GOING HIGHER?

The sideways movement over the last two weeks is looking more and more like a bullish ABC pattern correcting the move up from 11/2 to 11/16. I think if we move back up above the 10 day MA tomorrow, we could rally up to the 1120 area in the S&P 500.

A very successful trader friend of mine posted these 5 steps in his newsletter. Although it may seem too simplistic on the surface, it actually nails the key steps you need to be working on in your personal trading. It is also a good summary of what I taught you in Course 1.

We have found that traders who find success do the following very well.

• They Have a method. Simplicity is a good thing. They learn a trading method and master it.
• They control emotion. They do not let fear or greed rule their decision making
• They understand that all trades do not work. As predictable as we try to make the market, it can be very unpredictable.
• They manage risk. The market place is risky. Managing that risk is essential. They don't allow one trade to make or break them. They have a level where they will exit if the trade moves against them and they avoid justifying themselves for remaining in the trade longer.
• The are honest with themselves. They recognize and learn from their mistakes. They are able to say they were wrong. Being right is not the important thing, making money is.