- We call it Precision Trading because you enter trades using tight stops with
a trading method that minimizes the chance of being stopped out.
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- Most beginners use large stops for daytrading and when the stock
goes the wrong way the loss can be very large. Because beginners
don't have the necessary skills and experience, we suggest that
they use a smaller number of shares to trade with and do away
with the idea of grand profits until they gain those skills and
experience. The profits should come when the trader is focused
upon learning, gaining experience, and conserving the money in
his or her account.
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- Because emotion is such a strong factor in daytrading, it is important
to follow common sense and knowledge rather than hope and fear.
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- I think the most frustrating money losing scenario happens when one is stuck
in a losing trade. The emotion becomes stronger as the losing
trade develops causing many beginning traders to hold onto the
position even when it breaks past their distant stop. The trader
thinks, "well, I'm in the trade this far, it has to turn
around soon, I'll just wait a little longer", but the price
keeps going south. Once the pain becomes unbearable from the
mounting loss, he will finally exit the trade. Precision trading
can keep these expanding losses to a minimum.
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- The beauty of precision trading is that your stops are tight
and you can even dump your trade before it hits the stop if you
sense that your initial idea was wrong. Precision trading takes
a lot of concentration, skill, and experience. I wish I could
use a picture here to demonstrate how it works, but it takes
a lot of time and a very large video to show it accurately. I
will tell you that you enter trades contrary to the method used
by many traders, which is they buy when the price starts moving
up. For example: Using the level 2 screen, you would look for
a stock selling off. When the momentum slows and flattens out
close to a support area, you buy on small downward pressure just
above the support area. If the support area holds then you are
in the trade just above the support which will maximize the profit
potential. Your very tight stop is just below the support. If
some heavy selling comes in, you can bail before it hits your
stop otherwise the price will simply take off and make a profit.
Keep reading, there is more to come.
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- If you watch the level 2 closely you will see a number of times
when automatic trading computers, that have been designed to
use human nature to its advantage, will cause a sell off to break
a support area. You'll notice that the price moves up after it
takes out the stops. This makes perfect sense because many people
place stops just under support. When the price moves close to
support the computer enters a large number of shares to sell,
pushing the price down and triggering the stop orders which put
a lot more stock up for sale. This result triggers the automatic
trading computer to buy the stock at the lower price and continues
to buy pushing the price higher. Beginning traders see the price
going up, so they buy pushing the price even higher. The process
reverses and happens in the other direction. This is why new
traders always seem to be on the wrong side of the trade.
-
- So, when you are precision
trading what do you do? Wait
for the price to break support and the buying start to come in.
Then move fast and buy from the ask (pay retail). You should
have purchased the stock just above the bottom. Immediately place
your stop a couple pennies below where the buying came in. If
a big seller doesn't come in right away, then you are on the
road to profits! When the trade is moving up in a trend, enter
a trailing stop to protect your profits.
-
- Princeton's
last TradeTutor auction on Ebay saved someone $600+
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a question
- Learning to trade is no simple task due to the skills and education
necessary. If you think that you've learned enough and are ready
to trade I hate to rain on your parade, but you are trying to
take money from the professionals and they don't like to give
their money up. How would you do as a Green Bay Packers quarterback
after just a few lessons. I know I would get squashed. For some
reason people don't think they will get squashed in stock trading,
but time and time again people lose their money; that's how the
professionals make a living. You know the old saying, "
you can lead a horse to the water, but you can't make him drink".
Well, I'm leading you to the training courses you need, but only
you can drink.
-
- There are 2 main reasons why I take the time to publish this newsletter.
The first is to share my knowledge with fellow traders because
I love profitable trading and the second is to introduce people
to Princeton's TradeTutor courses. I put an incredible amount
of time and energy into developing
the TradeTutor to educate traders in our trading room. At less
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