One Trade at a Time

Our daily task consists of identifying a high probability set up and executing it to the extent of our abilities.

Then just repeat the process day after day. And here I didn’t mention the issue of outcomes, which is irrelevant.

Many time we see traders boasting their P/Ls like a resemblance of success and mastery in the craft of trading. However, it is not like that. The focus must still be on the process of execution and if one wants to show his mastery, then he should show the steps of his process and not the end result.

Here is an example with observations.

Pre-Market Analysis:

1. It’s the first day of the week, and overall feeling is that we are bullish.
2. AMZN has a clear upside catalyst. On June 6th, AMZN is going to split its’ stock 1–20, and this action can be considered bullish. Hence, I was ready to find trade opportunities in this name to the long side.

During Market Hours:

1. I just observe the open and don’t react, and wait for a clear set up in AMZN.
2. At 8:50 PST, I find an opportunity to enter long with a defined stop los level, and I decide to take this opportunity.
3. The details of the trade are shown on the chart.

Post Market Analysis:

1. I took my gains in AMZN and I must say that I did the execution of the trade perfectly.
2. The next day, I repeat the process again.