sytem, trades that took away most of my profit.

I will look at and take trades off of the following guidlines this week.  I will be a machine and will not stray from this basic plan.

1.  Look for important fundementals and money flows.  Pick a side (long/short) and trade in that direction.

2.  Identify the areas of Support and Resistance.

3.  Look for Price Action at these levels and react to what Price is saying, not what I hope will happen.

4.  Keep an eye on Consecutive highs/lows in order to realize a potential retracement and buy/sell at an advantage.

5.  Plan my exit strategies with thought not emotions.

6.  Finally, work to better understand the Correlation of other markets such as the S&P 500, Crude and Gold.

The most important for me is the patience to wait for these things to happen, not to beat a dead horse, but I am working on patience all the time.

Good luck and Happy Trading.  See you around the block.

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One thought on “A quick note

  1. Pingback: In-Sync and Confident, the Products of Consistency « Begin with the End in Mind

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