Your strategy is only a tool. Let the market be your guide.
In this week’s #developyouredge episode, we talk about how I’m trading Crude Oil – why I’m only trading it to the long side. Also, we talk about how I use the “Your strategy is only a tool. Let the market be your guide” mindset to trade it.
One of the most difficult things I had to learn as a trader is to allow things to be what they are and just go with it. If it’s working, go with it, press it. If it’s not, get out, rebuild. Your strategy is only a tool. Let the market be your guide.
Don’t be the trader who is looking to pick the top. Don’t be the trader who’s laying off of it because you think it may be done. The strategy you choose is just a tool. It’s up to us as traders to execute that strategy. The best executors get the most out of a strategy.
Lately, I’ve clicked out of a lot of losers and it feels like I’m getting crushed. When in reality I’m doing pretty good. The moral of this story is just get flat when a trade’s not working, getting flat clears the mind to a fresh perspective. Move on to your next trade with minimal baggage.
Don’t just sit there and hold onto something because you know you want to be long. It’s not about the destination and where you think the market could go? It’s about executing the journey.
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Develop Your Edge is a weekly YouTube show hosted by 23-year futures veteran and CME member Anthony Crudele, an ex-pit trader and one of the first to trade the E-Mini S&P. Each week Anthony and his guests discuss what they are doing to Develop Their Edge in trading futures! Past performance is no guarantee of future results. Derivatives trading is not suitable for all investors.