Keep you losses small
Trading = Business
Trading = Change
Business and Change are the two main themes for our live trading room. Traders have to treat this as a serious business that they are trying to build and to accept consistent change in the market environment as well as the things that change in the live trading group.
For this month, we have decided to bring traders back to basic. Just focus on support and resistance lines.
Tom has decided to reward traders who can take SB trades.
Here's a video clip on how do we trade CL (Crude oil) with PAPLines.
We have 3 support lines and 3 resistance lines.
Since we are waiting patiently at the support and/or resistance lines to place our trades, we should have lesser signals for action. Yesterday (Oct 16, 2015) there are only few trades from European trading hours, total of 6 trades where we have 3 small losses and 3 big winners. How to keep losses small? We use candlesticks as a guide for risk (3 losses, approximately $100 on 1 lot/trade) and using PAPLines as reward. (3 winners that amount to $1,190).
One of the best way to really get familiar with your trading method and to really ‘master’ it, is to take one aspect of it and master that before moving on to the others. If you feel lost now in your current trading journey, go back to basic.
You have to make an effort to be disciplined and consistent in your trading. This is something you need to consciously remind yourself of and be aware of, it’s not enough to just understand you need to do something, you have to actually do it (ACTION) if you want to change!
You can subscribe to PAPLines for CL under this link: