Take the Money and Run!
Futures Crude Oil Day Trading Charts: CLPORT Strategy
Futures Crude Oil Day Trading Charts: Daily Chart Retracement Area
Futures Crude Oil Day Trading Charts: 1P Profit Target Hit!
Futures Crude Oil Day Trading Charts: 4415 to 4464 Retracement
Futures Crude Oil Day Trading Charts: 200 Bar SMA Holding Short Trade
Futures Crude Oil Day Trading Charts: First Sign of Some Buying Entering Market today
Futures Crude Oil Day Trading Charts: Trying to hold off the shorts, but to it proves to be wrong!
Futures Crude Oil Day Trading Charts: Gann 4th Time Through Showing Up on Chart
Futures Crude Oil Day Trading Charts: The Market finally moves down later ..
Futures Crude Oil Day Trading Charts: Gann Showing a LONG, but Falling Knife comes to mind …
Futures Crude Oil Day Trading Charts: Possibe Retracement on Long before continuing on Down!
Futures Crude Oil Day Trading Charts: All the Way Down Again …
Where are we going next? I have no idea … but what I have learned over the years is to never try to catch a falling knife …
I find it interesting when I am in the TST Energy Room how many different opinions come in … it is all clutter to the mind and it will leave you standing confused and brusied to listen to it all. What I know from my experience is this … you MUST be CONFIDENT in your trading signals and take them.
I found a nice trading signal short today and it continued to advance down during the trading session. I thought I would be able to carry the short trade d0wn to the S2 level today, but it wasn’t meant to be … but I still earned 52 ticks on the short and only gave back 8 ticks to the market on my trading session.
In time, I find that you simply have to say … “That’s Fascinating” when you are trading. The market will do things you thought it would do when you are done on your trading day. And it will do things you will say I am glad I am not in there any longer just as often.
“That’s Fascinating!” – Jim Rohn
The story goes like this … why doesn’t a person do something the way you want them to do it … or why is there so much traffic at rush hour and why am I always stuck in it. Well, there are things out of our control and the quicker you can come to this same conclusion the better off you will be as a day trader. Mr. Rohn used to say it’s just the birds … there is a lot of wisdom in that saying.
Simply put … you can’t control much of anything in life … but what you can do is control your entry and exit point in a trade. You should know this before you enter the trade. KNOW your out point before you even take the trade on!!
So take the money and run is a good saying to remember … it goes back to Trading Rule #3 … Take Profits on the Ride!!!
Good Trading,
David M. Knight
TradeCraze
P.S. I finished the trading day up plus 44 ticks. I attempted to short the market, but my timing was off and took an 8 tick hit.
I am a 30 Year Futures and Commodities Trading Veteran. In addition, I enjoy games of skill and chance like: poker, craps, blackjack and roulette. During my professional career, I have developed and implemented successful trading strategies and methods; along with winning systems in games of skill and chance. Join with me on our mutual journey together.
