I just finished a walk through video of this past week’s crude oil trades and I wanted to do another one with two very popular markets.
The YM (Dow E-Mini) is a great instrument for traders of every level of trading experience and we hit new equity highs with our trading plan this week. It was an exciting time for traders in our trading room as the YM won four out of five trading sessions.
Those winning sessions is the main goal with Spotlight Power Trader. Your trading goal should included quitting most of your trading session with a positive result and minimal trading.
The most important goal is to control your drawdown regardless of the market you trade and we do exactly that.
Trading The Different Forex Sessions
The video below has a special treat for Forex traders where I look at the Asia, European, and the U.S. trading session. Although many currency pairs on the daily charts have price action and trading conditions that are not the greatest, day traders of Forex can still rack up the pips.
The beauty of day trading is that a swing traders chart of four hour or daily can be in a range which usually means, trends on lower time frames.
Stop And Reverse Is A Frequent Trading Setup
For those who hate ‘stop and reversal’ situations, I go into an in depth technique discussion on how we handle ‘stop and reversal’ setups.
Stop and reversals happen fairly frequently and they should not be feared.
You must come to grips with know that we have no control over what the market will do once we are in a trade. What’s important is that you know how to handle them while surrendering control to the rhythm of the market.
We are able to cancel many of them with the additional price action confirmation we ask for but even if we do stop and reverse, often we’ll be cutting a losing trade short and lowering the loss while jumping onto a winning trade, creating a productive and profitable two trade sequence.
You’ll also see some discussion on our basic Forex day trade plan using Spotlight, how we use the targets to determine where we scale out at different profit levels, etc. I sometimes feel that these discussions could be an entire trading lesson!
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For more info on how you can get involved with the Spotlight Power Trader, contact us at email@example.com.
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