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Emini Trading: Follow the Rules

Today was a “questionable” one and done. The trade was valid, a short NSE. However our target was hit and the market quickly bounced. The way I day trade is to move my stop loss to BE on NSE trades after 4 ticks of positive price action. So I start with an initial stop of 8 ticks but that was quickly reduced to BE after our trade went a point in our direction. The questionable part is getting filled. Simply put – some did, some did not. The ones that did – simple one and done, 2nd day this week. Those that did not had a break even trade and went on with their trading days.

We ended up trading until 10:30 or so as we had a few break even trades, losing trades, and of course some winning emini trades. What is important to remember is to FOLLOW THE RULES regardless. Sometime the rules create LOSING trades! Sometimes they win, sometimes they break even. If we do not have a rule set to follow, how in the world will we determine our next trade? In my mind it would be very difficult to trade like this.

Sometimes you will some consistent rule-breaking trades WIN. This is when I STRESS to my student base the importance of sticking with the rules! It’s really easy to see a few could be trades win and you simply decide for a change of rules. Now, I understand there is more than one way to skin a cat here. I’m not saying I have the best, almightiest rules. BUT I follow them. If I see something that I want to change, it is based on a long time – not a few trades! If fact, my day trading course has a few rules that are flexible. One big one being our Pullback Cancel rule. I explain why and how I do it and once a student understands 100 percent they are free to decide if they want to be a bit more lenient with that specific trade.

Bottom line is this. We had a great trading day! We had a couple losers, a couple break even trades, but by 10:30 we had our daily money – by following rules!!

Enjoy the rest of the day!
Cheers!
ETS

 

This entry was posted on Wednesday, July 6th, 2011 at 2:37 pm and is filed under Emini Trading: Follow the Rules.
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