Edition 666 - March 17, 2017
Chart Scan with Commentary - Setting Objectives
by Master Trader Joe Ross
Author, Trader, Trading Mentor, and Founder of Trading Educators, Inc.
Prices formed a base at the end of a down swing, and then formed a 1-2-3 low. Prices thrust above the #3 point, and I was filled on a Traders Trick Entry. My first objective was for prices to reach to, or close near the #2 point, but what if prices continue higher? How should I set objectives for the remainder of my position?
If prices break beyond #2 there were two immediate target zones. The first one was the gap that formed when prices moved down to squeeze out the last of the bulls (1st Target Zone). Traders become confused by gaps, and tend to move protective orders to the top and bottom of the gap. The second one is that of previous consolidation high (2nd Target Zone). Prices had held steady while in the area of the previous consolidation, but after a breakout to #1, a move back into the consolidation area will generally see a test of the highs.
The chart below shows what happened with this trade:
© by Joe Ross. Re-transmission or reproduction of any part of this material is strictly prohibited without the prior written consent of Trading Educators, Inc.
Trading Article - Commitment
by Master Trader Joe Ross
Author, Trader, Trading Mentor, and Founder of Trading Educators, Inc.
Recently, someone sent me the following question: "Just how committed does a trader need to be?"
I don’t know that I can put a number to that. For instance, on a scale of 1-10 how committed should a trader be. But if I had to evaluate it on that basis, I would say he must be a "10."
What is the value of commitment? How do you measure such a thing?
Most people have an "interest" in becoming consistently profitable traders. However, few possess the essential ingredient of "total commitment." Total commitment is what is demanded for a high level of success from any endeavor. A trader with commitment will take the money from 100 traders who have only an "interest."
Commitment is seen as Cortez burning his ships upon landing in Mexico. With less than 100 men, Cortez rode into Mexico City against 100,000 Aztec warriors and placed Montezuma, leader of the Aztecs, in chains. Few people have ever accomplished any goals without commitment to success. For some traders, commitment to success is not optional but mandatory.
© by Joe Ross. Re-transmission or reproduction of any part of this material is strictly prohibited without the prior written consent of Trading Educators, Inc.
Instant Income Guaranteed - EMC Trade
Developer: Joe Ross
Administration and New Developments: Philippe Gautier
On 2nd May 2016 we gave our IIG subscribers the following trade on EMC, on a TTE on a RH on the daily chart. We decided to sell price insurance as follows:
- On 3rd May 2016, we sold to open EMC Jun 17 2016 23P @ $0.38, i.e. $38 per option sold, with 44 days to expiration, and our short strike below a major support zone, about 13% below price action.
- On 11th May 2016, we bought to close EMC Jun 17 2016 23P @ $0.19, after 8 days in the trade, for quick premium compounding.
Profit: $19 per option
Margin: $460
Return on Margin annualized: 188.45%
N.B. We have also added new types of trades for our IIG daily guidance, "no loss" propositions with unlimited upside potential, still using other people's money to trade.
Philippe
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Latest Blog - How to Approach Trading - Part 6
by Professional Trader Andy Jordan
Educator for Spreads, Options, Swing/Day Trading, and
Editor of Traders Notebook Complete and Traders Notebook Outrights
If you missed the first blog in his series, be sure to check it out! Any fool can get into the market, but it takes a consistent successful trader to...read more.
© by Andy Jordan. Re-transmission or reproduction of any part of this material is strictly prohibited without the prior written consent of Trading Educators, Inc.
AlgoStrats.com
by Professional Trader Marco Mayer
Educator for Forex and Futures, Systematic Trader, and
Creator of Ambush Trading Method, Ambush Signals, and AlgoStrats.com
Click here to learn more about Professional Trader Marco Mayer - AlgoStrats.com!
© by Marco Mayer. Re-transmission or reproduction of any part of this material is strictly prohibited without the prior written consent of Trading Educators, Inc.
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Note: Unless otherwise noted, all charts used in Chart Scan commentary were created
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