Day Trade to Win

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Top 10 Rules for Beginner Traders

cme trading hours
1. Have an entry and exit plan
Knowing when to get in, when to get out, and what to do if the trade fails is extremely important.  In other words, have an entry strategy, profit target and stop loss.

2. Avoid the first 15 minutes when a market opens
This period of time is usually highly volatile – automated systems, premarket trades and unfounded trades produce choppy price action.  You are better off waiting until it levels out and using the ATO (At the Open) Strategy taught in the Mentorship Program.

3. Understand market orders vs. limit orders
Market orders tell your broker to buy or sell at the best available price.  Limit orders let you control the maximum and minimum prices at which you will buy and sell.  Limit orders are better because you have more control and can be used more easily with strategies.

4. Avoid margin risk
The whole point of trading using a margin is to increase the amount of potential returns on each trade.  Leveraging more money puts you at risk so keep your margins in check.  Trade with a 4:1 intraday margin, if possible.

5. Don’t guess or follow instincts
Always have a strategy.  You need to know objectively what conditions will trigger your entry.  And these conditions have to be consistently successful.

6. Keep a log of your trading activity
Your trading software can keep track of your profit and loss performance.  You should keep track of your personal development as a trader – improve upon your mistakes.  The paper remembers better than the mind.

7. Paper / sim trade first
Practice makes perfect.  Paper trading with a live data feed will simulate the experience of live trading as closely as possible without spending real money.  Paper trade for as long as you need to before going live.

8. Be wary of where your trading advice comes from
The markets are inherently unpredictable for the most part.  In the business of trading, there are many who are a little too confident.  Do your research before putting anyone’s advice to the test.

9. Control your losses
When trading with real funds, only trade with money you can afford to lose.  If trading ever gets you into financial trouble, take a break and refine your strategy by paper trading with live data.

10. Allow yourself enough time to learn
A baby needs to crawl before being able to walk.  Don’t panic at the first hint of loss and throw your strategies out the window.  Trading is emotional.  Know that you will have losing trades.  Being consistent requires discipline with the right, objective trading methods.  See our courses to find out more.

Summer is Almost Over – Traders Get Ready!

I look forward to summer every year.  June, July and August bring sun, fun, bikinis, and oh, that’s right – let’s not forget slow moving markets!  Every year, the same thing occurs.  From January through May, the markets move normally as expected.  The following three months of summer bring the slow inactivity every trader complains about.  This uneventful market action is to be expected.  This lack of movement is indicative of a method that I use on a daily basis – the ABC Pattern.  If you haven’t yet watched the video on how to trade the ABC Pattern, now is a good time:  Learn the ABC Pattern.

Nearly every trading day, the market starts off normal, slows down, and then speeds up towards the close.  This same behavior applies to the trading year.  The three parts of the year are historically predictable.  With that said, now is the time to rev up your trading engines and prepare yourself for the action that will close out the year!

Starting in September, the trading volume is expected to pick up as the 4th quarter earnings come into play.  This year is especially important because of the November presidential election.  This coupled with the January Effect (my bullish prediction for 2012) will make the upcoming months worthy of watching.

Let’s look at the specifics…

  • Election year – markets usually rally.
  • January Effect – markets expected to close higher for the year
  • End of the year quarterly reports and holidays – markets again expected to rally

These three conditions point to the market moving higher, but timing is everything.  Wait for the pullback.  This is key, and just after making new highs in the past week, expect a little retracement.  Be ready to buy the equities when they move back up to break the current highs.  September could very well be a down month, and that is a good thing because when the buying does resume, the entries will be that much sweeter.

I always have expectations.  Pay attention to the ATR (Average True Range).  In any time frame and any market, this will be the leading indicator to guide your profits, stops and epxectations.  Watch for the “Yo-Yo Bars” on both the log and short sides for hints that the market is having a difficult time following through.  These are some key basics I teach my Mentorship students as well as students of the Power Price Action DVD Course.

The chart below shows the price action of the weekly candles yo-yoing just prior to the drop.  The term “Yo-Yo Bars” is one I’ve used for years to describe the repeated attempts and failures of a price bar to fully form on its way towards a goal.  When multiple instances of this action occur, play close attention.  The chart below depicts this exact scenario playing out.  Now that the market is at new highs, or at least testing the current highs, a good sign to watch for would be these Yo-Yo Bars once again proving that price is trying and failing to move higher.  Whether or not this will happen again I cannot say.  However, once three, four or five candles begin to demonstrate the Yo-Yo Effect, you can expect a pullback to occur.  These are visiual signs that I like to use as proof to show me where price may be headed.  Regardless of the type of chart used (one minute, weekly, etc.), this action works the same way.  If the pullback occurs (let’s wait for it to happen), the buying opportunity will present itself to close out the year.  Stay tuned!

