The odds of becoming a successful trader are very slim. As the great (and late) Mark Douglas once wrote “if I were to classify traders based on the kind of results they achieve, I would put them into three broad categories, the smallest group, probably fewer than 10 percent of the active traders are the consistent winners...The next group which consists of between 30 and 40 percent of active traders, are consistent losers... The largest group, the remaining 40 to 50 percent of the active traders, are the boom and busters. They have learned how to make money, but they haven’t learned there’s a whole body of trading skills that have to be mastered in order to keep the money they make.” The te
Recently in our day trading class, we have decided to start a game that only FOCUS ON TREND TRADING. There are only few simple rules to follow, and fellow traders are supposed to follow the limited set of rules to trade. Third week into the game, what is the outcome? Tuesday team are so far the best performers so far. TOP 3 ... with 3 traders for the third place. What am I trying to show the new & old traders in our trading community with this game? Best traders have practiced and employed one core trading strategy hundreds or thousands of times over their career; they are not practicing and trying to utilize many different trading strategies nor are they jumping from one trading style to th
For those who have attended Sniper course, you would have noticed that I have emphasize a lot about Money Management using Fibonacci retracement technique. Fibonacci retracement offers one of the best risk & reward from entries to exits. Wait for the setup that matches your trade plan Snipers are trading with some rigid rules built into their trading plan. Although the trading strategy is rigid, but within that rigid structure there are some flexibility such as how much you risk, how you enter, where you place your stop loss. The goal as a Sniper trader is to trade patiently, wait for the prey to enter the killing zone. You are not going to go after “every” target or the prey that looks stro
