MIND MUSCLES FOR TRADERS
As you can see, too many confluence factors confirming that this was a high probability trade with good result.
Entry and target
Placed a limit sell order at 2919.00 (Target), based on both previous key levels and also a fib retracement level. (P.S.: I'm not as big Fibonacci user, but I refer to the Fib levels sometimes to see if there is a confluence of factors to enter the trade)
This particular trade required a lot of patience, as price started to move sideways and even against my position. This uncertainty lasted for 20 minutes. I used 3 main information to decide to let the profits run:
As you can see, again, too many confluence factors that gave me more certainty to stay with my original plan and keep my target unchanged.
Here are the entry and exit details. 44 ticks of profit in the E-mini S&P 500 Futures. Not bad at all for a slow trading day.
That required over 43 minutes holding on to this trade, and deciding if I should exit soon and guarantee 20 ticks, or let it run and go for the bigger target.
My patience paid off!
I'm a strong believer that patience is one of the virtues of successful traders. This is one of the skills we help traders develop at the Mind Muscles Academy. Of course, we need to have confidence in our strategy in order to have patience to stay on our trades. And this is a skill that can be developed.
I invite you to check out our Strategy and Performance Workshop, a unique hands-on, step by step live training program, done in small groups in which participants learn the process of developing and testing trading strategies; and then improving their trading execution through the use of exclusive tools that we provide at Mind Muscles for Traders.
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