When is the best time to learn how to trade? Now!
These posts will not be a “brag” time nor will they portray my style of trading as a fail safe, get rich quick system (because it is not). There will no discussion on my percentage gains or losses, on how much money was made or lost, how many winners in a row I have had, etc. etc. because none of these things matter to you and have nothing to do with your success or failure. My trading record is worthless to another trader. What does matter is the concepts behind the CROSSHAIR and how they can be used in any style of trading, whether mine or yours or another. Get the concepts and you get the CROSSHAIR.
Dennis Gartman: “Keep you technical systems simple. Complicated systems breed confusion; simplicity breeds elegance.” (From Dennis Gartman’s Trading Rules List, Rule #12).
Anyone who has attempted to trade the markets, and by markets I mean any number of financial instruments from oil futures, forex, equities, options, etc., has found out in short order how difficult trading can be. In fact, I would venture to say that trading is one of the most difficult endeavors any of us could ever attempt to master. It is estimated that only about ten percent of those who attempt to trade for a living ever succeed. The ten percent who do eventually succeed will most likely tell us that they lost a few fortunes along the way. It is hard emotionally, mentally, and physically. Only the strongest will survive on this battlefield and is the very reason we need the principles of Sun Tzu to help us along the way.
Notice that in just the last 6 trading days ICE lost all of the gain from the last 49 trading days (note: the sell-off in this stock started BEFORE the negative news yesterday!). For trend traders following the 21 TANKS as a good trend line support money was made for several months.
CONCLUSION:
Waiting for one pattern to repeat itself over and over again allows THE CROSSHAIRS TRADER to remain focused. Just as a SNIPER must remain focused on the enemy in order to survive, the trader must remain focused on the trading battlefield or there will be no more fighting.
The CROSSHAIRS formula is very simple actually but has taken several years to develop and is a direct result of my need to reign in my emotions and develop my patience, both of which all traders must ultimately deal with in order to become successful.
O.K. I know what you are thinking: you are off your rocker! No I am not. At least not today anyway. So, what do I mean by “rocking chair trading”? Think about a rocking chair and what it does: it moves back and forth but never moves you forward (unless you fall out of [...]
