I Passed on Friday’s Free Trade and Here’s What I Sent Instead

Last week I emailed you to join me on Friday as I revealed my Game Plan QQQ trade.

I promised to give you the full experience my paid-up members receive.

But when Friday rolled around the market was selling off hard in the pre-market and my zones were not giving me a clear signal.

And while I wanted to show everyone a winner it was a great lesson.

We can’t control the market, the only thing we can control is our risk.

So I decided to pass on a trade and wait for a better setup.

To make it up for the folks who attended, I invited them to do it again today.

And for those who showed up, we delivered.

I love day trading and I love action.

But I hate gambling. I’d rather not trade than try something half-baked and lose money.

This is what separates winning traders from traders who win sometimes.

The name of the game is take advantage of high probability setups. Sometimes those don’t appear. You have to have the discipline to say no.

So how can you do this?

One way to do it is to review all your trades. Look at all the winners you had. Analyze why they worked.

Did you follow your plan? Did you have a clear head? What conditions need to be met for your best trades to work out?

Then take a look at your bad trades. And remember, a losing trade isn’t necessarily a bad trade. Sometimes you can do everything right and still lose. It happens when some random news hits the market and reverses everything.

A bad trade in my book is a trade you forced. Or a trade you took that didn’t meet the proper requirements. Or when you got greedy and keep a trade on when you should have closed it out for a winner.

If you feel like you don’t have a trading edge then the best approach is to paper trade your ideas.

I first traded the Game Plan with the SPY…had success with it and then tested it out with QQQ.

It’s better to lose pretend money than real money when testing out new ideas.

If you’re struggling with finding your edge, the easiest thing to do is to find someone who has an edge and is willing to share it with you.

That’s what Game Plan QQQ does.

Rock On,

Voz

 

Mark Sebastian

Mark Sebastian

Mark Sebastian is a former member of both the Chicago Board Options Exchange (CBOE) and the American Stock Exchange (AMEX), where he spent years mastering the art of options trading in the most competitive environment imaginable. As Chief Investment Officer at the hedge fund Karman Line Capital, Mark manages sophisticated options strategies for institutional clients. He is the author of two highly regarded books on options trading: ‘The Option Traders Hedge Fund’ and ‘Trading Options for Edge.’ Mark is a frequent guest on major financial networks including CNBC, Fox Business News, Bloomberg, and First Business News, where he provides expert commentary on market volatility and options strategies.

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About the Author

Mark Sebastian

Mark Sebastian

Former CBOE floor trader and CIO at Karman Line Capital. Author of ‘The Option Traders Hedge Fund’ with over 30 years of options trading experience.

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