Firstly, I never look for trades in the market during the London Session (8:00am – 16:30pm UK time). This may sound odd, but my trade ideas are formed outside the hours of London trade, I never sit there scanning through the markets looking at opportunities during the important trading hours.
A typical retail trader is taught to scan the market for opportunities (usually technical signals), they have their entry/stop loss plan and then they implement it. My approach is totally different. The analysis that I do first thing in the morning/late in the evening tells me what I need to be focusing on and what I need to be avoiding for that day and the next. I then let the market come to me and tell me whether it’s ready to be sold or bought. This ensures that I’m not wasting time, I can set my price alerts and only be involved when the market is ready to let me in.
When it comes to trading signals, I let my clients know exactly what I’m doing as soon as I do it -every Client has the same, clear information.
One of the things that I say regularly is that “there is always tomorrow and the markets are not going anywhere”. What you’ll find is that we’re never in a rush or itching to trade the market. The feeling that you have to be involved in something is probably the biggest killer of accounts in my opinion. I would rather take on a trader with poor risk management that doesn’t mind sitting out VS a trader with excellent risk management but has the urge to click and be in something constantly. Trading is a game of patience and discipline, not quick results. In short, I’m not afraid of sitting in cash if there’s nothing probable according to my strategy. Probability is what I trade, when that’s not in my favour, I simply do nothing. However, when things line up, that’s when I tell you about it. This structure and approach has been fundamental to my trading consistency.