Secret Four: Be more than willing to switch positions.
One of characteristics of floor traders is that they don’t use “stops.” When they see the market turn against them they simply exit all their current positions, and go the opposite way. For example if a trader is holding a long 10-contract position he will simply sell 20 contracts if he finds that his previous position was wrong. Being able to switch positions fast is a basic skill of winning floor traders. You can do the similar way with the help of AbleTrend, see the following example:
To succeed in trading we must “obey” the market. By that I mean that one must be flexible enough to follow the direction of the market as it is revealed. Do not allow any theories, methods, or predictions to limit your view of the market. Think outside of the box, not inside of it! The key market indicator is the market price itself.
As soon as we find that we are on the wrong side of a trade we must be more than willing to switch our position. That means not just liquidating such a trade but actually switching from buy to sell, or from sell to buy, depending on our original side. This is an essential skill of the professional trader – and a successful AbleTrend trader.
In the upcoming blog we’ll introduce Secret Four: Stick with the Big trend until a change in trend tells you to exit
The best way to learn a skill using trading software is by practicing it. Though the webinars and free one on one trading sessions will help you to prepare for actual trading on the live markets, it will not tell you how your psychology will react to the experience. This insight is gained only through experience, so give AbleSys trading indicators a try today. To get extra 10% off for AbleTrend 7.0 30-day trial, here is the code: WTMF10 (order online).
You may also learn more about AbleTrend on our blog: blog.ablesys.com
And watch archived sessions from our introductory and member’s webinar series:
Click here to view our youtube page
I welcome your feedback. Did you like today’s message? What other topics would you like to see? Please let me know at gracezh@ablesys.com
If you are an AbleTrend user this is a great time to share and introduce this great tool to your family and friends for the prosperity of 2016 and the years to come.
Happy Holidays!
Grace Wang
AbleSys Corp.
gracezh@ablesys.com