My #1 Trading Rule | Crude Oil, Emini, Nasdaq, Gold & Euro

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#1 Trading Rule to Remember | Crude Oil, Emini, Nasdaq, Gold & Euro
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Read the FULL Transcript of this Video & Download Today’s Charts:
http://www.sidewaysmarkets.com/
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Crude Oil is bearish and trading at the low of a range, but with such strong momentum I would expect another leg lower, and I’m using the high of a hidden channel to find the entry tomorrow morning.

E-Mini S&P is bullish, but with price finishing at a key resistance level, I’m waiting for a more reliable buying opportunity after a deep ‘2-legged pullback’

Nasdaq is bullish and trading at the high of a range, which tells me I should be able to get another leg higher, while keeping my options open for a collapse back into the range later in tomorrow’s session.

Gold is bearish with a 123-Reversal pattern, so I’ve located the hidden channel and waiting for the entry pattern.

Euro is bearish with a wide channel, so I’ve added the mid-line and waiting for entry patterns to finish the ‘pendulum swing’ target waiting below.
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Economic News:
Please remember that economic news, both scheduled and un-scheduled will increase volatility and decrease liquidity in the market in the short-term, which causes price-action to react inconsistently with the levels of support and resistance mentioned in this video. Trading during economic news reports is dangerous and highly discouraged, no matter what your level of experience.
PLEASE DO NOT TRADE DURING TIMES OF MAJOR ECONOMIC NEWS
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Joseph James, SchoolOfTrade.com and United Business Servicing, Inc. are not registered investment or trading advisers. The services and content provided by SchoolOfTrade.com and United Business Servicing, Inc. are for educational purposes only, and should not be considered investment advice in any way. U.S. Government Required Disclaimer – Commodity Futures Trading Commission. Futures and Options trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results. CFTC RULE 4.41 – These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or-over-compensated for the impact, if any, of certain market factors, such as liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown.

Comments

Jay Singh says:

Today made money with 123 setup used with 2try rule to buy the pullback. I just added stochastic for extra confirmation. Thanks

fiveshorts says:

Joseph James is da man.
I’ve watched so many of these daily videos, I’m starting to preempt the strategies and “see” the entry options.

My first attempt at trading was totally ass-backwards. It was all about “make money “
All I did was lose money. And my health. And my well-being.

Joseph has simplified his approach — the hallmark of experience. If I’d really listened back in the day, I might be a successful trader now.

Here are my takeaways, fwiw:

Trade with those who are currently in control, within the boundaries of their likely targets and fail points. If you can’t get in, don’t.

Absorb and acknowledge the wider context of the current direction.

Learn the entry rules. Practice the entry rules.
Never break the entry rules. Ever.

Learn the exit rules. Practice the exit rules. Never break the exit rules. Ever.

If no entry presents itself, don’t trade. You either didn’t see it (not enough practice, or you didn’t prepare diligently enough).

Never break the low risk:high return ratio rule.

Listen to Joseph and mark up your charts each afternoon for the next day. Never change the granularity of your chart— you’ll see mirages and patterns that aren’t real or relevant. Don’t change your colors or your layout. Once you have it locked, don’t change anything, then you start to see what’s going on. Remove as many variables as possible.
Never care if you don’t trade that day.
Never mourn a well-executed trade that didn’t go your way. Did you follow the rules? Was it the right thing to do? Then it will work next time. If it WAS correct, you won’t have lost that much.

Never start a days trading without knowing what you’ll do if it goes up, if it goes down and if it goes sideways.

Have the balls to enter and exit when the setups meet all your criteria.

Trading is like driving. Look left, look right, look for risks, look for low risk opportunities, but then don’t falter when the opportunity to pull out presents itself. Hesitation means a side swipe. Better to hold back and get beeped at.

Listen to Joseph.

Practice.

Log everything.
Don’t get fancy.
Don’t listen to anyone else. Not because they’re all wrong, but because you only need one good plan. Less is more.

If you don’t know what price is doing, there is no trade.

If you don’t trade, you haven’t lost money.

If you take five trades in a day, be the consummate professional and take an hour to reverse engineer every one of them to see WHY you took it; why it worked; how accurate your targets were; how quickly you got out of risk.

Then I screenshot the trade with the markups. Print it out and file it with similar trades (there aren’t actually very many different types at the end of the day)
Next time you see a setup that looks familiar, leaf through the archives and look for what happened last time. Look for clues it’s happening again. But still follow the rules.

Listen to Joseph.

Joseph James says:

Most traders have this backwards — Rule number one is "dont lose money" – rule number two is "dont lose money", and rule number three is… refer back to rule number one and two!

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