Live Day Trading System Results-Explanation of Long Term Filter
Over the past few years we have probably produced hundreds of live day trading videos for you to see our trading system work – and work on a live trading account. We believe that’s the best way to “show off” a system is by showing real results. Of course we spend a lot of time working with students and as I mentioned in the past, we are working on a major project. We will discuss that more next week!
In a lot of my videos you will hear me reference a Long Term Chart. I haven’t ever showed the chart as it’s just a chart. However, after several requests I decided to show the long term filter chart on video and illustrate how we day trade with this chart. Really it’s a filter chart but it’s a vital component to our trading system. It’s very easy to use really – if the long term chart goes LONG we simply avoid short trades! Vice versa when the long term chart goes short!
Today we had a great one and done day – 3 days in a row. As most of you know a “One and Done” is where our first trade is a winner, we make our daily income and walk away for the day. It’s great when it happens 2 or 3 days in a row as our “work week” ends up being a couple short hours! Of course it’s impossible to day trade and have nothing but winning trades. It simply does not happen. I can recall a time (and you can find it somewhere on this trading blog) where we had 4 or 5 straight weeks of “One and Done” trading! Then look at last week – we did 17 or 18 trades – we had LOSING TRADES. All trading systems, trading methods, and traders have losing trades! It’s the discipline that keeps the trader focused and a solid trading system with rules to help him/her recover from the losing trades and still make a profit. Last week was a good example of having losing trades, recovering trades, and winning trades!
You can see the long term filter and how it really helps us trade in today’s video.
Well, the markets have been having a pretty nice rally. The Dow was up 200+ yesterday, gold is at an all time high and the S&P is right at that critical level. Where do we go from here? Everyone’s opinion of what the market will do is just that – an opinion and nothing more. I personally believe that we have a lot more downside potential as we are still having major economic problems. Technically the recession ended in June 2009, but here is a good read from CNBC.com that you should read: http://www.cnbc.com/id/39536074
We simply are not out of the woods yet. What does this mean for traders and investors? Well, as a trader I can say it’s really a good thing. Now please do not take this wrong. I do not like to see employment numbers where they are and I certainly don’t like the fact that housing prices will probably fall some more. However, as a trader – a day trader – that brings volatility! Volatility brings action and that’s where a good disciplined day trader can make some money! I say, bring on the volatility. In time the economy will recover and things will improve!
Well enough for today! Thanks for stopping by the blog and if all goes well, next week we will be discussing a new product that I have been working on for over 13 months. This product will change the way you trade! It reminds me of way back in 1999/2000 when Priceline.com was launching. Remember those William Shatner / Priceline.com commercials: “This is going to be big….. really big!”. I believe our product is going to be big too! So stay tuned and be sure to sign up on our email list as we send information out first to email subscribers.
Have an awesome day!
Cheers!
ETS
Long Term Filter and how it plays a role in our Day Trading Strategy
