Quote:
Originally Posted by Nawry
Dear Seniors, could anyone please write some kind of short summary of His trades in January 2010? How many trades did You get? Think this would be great thing for newbies to know where is this road going to and how looks month of trading if you are Senior. Sorry if it was earlier but i didn't find it and thanks in advance!
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Hey Nawry,
Allow me to use your post to make a clarification that might help here. Bear in mind, I'm a breakeven trader but have been a J16 student for a year now. My January:
3 trades
1-14-10 gbp/cad daily pinbar (B/E)
1-26-10 eur/nzd weekly BUOB (not A+ for my management strategy, still open)
1-29-10 gbp/chf daily pinbar (still open)
What can you take from the results of senior traders?
- Be picky. Mike has said many times that he only gets 0-5 daily opportunities in a month. He makes a conscious effort each year to become more picky than the last.
What can you not get?
- A strict answer to 'this is how you do it to be successful'. Believe me, I've searched for so long for the 'right' way to trade. But I'm now realizing that there are really infinite ways to trade, even within the price action method. No two traders will manage their trades the same. None of the seniors manage their trades the same, yet all are profitable.
There isn't even an answer to 'How many A+ setups were there in January." What's A+ for one strategy will not meet the criteria for a different strategy. Certainly there were more opportunities than 3 on the daily tf in January, but they must fit into our trading rules and trading plan for them to be traded.
I hope this helps a bit. IMO, the greatest advice a good trader can give is to be patient and picky. Eliminating subpar trade setups from your results will be the best way to move toward profitability.
Think about it this way: All the senior traders trade vastly different management styles, yet all are profitable and confident in their style. So what do they have in common that makes them profitable? They are all picky and know exactly 1) What they are looking for in a great trade setup and 2) What setups to avoid as they tend to Not work well for their management style.
(I write this as much as a reminder to myself as to you.)
Happy Trading,
Josh