Today is a NO TRADE DAY.

Market is open til 1PM EST.

Low volume.

Low probability.

Simple. End of Story. Close The Charts. Give Your Eyes a Break!

FOMC THIS WEEK!

Know when NOT To Trade.

Transcript
rule
when not to trade the trader who can
manage their risk the best will probably
be the trader that lasts the longest
and the first risk that I want you to
consider is when not to trade I have
quite a list here for you and I would
recommend you get out your digital
notebook and perhaps you take some notes
on this it is absolutely critical
when I talk to a new Trader probably the
first topic we talk about is risk
mitigation
and the first topic inside of that is
when not to trade because the goal is
When Not To Trade
getting rid of our C and D level trades
we should never be taking a C or D level
trade and the first way to eliminate a c
and d level trade
is easily eliminated
by knowing when not to trade
okay not entering a trade is the easiest
thing to do
and you want to be aware of when you
should not be Trading
some of these factors are common amongst
us as Traders and some of these factors
are going to be based on you and we’re
going to dive into that so this is
easily the most critical decision you’re
going to make is when not to trade not
taking a trade
is a decision
it is a trade it does affect the risk of
your portfolio the risk of your mental
equity
and it is critical to always be
preserving your mental and emotional
Equity I want to guard that first
and the easiest way to do that is to not
be in a trade when the Market’s about to
go crazy or you’re not in a good place
and we’re going to talk about that today
this does require attention to details
you don’t just come and sit down at the
computer look at the chart and start
trading
or at least I can’t do that
um so it requires attention to detail
now there are some tools you can use to
help you in this list that I’m about to
give you one of them is you can use
countdown timers let’s just use a real
obvious event
fomc okay
might be a good idea to have a countdown
timer on your screen while you’re
trading so you’ll know when you want to
stop trading or when that event’s going
to happen you can do it however you want
on my live Zoom with my Traders I will
often have a countdown timer in the zoom
screen so they can see that as well you
can put vertical lines on your trading
view chart and add the note what is
coming up is that CPI is that sentiment
what’s about to happen when is it going
to happen and be aware of how much
longer do you have because if you only
have let’s say 23 minutes before the
next news release is that enough time
for you to enter a trade every minute
you get closer to that news event the
risk of being in a trade increases
you can use some sort of automated
scheduling software to help you so
during our live zooms
from time to time on a scheduled
rotation we get verbal reminders for
example one of our reminders is every 30
minutes it’s going to remind us to look
at our higher time frames
so we get off the three minute chart we
get off the one minute chart flip to
that 30 minute chart and see are we
leaving sets of single prints whatever
we’re looking for so the scheduling
software can help you for example Europe
closes at the same time
every week
except when there’s time zone changes or
whatever and it gets weird for a week
but
if you know that at X time every day
certain thing happens let’s say it’s
your quitting time
well my automated software for example
comes on 15 minutes before my quitting
time reminds me in 15 minutes
close your charts
so I know that’s an early warning system
of okay if I’m going to enter a trade I
need to know I’ve only got 15 minutes
left and I need to know that if I get
into that trade let’s say it goes
against me time is ticking I’m probably
going to have to just get out of that
trade because I know my quitting time is
absolutely critical to my success we’re
going to talk about that here in a
minute and then you need access to
websites with a calendar of economic
news
and you want to use more than just one
economic calendar
okay
so let’s kind of dive into this I want
Check Yourself
you to check yourself emotionally
are you upset has there been a death in
the family is someone sick
did you just have a fight with your
spouse or your child or your parents
are you under Financial stress
these emotional checks are really
important and you should ask yourself am
I ready to trade
something you should ask yourself during
the trading day am I ready to trade
and if you’re not in your conditions
change
close your Dom
put the mouse down and walk away
check yourself emotionally check
yourself physically
did you sleep well
are you tired
are you in the wrong place
my opinion don’t whip out your cell
phone and enter a trade when you’re
waiting in the car line to pick up your
kid from school
you got shoddy Wi-Fi your computer has
been acting up
so the first two things is how are you
emotionally and where are you physically
and are do you have the right equipment
