SAMPLE ALERTS - PAPER TRADES FOR TESTING PURPOSES!
Below "Regular Alert" Example
The blackFLAG© FTS Alerts To Go Long!
LONG / BUY THE DIPS MODE
- ALERT TRIGGER TIME:
- ** SEE TRADE COMMENTS BELOW FOR MORE DETAILS **
- Adjust Stop Loss To Trailing Dots
- To Re Enter a Trade, Allow Retracement to Dotted GREEN Area!
POSSIBLE PROFIT TARGETS AS POSTED EVERY DAY BY 7:00 AM
TAKING PROFITS (day traders).
A critical Step in the process of trading. For some traders, this is the most difficult part of trading. Once a trade is entered, and the trade develops as expected, then taking profits must be your goal. Too many times I see a great set up and enter a position, as the trade continues, your P/L shows a significant profit and you allow time to pass and possibly keep the trade until the next day thinking of a possible swing trade developing. Well, the European session opens and price action turns over against your position. As you get up in the morning excited and looking for an even larger profit, you find out that your position was closed at a loss or break even, (depending on whether or not you adjusted the stop into break even plus). Cashing in your chips is critical to your trading success.
Enter a position, as targets are met, close 1/3 of the position, for some 2/3 is ok and keep the balance open. This is a matter of preference. I prefer to close 2/3, it allows me to capture a significant amount of profit per contract and leave a small portion for a possible move. If price does break the target and continues, then you must adjust the stop over and over to continue to protect profits.
Do not over adjust since this may cause you to get stopped out too early. Experience matters when managing stops and profits.
If the trend is to continue, there will be more opportunities to re enter the trade and ad new contracts. So, the belief that you are missing out is completely wrong.
"Fear of Missing Out (FOMO)" has created more losses for traders than anything I can think off.
Do not allow yourself to fall into this trap. Price action causes to constantly back test support or resistance levels as the trend continues. Be patient and wait for those opportunities to re enter a trade.
YOUR INITIAL GOAL ON ANY TRADE IS TO BRING YOUR STOP LOSS TO BREAK EVEN PLUS!
- Protect Your Working Capital. "Always"
- When in Doubt, do not Enter The Trade.
- If you are nervous with a position, get out. It is a poor entry.
YOUR NEXT GOAL IS TO TAKE PROFITS / ADJUST STOP & RIDE THE TREND
- When a trade is place correctly, a trader must be able to adjust the Stop Loss into breakeven fairly quickly. (Within a couple of minutes of entry)
- If that is not possible, it may have been a poor entry or entered too early.
- As price moves in the expected direction, use the trailing dots to guide where to place your stop.
- A trader may chose to close the trade at anytime for whatever reason.