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Monday, June 20, 2016

MartinKronicle - Please Avoid These 3 Fatal Rookie Trading Mistakes...

Yesterday I told you the story about how I lost tens of thousands during my initial stint in trading...and how it almost ruined my confidence, and didn't help stomach lining either.
I realized a few weeks later that I had made the 3 fatal mistakes you can't make if you want your trading methodology to eventually turn $1 into $2.
I was focussing my time on the wrong things.
I spent all of my time making sure my charts looked good, the sectors looked strong, good and the stocks had strong relative strength...
I spent tons of time on my charts and making sure I had my "levels" down...
I spent days testing every single indicator that would hopefully turn the same chart everyone else was looking at into my own private "special insight chart" that only I could decipher for profits. What a joke...
I spent tons of time worrying about how I could tweak the indicators on the chart to make it exclusively mine and thereby insulate myself from losses and also the competition.
And after everything was said and done...and that time spent got me zero results.
I was devastated. And I almost quit on my dream because of it.
Well, today I want to make sure you never make those same fatal mistakes. I want to guarantee you avoid them so that you never feel the same way I did.
So, here we go...
Mistake #1: Focus all your time on intraday charts.
Here's the truth...
You can literally have the best charting software ever created...
The best monitors ...
The fastest computer...
But if you're downtime to look at intraday charts all the time, you literally have ZERO CHANCE of them making you money.
Your money = wasted.
I had to learn that the hard way...and it almost cost me my dream.
Mistake #2: Focus all your time on chart overlays & technical indicators
Every indicator will work some of the time, just like a broken clock is right twice a day. You could have invented the world's best indicator, but if you're in the wrong market environment, it will produce Zero Results for you.
...and all of those indicators are free and available to everyone. How do you think it will perform for you and give you a definable trading edge?
Exactly...it won't.
All of that time you spent setting up your charts...
All of the money you pay for hardware, software, and real time quotes...
All of the headaches you dealt with making sure everything would work correctly...
...wasted.
Mistake #3: Focus all your time on what you see in social media or TV.
I get more questions about finding trading ideas than any other.
Everyone wants to know, "Mike, how do you find things to trade??"
"Do you use Twitter or CNBC?"
"Do you subscribe to a research service?"
"Do you use Edgar Online?"
...and the list goes on and on.
You could spend weeks trying to learn all about all your charting software capabilities.
And then months more falling in love with each one to see which one works best.
Or you could do what I do now.
Not worry about a damn thing when it comes to trading.
Sounds crazy, but that's what I do.
When you're focused on the right name with the right analysis, it will convert.
It you want to eventually turn $1 into $2...or $5....or $10. You have to think along the lines of Asymmetric Reward to Risk returns.
And the charting software won't matter one bit.
Trust me.
And don't make the same fatal mistakes I made back in the 1980s.
Do THIS Instead...
So, I've told you 3 things to make sure you NEVER do when trying to make your $1 turn into $2...
so what should you do instead?
Focus on up-timing and disqualifying trades. That's right. Most setups are sub-optimal so why be in the trades in the first place!
Your job isn't to find the opportunity in the e-mini, TSLA, APPL...or the darling of the day.
...It's to be patient for your specific setup.
When I lost my first $1,000 back in 1980s, I thought I was through.
I was caught up in trying to make it and take it. The set-ups were too short term and I was reading the charts all wrong.
I was focused on the far right side of the chart.
What I never sat down to think about was where are we in the overall cycle of prices and volume. What are my levels here? I didn't "uptime."
I never thought of that...because I was focused on the wrong timeframe.
I figured anyone who was looking at INTC, was looking at the same place I was.
#EpicFail
A trading coach of mine pointed that out to me, and here's how I felt...
After I got over the epic mistake I had just made, and realized that one stupid mouse click just cost me $1,000, the next feeling I had was the complete opposite:
I was more excited than I had been in a month!
Why? Because now I knew if I just fixed this one mistake my trades had a chance of brining my account equity back to life - it was Equity CPR!
If you want to generate windfalls of new trade ideas and profit for your account, putting your focus into an exact methodology is hands down the fastest way to make that happen.
The right analysis can turn $50 in risk into $100 in profit without you needing to spend time creating the best chart analytics...
The right analysis can turn $50 in risk into $100 in profit without you needing to be a programming expert...
The right analysis can turn $50 in risk into $100 in profit without you needing to sit in front of the computer screen all day and wait for moves that aren't going to happen...
The right analysis can turn $50 in risk into $100 in profit without you needing to worry about trading what everyone else is trading...
The right analysis makes everything EASIER.
Tomorrow, I'm going to show you how to practically guarantee that your analysis is set up correctly...
So that every single ticker that you evaluate will evoke a black and white decision.
This greatly increases your chances of putting $50 in the market, and getting $100 (or more) back out.
We'll chat tomorrow.
Michael
P.S. Hit reply to this email and let me know if you've ever made any of the 3 fatal mistakes above.
Or if you've been told in the past that to be a profitable trader, it will requires a huge investment of your time and money into a simulator, or that you can buy someone else's system because it worked for a few years in the 1980s yet all it's given you is 40% drawdowns.
I'd love to hear your experience…

Michael

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