is that equipment working well are you
in the right place physically
these factors play into it
big time
next one
not enough time to trade do you have a
dentist appointment in one hour are you
leaving on vacation tomorrow
and your mind is really on that
so when you enter a trade is there
enough time for that trade to develop
only you can answer that question
the next one
is your pre-flight checklist
I use a lot of Aviation turns because I
absolutely love Aviation inside of our
core strategy Academy the first course
is called boot camp the next one’s
called flight school I’m probably gonna
have one more called aerobatics because
now you’re getting all fancy but
pre-flight checklist and that is
something we we take very seriously in
our group and part of that pre-flight
checklist is what we just talked about
am I in the right place emotionally am I
in the right place physically have I
um done my news drivers for the day
um work news drivers are there tomorrow
so this pre-flight checklist is really
important you are like a pilot that goes
out to the airplane
and does a pre-flight checklist
um all the way from
checking the condition of the tires to
does the rudder and elevators move
freely and
everything involved with taking off in
an airplane
should be the same level of seriousness
Preflight Checklist
before you take off and start entering
trades
get up early
if you get up late
and you come into them
and to your trade station your trade
computer and the market just opened
don’t look at it
either don’t trade or have the
discipline to say I have got to do my
pre-flight checklist before I start
start trading I must do my pre-flight
checklist
I recommend to my traders to have it
printed out and next to your computer
and one of our indicators for our group
I have on their basic a basic pre-flight
checklist it’s a reminder of hey here’s
the most important things you need to do
before you trade
have a pre-flight checklist these are
the things I will do I will check I will
mark
before
I trade
take it seriously
next one huge one when not to trade are
news drivers
your Sunday homework
is to do a week at a glance knowing what
is being released this week and you
News Drivers
might as well look at next week
okay because if next week
not this week but if let’s say next week
was fomc that’s going to affect how
the market trades this week you need to
be aware of that
so in my group on Sunday night I’ll post
the week at a glance these are the news
drivers I’m seeing that we need to have
on our chart during the week and then
each day you check it again okay
because there’s big news events and it
doesn’t matter what the news is the only
thing that matters is how does the
market react and you shouldn’t be in a
trade
10 minutes before it happens
NFP non-farm payroll
I also call that not for professionals
unemployment rate those who released the
first Friday after the month ends CPI
is about 16 days after the month ends
fomc and their press conference eight
times a year is Powell speaking is
Powell testifying is one of the other
fed speakers talking or testifying put
it on your chart
GDP is the quarterly gauge of our
economy’s health
unemployment claims weekly on Thursdays
then there’s other ones there’s retail
there’s housing there’s PMI there’s
sentiment all of these things you need
to be aware of of when they’re happening
you don’t need to be an expert and what
the heck they are
at least not for the scalping that we do
we just need to be aware when these news
drivers are happening because it makes
price go crazy
I’ve even seen hundred Point candles
when a news event is released
don’t be in front of it
go get you some tea go get you some
coffee go for a walk
just don’t trade
and be aware of what is be aware
what news drivers are being released
tomorrow
okay because if fomc is tomorrow today
is probably going to be characterized by
slop and chop
might be a good day not to trade if you
don’t like to trade in slop and Shop if
you love slop and chop you can make a
lot of money trading slop and Chop on a
30 second chart
but you need to know that that tomorrow
is fomc so today we’re probably going to
see this type of price action
okay so do that week at a glance on
Sunday do it every day as part of your
pre-flight checklist what news drivers
are going to move the market today
put them on your chart use a countdown
timer use some automated software
whatever you have to do so you are not
caught in the craziness of that news
release
um there’s other factors when it comes
Time
to time the first thing I do before I
enter a trade my eyeballs go to the
upper right of my monitor to check the
time
okay
um I want to be aware of the top of the
hour the bottom of the hour how far are
we away from Europe closing is there
enough time for me to be in the trade
before either a news driver dentist
appointment Europe closing my quitting
time
those type of issues needs to come into
the play
in your own trade analysis last
weekend’s homework and our Discord group
was covering
how to download your transactions from
