50. Be Willing to Go Down, to Go Up


 

We all know that you can't buy the bottom tick or sell the top tick levels, so why try?

We spend a great deal of effort on money management. How to handle the trade once we are in the trade.

You will find that on almost every trade you entered, the market will be against you and you could have gotten in at a better price. Being down affects people in different ways. You have to get used to it and come up with a plan to take advantage of this? This is what we call Go Fish, which means you go fishing for better fill prices. Why Not? if almost every time, you could have done better, so Go Fish.

Our Trade App GoFishPro makes it so easy to go fish with the Hot Keys. You can preset the QTY and Ticks for each key and when you are ready, just reach for a fill price. The first fill price is important to how the rest of the trade is set up.


Past performance is not necessarily indicative of future results.


Catch the turns and enter on break-outs, Go Fish -

With either model, you may find that you could have done better after your first entry. The only time we found that you have a better shot at a direct short is when you are selling, markets tend to drop very fast at 90-degree angles. But they go up at 45-degree angles and pull back more often when rising. 

As you have read on our site, we do not go all in. This is KEY to how we trade our models or anyone's models. It always starts the same. You enter with a small number of contracts KNOWING that you have high odds of being down on the trade. Meaning, the market is going to pull back.

Our 2nd entry is preset on GoFishPro. It is also called Go Fish. Meaning, we Went Fishing For the first entry price and then we Go Fish to improve our position by over 50%, This is key and we will be down on the 1st trade entry to get this done and now we are more in-control of the position. We are now slowly building our position and improving our entry levels at the same time.

 In other words, we are comfortable being down because we have a plan. 


Past performance is not necessarily indicative of future results.


We will now activate Fast Track Eddie which will automatically keep us close to the last price and slowly add contracts every X seconds and every X Ticks. It is very effective and automatic. 

Past performance is not necessarily indicative of future results.


We scale into trade and out of trades - 

I cannot say this enough, we would not even be close to how we trade these results if we did not take our half's off. This is just as important as the way you scale into trades, you scale out of trades too.  GoFishPro has 2 super exit functions that uses a % percentage of contracts to exit and $ plus tick exits. 

Past performance is not necessarily indicative of future results.

The thought process is if you have a PLAN in place, it makes it a lot easier to let the market go against you and not have the bad feeling of not knowing what to do.



Next -> Mind Set Models 

51. It Takes Patience


Futures, Options on Futures and Forex trading involves a substantial degree of risk of loss and is not suitable for all individuals. An investor could lose the entire investment or, in some cases, more than the initial investment. Past performance is not necessarily indicative of future results.