Click image to see it at full size

Two Point Profit During Today’s Atlas Line Lesson

We stand by our products. If we see a setup occurring (and know there’s a good chance to make money), we take the trade! This occurs during live training sessions, as seen in today’s webinar for first-time Atlas Line customers.

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This trade occurred as a result of the Atlas Line Dbl Bar Short signal 1213.75, reaching our profit target at 1211.75. In case you don’t know what this means, the Atlas Line tells you to go either Short or Long at a specific price. Advanced warning lets you place your order in time to make profit. The types of stops and where to place profit targets are covered in the included live training.

You might not be aware that when you purchase a Day Trade to Win trading course, a free live lesson is included. Day trading coach John Paul teaches each session personally, to make sure you fully understand how to use the software and/or understand the course, whether you’re trading the E-mini, currencies or other markets.

$750 Profit Trading 10 Emini Contracts Using Power Price Action

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Here you can see John Paul trading 10 contracts live in the Emini S&P. This is a quick, to the point video, so John doesn’t mention right away that he’s using the Power Price Action strategy as taught in the four DVD course. The trade he takes shortly after 11:00 a.m. today is worth 1.5 points, or six ticks of profit, equivalent to $750 when trading ten contracts. Not all traders have 10 contracts (or prefer to trade with this amount), but this profit scales up/down accordingly. In fact, John recommends starting off with simulated trading, then moving upwards in the contract count once comfortable with the method. Needless to say, the trade quickly turns in his favor as indicated by NinjaTrader’s “order filled” chime. John’s busy mentorship schedule doesn’t always allow time to trade the morning session like he prefers, but he saw this setup while teaching and decided to record the trade. The four DVDs, color training workbook and eight weeks of training will confirm your understanding of this proprietary method, including the three stop types and a boatload of other tips for trading futures, currencies and (dare we say) forex.

Is E-Mini Trading Asleep or Alive?

What happened today? the market was asleep then BOOM! E-mini Trading is back or will it be short lived? No one knows, but one thing is for sure if a trader learns day trading correctly then regardless of which Futures Market traded, profits can be consistently made. The tools needed, well not much here when trading price action, but a good coach and trading mentor is key to cut down on costly mistakes that do and will occur. Today I’ve attached the Atlas Line to demonstrate how early in the day a price action tool caught the entire day’s move. Don’t expect every day to be like this, but they do happen and you should be there to catch them!

Four Profitable E-Mini S&P Trades on June 1, 2011
Day Trading

How to Day Trade Smartly Before a 3 Day Weekend

If you’re from the United States (like us), you’re probably aware that Monday is Memorial Day, a federal holiday. Considered the unofficial start of the spring / summer vacation season (while commemorating fallen military service personnel), Memorial Day is always the last Monday of May. Every year, millions of Americans look forward to this three-day weekend. The lucky ones are also able to take off Friday before (today). As traders, we are somewhat dependent upon these lucky individuals who are normally trading with big money, creating volatility in the markets.

Whenever you encounter a trading day before a major U.S. holiday (like today), you can expect to see relatively low volatility for Emini trading. For example, today’s price action trading was bound within a range. Traders collectively decided on the highs and lows of the day, making the same mistakes and assumptions. Days with better price action / volatility are not range-bound. Instead, they show more of a gradual slope in the rise and fall of price instead of the zig-zag choppiness and periods of flat price action. This same behavior occurs on all U.S. based markets, having a great affect on all of futures trading.

Using the Atlas Line®, it’s still possible to make money on days like today (ES – May 27, 2011)
Day Trading

In the chart above, we purposely removed all of the text pointing out the profitable Atlas Line trades so you can see the price action. You can see how the Atlas Line was right on the money calling out the Long Trades and the Short Trades despite the relatively “flat” trading that was offered. If you’re not using a trading tool like the Atlas Line or one of our day trading courses other price action trading systems, then it’s best not to trade on days like today.

If you’re still going to attempt to trade anyway, at least try to stick with the morning session. The morning has traditionally offered the most consistent movement. Some days are really cut out do be traded ONLY the morning session. We refer to these days has “half-day trading.” A day like today offers some good morning trades and no reason to stay in to subject yourself to losses later in the day. Take advantage of the markets and give yourself an early start to the holiday weekend!

