{"id":29808,"date":"2013-08-07T14:23:29","date_gmt":"2013-08-07T18:23:29","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=29808"},"modified":"2023-04-27T05:51:17","modified_gmt":"2023-04-27T09:51:17","slug":"whats-working-for-you","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/whats-working-for-you","title":{"rendered":"What’s Working for You?"},"content":{"rendered":"

For those of you who don\u2019t know, trading during the summer months can be tough on your patience and P&L. \u00a0A sizable portion of market participants and those with the ability to move markets all go on vacation and enjoy themselves while the rest of us stare at a computer screen that looks like it is frozen in time. \u00a0I am a big proponent of following the big guys and taking time off, but that does not mean there are not opportunities. \u00a0The methodology that I use is just as effective in this environment as it is in a more eventful one. \u00a0Why?<\/p>\n

I am writing this because I want you to understand two things: \u00a01. If your methodology is robust, it should work with little variation throughout most market environments. \u00a02. \u00a0If you are having problems, you need to question: Is it your lack of patience? \u00a0Or do you need to re evaluate your methodology?<\/p>\n

What is working for me?<\/p>\n

The same thing that has been working and that is: anticipating relevant support or resistance levels, evaluating the potential opportunity in terms of risk and reward that they present, and being patient with the validation process. \u00a0What this translates into is this: \u00a0I spend a lot of time waiting. \u00a0I evaluate my charts on large time frames like the four hour. \u00a0I am waiting for the market to show signs of overreaction. \u00a0I am evaluating the trend and momentum on multiple time frames. \u00a0I may step into a trade and get stopped, only to have to reenter again an hour or two after. \u00a0This process is no different in an active market, except that in an active market, trades have more potential and more opportunities emerge.<\/p>\n

Since my methodology is so well defined and I know how to assign importance to potential price levels, I naturally have the patience to wait. \u00a0If there is no setup and\/or no validation, then there is absolutely no reason to trade. \u00a0Forcing trades only gets you into trouble.<\/p>\n

A great example of our methodology being used in this environment is my trainee Petr. \u00a0He joined our program earlier this year and he is now sharing videos of his trades with me. \u00a0He has been participating in some great trades that he is finding on his own. \u00a0Make sure to watch for my trade review this Friday here<\/a> because I am going to feature his work. \u00a0By the way, he trades remotely from the Czech Republic. \u00a0Before he came to us, he looked at the market from a traditional perspective and got mixed results. \u00a0Since he has been in our program, he is able to spot, properly evaluate and validate emerging trading opportunities, even in this tough environment. \u00a0What separates Petr from the majority of traders is he has the ability to recognize value and he wasn\u2019t afraid to take a chance by joining our program. \u00a0It just goes to show that \u201cFortune favors the bold.\u201d<\/p>\n

What is working for you?<\/p>\n

If you are still consistent in this environment, I would love to hear how you perceive the market. \u00a0Share your thoughts in the comment section. \u00a0If you are having a tough time, then you need to start asking questions: are you reacting to market information? You should be anticipating. \u00a0Are you worried about not being able to show a profit for the month? You are more likely to jump into anything that looks good. \u00a0Are you forcing trades by \u00a0jumping into any setup without justifying its potential? \u00a0You are impatient, bored or pressured. \u00a0Are you blaming the market for all your problems? You lack perspective. \u00a0Only professionals have the ability to adjust. \u00a0The market is not our friend and has no reason to act in ways favorable to us. \u00a0It just is. \u00a0If you are having a tough time, it is most likely the result of a trading structure that needs to be further refined.<\/p>\n

Market activity is correlated to the volume or trading activity and it fluctuates just like anything else. \u00a0If you are new and insist on sitting in front of your computer to gather some experience that is one thing. \u00a0If you are somewhat experienced and find your self stressed out on a regular basis, just take a step back, the market will not go anywhere without you. \u00a0Always remember to give yourself a break once in a while too. \u00a0A well defined methodology will get you through any environment while emotions and an unclear thought framework will lead to a shrinking account.<\/p>\n

What are you thoughts? What\u2019s working? \u00a0Please share with the community.
\n<\/b>
\n—
\nMarc Principato, CMT,<\/p>\n

\"\"<\/a><\/p>\n

Risk Disclaimer<\/a><\/p>\n

*No Relevant Positions<\/p>\n","protected":false},"excerpt":{"rendered":"

For those of you who don\u2019t know, trading during the summer months can be tough on your patience and P&L. \u00a0A sizable portion of market participants and those with the ability to move markets all go on vacation and enjoy themselves while the rest of us stare at a computer screen that looks like it is frozen in time. \u00a0I … Read More<\/a><\/p>\n","protected":false},"author":1030,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2076,2051],"tags":[939,1390,2092,383,151,1664,3248,745,3111,1050,56,18,3081,653,38,4690,3228],"class_list":["post-29808","post","type-post","status-publish","format-standard","hentry","category-marc-principato","category-smb-forex","tag-analysis","tag-forex","tag-forex-training","tag-futures","tag-market","tag-mentor","tag-methodology","tag-playbook","tag-price-level","tag-question","tag-smb","tag-smb-capital","tag-trade-setup","tag-trader-training","tag-trading","tag-trading-education","tag-trainee","no-post-thumbnail"],"yoast_head":"\nWhat's Working for You? | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/whats-working-for-you\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What's Working for You? | SMB Training\" \/>\n<meta property=\"og:description\" content=\"For those of you who don\u2019t know, trading during the summer months can be tough on your patience and P&L. \u00a0A sizable portion of market participants and those with the ability to move markets all go on vacation and enjoy themselves while the rest of us stare at a computer screen that looks like it is frozen in time. \u00a0I ... 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