The Daily Market Forecast... ART of exits
Thursday’s Blog Results: The high-volume price levels were far apart and neither were triggered. Team Members saw several opportunities trading our Volatility Reversal strategy which netted a modest winning day.
Today’s Trading Tip: The ART of exits.
The great debate among traders is whether to use “lagging” technical indicators or simply trade real-time price action. This debate is a waste of time. Dozens of different methods of trading can be profitable. If you doubt this statement you need to read any of Jack Schwager’s “Market Wizards” books.
In each book he interviews top traders from around the world. Dozens of them. What you’ll find is that almost every trader has a different take on how to trade. Some use technical indicators successfully. Others focus on algorithms. Still others use fundamentals and macroeconomics. Some are systems traders. Others are discretionary. The list of differences between them is long.
What they ALL have in common is profitability.
If your belief system has you stuck trading one way because your guru told you it’s the only way then this book series will open your eyes and mind. Enjoy it.
After reading his book series I began to look at my trade setups with a new view. Who will be on the other side of the trade? While I don’t trade the dozens of strategies I’ve learned (focus is more important) I do think about what other successful traders will be doing when I’m EXITING. The money is won or lost on the exit, not the entry. Managing open profitable trades is as much ART as SCIENCE.
In tomorrow’s LookBack (5) webinar we’ll be reviewing every trade setup from two different and complementary strategies from this week. You should attend for a few good reasons:
- You’ll learn about our strategy rules.
- You’ll see ALL the results.
- You’ll understand the importance of documentation and review.
- AND… you’ll get some awesome ideas on the ART of exiting profitable trades.
Click the link below to register.
Today’s Best S&P Futures Turning Points:
Short Level: Sell 4576.50 stop 4582.25…. IF price trades below and retraces back.
Long Level: Buy 4582.75 stop 4577.00… IF price trades above and retraces back.
Trade Well,
Mike Siewruk
P.S. Join us every Saturday morning @ 10:00 ET for our weekly LookBack (5) trade review session. Every trade for the week is analyzed. Now open to the public. Meet the team. Ask questions. Register here for the December 4th session.