How do you gain confident in trading?
From my very last article about planning your trades and having a goal, have you done anything so far?
For those who has a trade plan on Emolines, Monday Emolines are still showing positive. Two buy opportunities and price traded to HTF-PAPLines (resistance).
On Tuesday, market start to reject from HTF-PAPLines, since the Emolines have not flip, traders are NOT suppose to do anything. (I hope you're discipline enough to follow trading rules).
Wednesday, Emolines flip, sell signals start to appear from Wednesday till Friday. Seven trades for this week.
Let's assume you can afford 3 lots per trade, this week SiMSCI generated S$4,470 on using Emolines.
For those who are sniper trained on using Fibonacci as their trading tool, as we are trading on intraday, we almost always closed our position in less than an hour for a single trade plan.
Take last night as an example, Chap Gor Meh - the 15th day of CNY, 6E (Euro Futures) giving our 2 consistent traders a big ang pow! They both deserved the ang pow from the market as they are the one who consistently follow their "simple trade plan".
From 9:10pm entry to 9:50pm exit, this trade only took us 40 mins to complete.
The monetary rewards again depend on your position sizing.
When I asked some traders, why didn't you take this trade? The typical answer is: I am not sure whether I should take the trade, it might fail!
Last night when we are having a small gathering with some traders to celebrate Chap Gor Meh, Tom shared this and I thought it was so good and so true.
Trader A: Asking 100 times of whatever trading questions they have in mind and continue to trade without concrete plan
Trader B: Practice 100 times on the same strategy that was taught by the trainer
Who do you think will have confident in taking the trades and make it as a professional trader?
Have a nice weekend.