trade of eight I was just using trade
away because a lot of us use trade evade
get them into a spreadsheet get them
into air table and let’s do some
analysis on these numbers now there’s
softwares that can help you I find them
to be too expensive to be honest so I
don’t use them I just I hand do my
analysis
how do I trade by day
are there certain hours I rock and are
there certain hours I stink and the
answer to that question is yes
how are my trades by Trend how are they
by type by level rth versus eth
how do I compare in the morning session
versus a lunchtime
versus pm
How I Trade
how are my trades if I try to train the
trade in the Asia Market in the not Asia
Market during the Asian time frame you
know evening
what about London time
sometimes I do get up at 2 30 a.m in the
morning and trade the London open how do
I do
how do I do it versus the New York
session and learn and the goal here is
is for you to learn when you should not
be Trading
I know exactly when I should not be
trading and I try to be very strict
about those rules if I do trade into a
time frame in which I historically have
not done well
I forced myself to trade the smallest
leverage possible and if I have a losing
trade I’m out
I knew I shouldn’t have been trading
during that time frame
but I try not to trade it at all his
historic historical records have proven
there are certain times I don’t do well
and sometimes that’s based off your
tiredness
a lot of people don’t even trade on
Friday
especially the older you get I’m going
to be honest the more tired you’re going
to be by the end of the week I’m not as
sharp and crisp on Friday as I am on
Monday
and I know that
so I only trade in the mornings on
Friday as an example
if I’d make a Friday afternoon trade
which I I actually did
um Friday a couple days ago
I was sitting here programming uh some
of our indicators for our group making
some changes and the trade just
presented itself but I entered with one
mes the smallest leverage it was outside
of my Prime hours and luckily it bounced
in it and ran it touched and goed and
and turned into be a net net 10 pointer
and I was hoping it would be something
bigger but hey I’m happy with that too
the lesson is though try to trade in
your best hours and you have to do that
analysis to know when you trade best
what day do you trade best what hours do
you trade best
um I know my single best hour is
I’m putting this in Eastern Time Zone
10 to 11. that is when I trade the best
when I sort all of my transactions by
hour of the day
that hour crushes any other hour big
time
then the very next hour is my worst hour
so guess when my quitting time is
it is around
that time
of when holy cow I can’t believe how
much worse I did
in this particular hour and how great I
did in this hour and you know what you
take that data and you get rid of your C
and D level trades on an overall
scale and realize you know what that
particular hour I don’t do as well
that’s when Europe’s closing things get
squarely for me it’s better to be out
Summary
so guys knowing when not to trade is
absolutely critical to you getting rid
of your C and D level trades
okay now when you’re first starting the
C D level trades are the real horrible
trades as you get better you still have
C and D level trades
it’s just they don’t hurt as much and
the first thing to help you is knowing
when not to trade
okay so if you’d like to be part of a
group of s p Futures Traders that’s what
we do here at micros Trader and uh
you’re welcome to learn more about our
core strategy on the website at
microstrader.com in fact I give you
links to learn most of this course
strategy on your own now how I put it
together and the special recipe and all
that stuff is is unique to me and but
that’s what I teach at the core strategy
Academy I hope you guys have a great
week bye
Transcript
Knowing when not to trade is very important to your success.
It’s one of the things I hammer into the traders and our group.
And I want to show you an example of one of those times of when not to trade.
So this is today And I’m going to draw.
We have been in this chop zone In
here For awhile, how long ago?
How long has that been For over an hour.
We’ve been in this chop zone. New York lunch comes and looks what look what happens to the craziness.
It takes out this chop zone to the upside, takes out the chop zone
to the downside He goes back to the upside and it goes back to the downside.
And now it’s back to chopping Don’t trade this.
This is an orderly price action.
We need orderly price action for price to bounce off of our levels that we create.
Do not trade new lunch. Take the mental break that you need.
Nourish your body. Get away from the charts. Let this
craziness happen without you at your computer.
You don’t need to be here You don’t even need to look at it.
Look at this craziness. You do not need to be trading New York lunch
And our group.
And the quick start guide I have a channel called when not to trade.
This is one of them. Is when not to trade.
That is New York lunch Good luck