Here are some general tips on how to day trade around holidays:

  • Be careful trading on days before holidays. The big players are already out boating, so don’t expect the same amount of volatility
  • Trade with the professional traders, don’t trade against them.
  • Trade with the professional traders, don’t trade against them.
  • Learn day trading based on price action so you’re not trading an indicator / algorithm that’s meant for a volatile market
  • If you must trade, trade the morning session. It offers the best price action you’re likely to encounter that day

Power Price Action Webinar – Futures, Currencies and Forex

We had a great turnout yesterday for the Power Price Action webinar sponsored by Optimus Futures. For those of you who were unable to attend, you can watch the recording here:

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This presentation, shows how to day trade price action using techniques traders of all markets can put into practice:

  • Basic price action principles for futures trading
  • Emini trading vs currency trading vs Forex trading
  • How to set up your charts for optimal price action results
  • Common price patterns and how to use them
  • Why it’s never a good idea to use indicators
  • How to enter trades and fill orders more consistently
  • How to take advantage of mistakes other traders make (and their common trading behavior)
  • …And much more

While this webinar doesn’t show the unique methods taught in the full Power Price Action day trading course, there’s still a ton of valuable information. To learn day trading properly using the Power Price Action method, you can visit the Mentorship Program page (it’s included) or the Power Price Action website.

Learn Day Trading – Contract Rollover

CME ContractFutures trading has almost been around since the beginning of time, in one form or another. A major difference now is the accessibility to markets all over the world and the way orders are instantly placed. Another difference is that rules and regulations are set in place to protect the buyers and sellers. Along with all the red tape is the notion of contract rollover. A beginner day trading course will most likely not provide the information needed to prepare traders to rollover when the time is right. I have daily conversations with day traders all over the world, and how to day trade consistently is a common theme discussed. You may like E-Mini trading or maybe you fancy Currency trading, but truth be told that all traders should know the basic concept of rolling over to the next contract month when the time is right. To start you off on the right foot, I want you to learn day trading right from the start, and that means that learning to rollover a futures contract correctly is key!

The rule of thumb is to rollover to the following contract month on the 2nd Thursday or Friday of the expiring month. That’s it!
Simple, to the point and now you know.
E-mini and financials indexes, futures currencies and any other futures markets all work the same way. Find out more about futures contract rollover.

How to Day Trade the Euro (6E)

Knowing when and how to enter markets like the Euro Currency is 50% of the battle. The other 50% is deciding when to exit. The Atlas Line® day trading software works by making this extremely easy: order signals are automatically produced, advising you when to enter. In addition, the plotted line helps confirm the direction of price. When price is above the line, go with long trades. When below, go short. A free webinar is included with purchase, so you can learn special setups that can only be identified with the training, such as the Pullback trade that occurred around 10:50 a.m. today (see chart).

Futures trading (and currency tading) is safer than trading markets like Forex. In addition, emini trading is much safer compared to markets like the Japanese Yen, which seem to be all over the place. When trading the Euro, always use stops and trade with a clear direction in mind. The free webinar allows you to learn day trading for consistent profits in markets like the Canadian Dollar, Crude Light, British Pound, Australian Dollar and other decent-performers.

Grabbing Points Trading the Euro (6E)
Day Trading

Live Trade Taken During Mentorship Class

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Yesterday, Private Mentorship students were shown how to take profit in the E-Mini S&P (ES) using an ATO trade. The ATO is one of the 11 price action methods taught in the Private Mentorship Program. This trade was done live, trading-room style in front of course participants. As the students were already taught the ATO, the setup occurred at an ideal time for John Paul to demonstrate how to take the trade.

Notice how the profit target does not change; it’s static.

In the Private Mentorship Program, trades are reviewed in daily sequence, making sure every signal is clearly defined during each training session. Instruction focuses on reading price action; not using indicators or relying on mystical sources. We objectively trade what we see on the charts.

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CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
GOVERNMENT REGULATIONS REQUIRE DISCLOSURE OF THE FACT THAT WHILE THESE METHODS MAY HAVE WORKED IN THE PAST, PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. WHILE THERE IS A POTENTIAL FOR PROFITS THERE IS ALSO A RISK OF LOSS. A LOSS INCURRED IN CONNECTION WITH TRADING FUTURES CONTRACTS CAN BE SIGNIFICANT. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION SINCE ALL SPECULATIVE TRADING IS INHERENTLY RISKY AND SHOULD ONLY BE UNDERTAKEN BY INDIVIDUALS WITH ADEQUATE RISK CAPITAL.
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