University of Michigan Sentiment – Friday Aug 14 – 70 points profit

Hello and happy weekend to all,
We had a cracking trade on the Dax on Friday as the University of Michigan sentiment was released. The expected figure was 69.1 but it came out as 63.2, a massive 5.9 deviation, this triggered my ‘Fast Economic News‘ and clicked the sell button on my open order. I set my slippage control to 11 points and was filled at 5366, I kept trailing my stop and watching for signs of reversal and finally closed it at 5296 after hitting the bottom for the third time. I have not been able to record this trade, however I have recorded other live trades using this software, Click Here. These sort of trades account for about 10%-15% of monthly profits and are entered using the software. The great thing about these trades, is that they are almost always guaranteed success, as long as you stay focused and exit appropriately, this takes time to learn until it becomes automatic. It is very important to use slippage control or limit orders so as not to be filled at the top/bottom of the spike. If you live outside of the US and are using Spread Betting firms then they will either fill you at the price you see or re-quote you. In most cases it is not advisable to take the re-quote, if the deviation from expectation was massive, it may still be a good trade. For nominal deviations, ensure that you allow a good retrace and make sure the whole trade is not reversing. If you’d like to try out the software Click Here, it is not my software but I do get a commission if you sign up. If you do sign up send me an email at glide21@blueyonder.co.uk and I will give you a 1 week free pass to our chatting where we discuss all aspects of trading and make live calls during the day. Yesterday was a great day and we made quite a lot, if you just want to join the room then Click Here.




As I said these trades account for a small part of my monthly profits, the rest is achieved through scalping and Pivot Point trading. Both these methods are discussed in this blog, so feel free to check them out. I have been using them for over 7 years now and have been consistently successful, thank you very much .
Trading requires a clear and focused mind, the market is never the same and it is dangerous to assume that what happened in the past will repeats itself with any kind of accuracy. Technical analysis is a great tool, but too many traders are fixated with using it always, if all Oscillators say an instrument is oversold, then buy it, etc. The indicator only shows a probability in a constantly changing environment, it may be oversold, you buy it and then news comes out that a is heavily selling the currency (or any other instrument) and the oversold continues for a long time.
The market and your perception of it are not separate, you are the market as much as any other participant and keeping a clear, unbiased mind allows you to sense a move as it occurs. This requires practice and a desire to be able to do it. It is said you need Desire, Dedication and Discipline, to me the latter is a result of the former, i.e. it is not an a priori condition. This is one big mind game and to win it, it is your mind that requires cultivation, not buying another system, another trading seminar, these will only add to your frustration and confuse you further. Sure, I’ve read lots of books and been to numerous seminars, 90% of them were a waste of time and money and only a handful have contributed to my success. The rest is hard work and dedication, that’s why having something like the ‘fast economic news’ is great as if I am not in prime state I do not trade that day, but if a news event occurs and the figures deviate, I am almost always guaranteed some profit.
You will find the books I recommend here and the 2 most helpful mind related products I have ever bought are Guy Finley‘s ‘Unstoppable’ program, Click Here and Bob Proctor’s ’6 minute a day’, Click Here. They are very different and work on completely different issues and levels, but they complement each other nicely.
Finally, If you see my messenger and/or Skype Icons showing me as online, you are welcome to IM me and ask any questions.