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Anybody can build a set of trading rules that has an edge and produce a positive expectancy, but if you can't follow the rules, it's worthless. Psychological strength and emotional control are the most important parts of trading. You must be able to follow the rules you tested.

What you learn the most from trades aweber.com/t/T0Niw

Great trading is NOT about being RIGHT. It's about trading RIGHT and following tested trading rules. If you want to be consistently profitable, you need to think in a series of trades (Long term) and ignore the outcome of individual trades (short term).

I’ve been working with traders for over 35 years and the 3 biggest things that fuck traders up more than anything are this: 1. Under capitalization. If you can’t meet the margins, you need to trade the Micros. There is nothing wrong with trading the smaller contract size, it’s

If you don’t back test your trading rules on over a 1,000 trades you are wasting your time. Your impulsivity will take over and you will no longer have any trust or confidence in your rules. That’s where trust and confidence comes from. You have to test the rules.

The NASDAQ is still holding the 23,000 level, and the price action tried to sell off this morning. Notice the yellow circles show the DELTA increasing, and this shows you how your pivot points. nobstools.com/order-flow/tur… #OrderFlow $Emini $NASDAQ $NQ #nq_f #daytrading $es_f #VWAP

Trade what you see, not what you think... Don't dwell on the past or predict the future. Think in terms of probabilities, not predicting the future. Accept your trade outcomes; many trades will not work. Don't blame the market, your broker, or other traders for losing trades.

Price goes the opposite of wicks aweber.com/t/LjrAc

One of the most important parts of testing your trading rules is your sample size. You are not going to have reliable results from 50 trades. It's not enough data. You need to see results from 1,000 trades or more to make an assessment of the reliability of the results.

Normal day Trade # 1 = - $110. (loss) Trade # 2 = - $120. (loss) Trade # 3 =  -$110. (loss) Trade # 4 = - $120.  (loss) Trade # 5 = + $1,525. (gain) Total Profit for the day = +$1,065.00 5 trades, 20% were winning trades...  It’s not about being right; it’s controlling

I know many great traders, and ALL of them trade differently, but ALL of them understand and respect risk management. The reason is simple: it is the ONLY way to trade profitably. No matter how smart you are, trading success is not about education or how smart you are.

A trader who does not have emotional discipline will never be successful... the reason is simple, you can't be profitable acting on impatience and impulsiveness. Trading does not reward impatience and impulsiveness.

The Ego wants you to be right, and it wants you to be able to predict the market. The best systems usually have a simple set of rules. The ego wants to believe the more complicated, the more secrets. There are no secrets; it's about risk management and honoring stop losses.

In trading, consistency is vitally important. You must be consistent and stick to the tested rules or the rules have no meaning. The rules mean nothing if you can't act on them.

Floored... the Trading Movie aweber.com/t/Gqj9C

1. Trade with an Edge - You have to trade with set of rules that give you a positive expectancy. 2. Manage the Risk - If you don't limit losses, you will not be around to see the long-term benefits. 3. Consistency is the key - If you follow the rules, you get the rewards...

You stay in the game by cutting your losses. You are a success because you let your winners run. You don't become a successful trader because you know some secret. You're successful because you learn to read price action.

The biggest difference between winning and losing traders is their thinking during the trades. How do traders handle their emotions? No matter how well you can read charts, you will not control your account performance if you can't control your mind….Emotional discipline.

Why are all these new traders so focused on high winning percentages? It’s not whether you’re right or wrong on your trades but how much money you make when you’re right versus how much you lose when you’re wrong. You don't need perfection. Get this through your thick head.

A successful trader focuses on their ability to get out of a losing trade as soon as possible. Most losing traders focus their determination to hang on to a losing trade and hope that it comes back. A great trader takes out the trash (losing trades) as soon as possible.