Your trading week may bear witness to the fulfillment of a lot of long range planning, and also the big payoffs that such planning brings to those who are shrewd and patient-those who desire the very best of the best. Create some nice gains and many times it pays to be patiently waiting to get a transaction to explode.

A range of those spreads we do will be the result of patient waiting for both sides to come into proper alignment. We plan these transactions days or even weeks beforehand.

Every time a major entrance signal like the breakout of a Ross hook are being created, every effort within reason ought to be made to be aboard, even if only for a couple of days.

Regardless of what may be happening on the intraday charts, the order to buy or sell according to a Traders Trick Entry has to be set up and waiting as resting orders. Even when intraday charts do not yield a decent entry sign, the order will be filled. The resting orders might be limit orders, in order to prevent being stuffed on gap breakouts.

To make certain that everything is set up at the perfect time, you have to have everything prepared beforehand.

Trade selection and adequate planning go hand in hand. This is where the great majority of prospective professional traders miss the boat.

Much more money is created because of proper planning than from sitting and trading everything that comes together or looks good.

I'll never completely understand why folks think they must trade a lot of the time. Why folks think that they must take as many transactions as they do nor will I grasp.

I was taught just the opposite. I want to pay in detail how I was taught to approach transaction selection.

Everything begins with proper management-planning, coordinating, delegating, directing, and controlling.

I was taught to weave them together in my trading-they do overlap.

Though planning is the major management purpose involved with trade selection, you can not possibly plan nicely unless you're organized to do so.

You must have your tools at hand. Your charts, your data, the proper equipment etc.. In place-this is a part of organizing Each one the rudiments for planning has to be.

You have to be physically fit when you want: well nourished, properly exercised, well rested etc., all part of getting your life organized.

I was taught that for a successful trader, I had to be the best. There could be no middle ground. There were winners and losers on the market, and also to be a winner I had to be a champion. And like every champion, I had to train, traintrain.

I was taught that there were no runners up in gambling. I was to study, when others were busy going to parties. When others were listening to the radio or watching TV, I was to practice trading.

I was to study my charts . The charts, as inaccurate as they were, were all I had to hang my hat . I was to picture and imagine in my mind what made them form and move the way they did. I was to ask myself can what I see in front of me personally relate to supply and demand? Demand and supply are what make prices move or not move through a trend.

But there was more to a chart than that. Reflected in the chart were the reactions of human beings. Reactions to rumors and news; to national and world events; to government reports-these also were on the charts.

There was something else on the charts, something which few took into account. That something was the manipulations from and by the market movers, the trading ground and from and by holders of inventories of the commodity. These were in the days before trading and earlier financial futures. Today, the large players have an influence on the markets.

I was taught to search for signs of any and all these things once I studied my charts. I was told that the action of those matters caused patterns to form.

I was edued to look for the truths in the markets. There were two things which were constantly true-A BREAKOUT, along with a TREND. I was to master these phenomena. Over and over I had hammered into my mind, the fact is always the reality. If a market breaks , nobody can change that. It's history and it's true. It may turn out to be a breakout, but nevertheless it is a breakout. I had to learn to tell which ones were most likely true breakouts. How would I know that? From the patterns on the chart.

The trend is the trend while it continues. While a market is trending it's telling the truth. The fact is the reality, although the trend may change. If the market is moving up, prices are moving up. If the market is going down the reality is that prices are moving down. It's an incontrovertible truth. I was to learn to make my money by trading with the trend. I was to learn what constitutes a fad. I had to learn to spot trends early so that I could get the most out of this market while it trended. I was to learn when a fad would most likely start, to recognize, and I had to learn to become more adept at deciphering every time a fad was finishing. A trend reflects momentum, and momentum is whether you're going with it, the thing that makes you money.

I was taught to learn to recognize my trade(s), and also to take just my transactions. Trade the formations and patterns which you can recognize and identify, I was told.

I was edued to exchange using the tips that I had been revealed and to collect and maintain a collection of high probability tricks in my bag of tools. One such instrument is the Traders Trick Entry.

How was I to do all of this? Practice, practice, PRACTICE. Practice comprehension of congestion places. Practice comprehension of high probability breakouts. Practice and more practice. Like anyone who wants to become a champion at research , total dediion, anything, practice and practice. I was to become a virtuoso in trading. I was to practice it over and overrealizing I'd never be good enough. There could be a way that I could do things better, more efficiently, and with greater speed and finesse.

Additionally, I had to become adept in the other aspects of management.

I was taught to write out a script of my own orders and rehearse giving them. I was edued to tape my orders and then write them down. I was edued to be firm and insistent and to develop that tone of voice once I was calling them by phone. No guy that is wonderful stuff. Polite, but firm and powerful, insistent and urgent was the means by which the orders had to be called in. This directed those to whom I had given the ability to get my orders into the trading floor.

Afterward I was edued to be extremely intimidating in getting back the results. To be callous in demanding good matches. To ask for time and earnings on anything defendant. This was controlling, exacting responsibility back for the authority.

I was taught that I owed my broker nothing. He was the servant and that I was the master. I paid him well. I was to expect the very best out of a broker. I was to be quick to drop a broker from support. After all, I was the only picking up the tab, not the broker.

Through the years, although markets have changed, nothing has changed in the way of maintaining personal discipline.

You must see the market, see every tick if you're daytrading, learn to check out what's happening.

Pick your transactions attentively. Pick just those formations that form well, ones which are clearly what you would like to view.

As you gain experience, you will learn to recognize more trading opportunities.


Joe Ross, trader, writer, trading eduor is among the very diverse traders in the business. His 48 years include position trading of futures, and stocks. He also daytrades stock indices, currencies, and FX. He deals futures spreads and options on futuresand has written books about it - 12 to be exact. Joe is the discoverer of The Law of Charts™, and is famous for the Ross hook™ along with the Traders Trick Entry™.

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