The average top speed of a car is 120mph, but most people never drive that fast… EVER!. In fact, the faster you go, the higher the probability that you will have a fatal accident. It is dangerous, unsafe and unnecessasry.
Trading is similar. How many trades can you place in a given day? As many as you want and can afford. Do you need that many trades to meet your financial goals? No! On the contrary, the more trades you take, the higher the likelihood that you will lose money.
So, how many trades do we recommend in order to be successful? As close to one as possible.
We usually know where we are going ahead of time and can plan our routes using a GPS. We consider the distance, how long may will take us to get there, the time of day and what the traffic may be like. We may have to get gas along the way and if this trip is very important, we will throw in an extra half an hour in case we get a flat tire. If we fail to make these considerations, we may start your journey late, causing us to speed and perhaps drive more recklessly, increasing the chances of having an accident.
Planning and preparation is also important in trading. We must have a trading routine that we follow. It does not have to be elaborate. The simpler, the better. This routine is our GPS. It will help us to be prepared, effective and most of all efficient in our trading. This means that we will not need to place many trades trying to chase a profit in the market, but will be able to identify precise entries using high probability setups.
This routine begins with having a system that works consistently. A reliable trading strategy gives a trader confidence. It prevents FOMO, overtrading and second-guessing our setups. We will be less anxious when price meets our entry and will be less attached to the outcome.
The picture below is an example of a setup using a high probability trading strategy. This trade was taken on Wednesday, September 20th, when the FED were expected to announce an interest rate adjustment. The trade was posted for our members in our trading community before the announcement and many of them took it. While we did not catch the entire move, the zone resulted in an alomst 600 point move in the Nasdaq and that was the only trade that we needed that day. As Yvon Chouinard says, “The more you know, the less you need.”
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