Originally posted: 05/11/13
If you are constantly making excuses like the following, you will find it difficult to succeed.
(my responses are in bold)
“I don’t like the market conditions, we are too overbought” ————Do not trade with opinions or emotions. I think I have pounded the table on this one.
“I missed that trade, it just happened too fast”——–Have your order entry cued up for any/all trades that meet your risk profile and trading time horizon. If you miss a trade, DO NOT CHASE IT.
“The stock is too expensive for me”———–Just reduce your trading size and buy smaller amounts, you get the same% return
“We need a chat room, so we can all talk about our ideas and trades”———Ahhhhhh, negative on that one! Chat rooms are very distracting to those who are trying to learn (aka-NOISE)
“I am going to wait for David Patrick to enter his personal trades via twitter, because he never misses”——-Wrong wrong wrong!!,…..Not only do I miss, but if you are only concentrating on my personal trades you have MISSED many huge opportunities that I have spent infinite hours preparing you for with my charts. Remember, 99% of my time is spent researching, analyzing, answering questions and consulting. I am unable to post all my trades real –time (but will continue to post when I am capable)
“There are too many stocks to pick from, I want quality over quantity”———-I say BS to that!!!, All of my charts are quality as I spend an enormous time on all of them. You need to identify which stocks meet your risk profile and trading time horizon. When there are a ton of setups, that should be telling you something……WE ARE TRENDING!!
“All the setups are breakouts, I prefer to buy dips and not stocks at new highs”……….Ok, what dips are you buying then? because we have not seen much of any. I provide setups for the current market conditions that we are dealt. When we finally see a larger retracement (dips), there will be different setups rather then “breakouts”(i.e- Fib retracements, 50sma, HCPC, Inverse HnS, break of downtrends….etc) Some of the highest probability trades are breakout trades (bull flags)as we trend higher, momentum builds, and shorts getting squeezed, retail traders chase, and institutional money flows continue.
“I got beat up in my last trade, I thought every trade would work”……….As I say everyday, NOBODY bats .900 consistently that is why managing your losers and riding your winners is so essential. This service strives to exceed a >.750 winning percentage, which it has easily done so far. If you are listening to my advice on not allocating >5% of your capital per trading idea, then if you lose 50% on one trade, that is only -2.5% of your trading account. This is “spilled milk” in my world, as many winning trades have gone over >+100% profits.
Look to learn from your mistakes, rather then making excuses. Most of you are doing extremely well with your trades and understanding my methodology. My hat goes off to you and your success. However, if you are struggling and need help or assistance implementing my trading methodology into your way of trading, please consider the 1 on 1 Trader Consultations. https://fitzstock.com/consultations/
Lastly, if you are making mistakes or missing trades, you need learn from your mistakes so you capitalize on the next strong trend in the markets. I have traded 15+ years and made every mistake in the book early in my career. This is why I am being FIRM with so many of my trading rules (I want you to succeed).
I appreciate every single subscriber in Fitzstock Charts Premium Service and I will continue to provide an elite charting service to give you an edge at trading the markets.