I was using the techniques I teach in our upcoming My Money Making Machine live trading course. It was a mean reversion technique which is a counter trend strategy. (Click here to watch a video teaching a different countertrend technique.)
I was supposed to sell market on open. But I didn't. The market moved higher after opening and I don't stand in front of trains.
But I needed to get short to get in sync with my system. So I sat. And watched. And sat. And watched.
Finally it cracked and started to move down. That was my trigger to short TSLA and I did. The market dropped sharply to my objective and I took a nice $5 profit per share.
There were several keys to my profit:
Having a profitable system to follow so I didn't have to make decisions under pressure and so I had confidence that the odds were in my favor.
I was patient to wait for the trigger. Often, short term traders are impatient. That is one of the reasons they like short term trading. They want the action. But patience is actually more important for short term traders than longer term traders.
I had an objective. In long term trading I never have objectives. But short term trading is all about riding short term waves of price action so you have to take profits at optimal points. (I go into more detail on where to pick objective in the My Money Making Machine course.)
This was a nice profit in a short time period. You can make a living with trades like that.
See how one alumni made almost $200,000 in a few months
Learn the entry rules for one of the techniques that I teach in My Money Making Machine
Learn more about My Money Making Machine
There is not a lot of time left to grab one of the few remaining seats. We start the live trading in a couple of weeks and you need time to study the free How To Make Money Trading Stocks and Options course (Always sold for $5000).
Post a Comment
Post a Comment