Last week's watch list was a great example of why we focus on quality and letting the methodology work for you. Patience and Discipline are the key component in any endeavor you want to be successful in. Patience in the markets keep's you from over trading and over trading is one of the main reasons an account gets chopped up rather then a continued slope up in profits. It's an easy concept to understand but one of the hardest to follow that's the reason I force myself to abide by certain criteria and combine all these rules in a Methodology or my own Black Box System called HPS or High Probability Set ups.
I know from trading actively (full time) for over the last 16 years that for me I had to learn what didn't work before it dawned on me that nothing works...perfectly. But if I was able to somehow discipline myself to reject or hold back from taking trades that had no technical or logical basis I would be left with The trades that did in fact give me a logical and technical edge in the markets and that's all I need to see a drastic change in successful trades vs failures. Now the other key ingredient is discipline and being in a good trade doesn't make you money until you are able to take that profit and that is so vital. I understand my weaknesses as a walking breathing human. The greed,and fear and the outside influences in the markets that can really distract you from being the best trader you can be and over time.. and time means your trading career you need to really become that machine in the markets..Strive to have no emotions. Stay as true to the methodology as you can. And stay as positive in life as you can.
One last note..Most traders will always look for the Holy Grail of trading and that quest starts as a novice trader. The enlightened ones will one day realize Holy Grail can mean anything, its a metaphor for what makes you the best you can be. When it comes to trading you will find certain situations continue to play over and over again in the markets, Identifying these before they happen is for me my Holy Grail. I will continue to bring you the best set ups in the markets with the 10 for 1000 watch list. Based on quality stocks, Multiple time frames, momentum and over bought and over sold levels You can look for a better method, but the "odds" are you won't because that's what it comes down to. Your job is to work on the discipline of managing risk and taking the profits.
link to chart DNKN