4/25/11: Morning session trade results: 1 trade, $50 profit

We took 1 trade setup for 10 ticks profit, or $50. The chart is included below detailing the entry and exit prices.

In the next few posts I will explain in detail our setups, determining the strength of the setups, and proper trade management.

For example, during this trade, once price traded at 2373.75, we adjusted our stop to 1 tick above entry, ensuring a no-loss trade for us. There are 3 outcomes possible, profit of $5, profit of $50, or filling yourself at a specific price target. What we try to do is eliminate uncertainty as soon as possible, not leaving anything up to chance or emotions.

I will go more in detail during the upcoming series of posts that will detail our system and psychology.

I will leave you with this sentence to ponder about-

Nobody ever lost money taking profits.