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Practical Trader:-
- is a master at self-control, discipline and patience;
- controls his mind to breach his comfort zone when needed;
- is not controlled by his mind which will always tell him to remain within his comfort zone only;
- is passionate about studying and learning to trade well;
- has patience to wait for high-probability trades to come to him;
- does not run or push himself to find trades when none exist;
- does not thrust himself on market;
- accepts market as supreme;
- narrows down to:-
- a filtered list of Stock symbols and Forex pairs to monitor - so as to have a watchlist of filtered Stock symbols and Forex pairs which can be monitored on daily basis to look for high probability trade set ups therein only;
- few focussed tested high probability trade setups which he would use again and again - where these occur across a pre-decided watchlist of monitored Stock symbols and Forex pairs;
- style of trading that suits his psychology at the soul level; then only he will be able to stick to it and follow it through market and his emotional turbulence.
- lets good high-probability trades come to him in due course rather than he going out to chase trades and end up with low-probability ones;
- accepts and learns to dance with the market;
- does not expect market to move faster as per his wish;
- knows market will always move at its own pace and he can do nothing about it;
- knows how to trade in sync with the market;
- has perseverance to continue his studies all his life;
- sees himself as student of the markets, always hungry to learn;
- Often reads, ponders and moulds himself and his trading to the essentials of credible Trading Quotes to ponder over.
- seeks to make his wins in winning trades much larger than his losses in losing trades;
- does not get swayed by external news, events or noise;
- has a positive outlook and calm confidence on his ability to trade well as per his precisely defined Trading System (like EWATSS®);
- trades only when Motive Wave 3 and/or Motive Wave 5 and/or Tradeable Wave C have been confirmed and begun and stay in/follow these Waves till the momentum in these Impulse Waves lasts;
- avoids other corrective wave phases like poison;
- never tries to pick the very tops and the very bottoms of the market since, he knows, these are losers’ antics with low probability of success;
- is always preferring to go for easier more obvious ‘low hanging fruit’ types of trades suggested by his Trading System (like EWATSS®);
- never enters any trade which is not clearly as per his clear trading plan criteria;
- does not fall in love or obsessed with any particular stock or trade;
- does not mind exiting any trade (irrespective of profit or loss) when suggested by his Trading System (like EWATSS®) since he knows his Trading System (like EWATSS®) shall surely keep springing up new high probability trading opportunities frequently and regularly; so he does not have to worry about lack of trading opportunities;
- is entirely comfortable with risk management aspects like trading a reasonable number of stocks (depending on his trading account balance), using stop losses, not over trading; and does not see these as unnecessary restrictions on his courage to fly high and make money faster;
- is aware that good risk management is like a plastic ball filled with air which will help him stay afloat in the sea of market turbulations;
- is aware that good risk management is like the width of wooden plank linking two hill peaks over a valley, the wider the better for the Practical Trader seeking to cross over from one hill peak to another;
- is aware that 1 or 2 trades will not make him rich but that he will have to enter a long series of trades of high probability and risk-managed trades over a long period to be consistently successful;
- never risks too much on a trade, more than he is comfortable with losing;
- is not overly-emotional about a trade than by betting too big on it;
- knows how to survive for a very long time in the markets, by always following and never ever deviating from his trading plan and risk management policies;
- learns to walk before he can run in the markets;
- is ready and waiting to strike like a crocodile with capital ready when he has mastered and honed his trading skills and discipline of Method, Money management and Mind management;
- is aware that successful trading is not a 20–20 overs slogging cricket match (akin to intra day trading) but rather a long five day test match (akin to Positional Trading) where all his qualities like good trade selection techniques (akin to good batsmen leaving many balls alone and playing only those which are in their zone), risk management (akin to sound defence by batsmen to survive to ultimately score big runs), trade management (akin to innings management on session to session basis), patience, discipline, fortitude, stamina etc. shall be tested in a variety of market conditions (akin to pitch and weather conditions in a cricket match);
- is aware that repeatedly entering risk-managed trades when fresh momentum in uptrends bullish (or bearish momentum for downtrends) is developing is the essence of good trading;
- believes in the power of compounding and re-ploughing trading profits into next high probability risk-managed trades.
- calmly knows his Trading System (like EWATSS®) has Positive Expectancy and by following it to the tee, he will make money over a period of time.
- sleeps well and calmly enjoys all aspects of life since all his ongoing trades are risk-managed trades as per his Trading System (like EWATSS®); neither fear nor greed;
- has a precisely defined Trading System (like EWATSS®) which assists him to have Method, Money & Risk Management, Mind Management which pre-answers all the various decisions points of trading e.g.:-
- When to enter? - When EWATSS® suggests
- How many stocks to trade - Use the number EWATSS® suggests
- How to control greed - Use the number EWATSS® suggests to decide the number of stocks to trade, and not more
- How to control fear - Use the number EWATSS® suggests to decide the number of stocks to trade, and not less
- Where to put the Initial Stop Loss level? - Use the level EWATSS® suggests
- When to hold the trades - hold till EWATSS® suggests exit
- When to move/trail the Stop Loss Level - When EWATSS® suggests
- Where to move/trail the Stop Loss Level to? - Use the level EWATSS® suggests
- When to exit trades - When EWATSS® suggests
- When to have discipline and patience - Wait till EWATSS® suggests entry
- When to have discipline and patience - Hold trades till EWATSS® suggests exit
- When and How to cut losses - Do exit when EWATSS® suggests exit irrespective of any current running loss
- When and How to let profits run - Do not exit till EWATSS® suggests exit irrespective of any current running profit
- When and How to book profits - Book profits by exiting only when EWATSS® suggests exit irrespective of any current running profit
Practical Traders may use our EWATSS® (Elliott Wave Analysis and Trade Selection System) [unique unprecedented highly affordable (just an all inclusive tiny fee per month) and practical widely accessible (on mobile, tablet, PC from anywhere in the world) Trading System (called EWATSS™ i.e. Elliott Wave Analysis and Trade Selection System) with an extremely simple interface at User end], saving tremendously on your time, effort, energy, money, mobility, freedom, stress, emotional capital etc.
EWATSS® i.e. Elliott Wave Analysis and Trade Selection System looks into a number of factors like patterns, price, fractal nature of markets, momentum, sentiment, directional congruence on multiple time frames etc. when it suggests trade entries.
In fact, it is extremely difficult for a human being (even with best of training, experience and hard work) to manually go into what all EWATSS® goes into, to watch & filter hundreds of stocks every day to identify higher probability trade entries and good exits in only a few of them on a strictly strategic rules based daily bar-by-bar basis consistently over a long period of time - which is a key to trading success.
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