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Objective Trading For
Career Success
http://www.netpicks.com
http://www.premiertraderuniversity.com
In trading, I am a huge fan
of keeping things objective.
Far too many of us can be swayed by fear/greed
that can cause us to either take profits too
quickly or worse, stay in a trade way too long.

Both of those can end your career.
Not everything is objective though.
Here is a chart of a swing trade I took in the
AUDUSD currency pair.
AUDUSD
I started my trading career years ago day trading
Forex and while I did alright, nothing beats
swing trading.
I am prepared to hold trades for weeks although
most trades end in days with some actually
lasting a few hours.
That really depends on the time frame I took
and managed the trade on.
Using clusters of Fibonacci retracements and
projections, a zone at .9546 was determined in
advance of the turn on the previous chart.
The subjectivity came from which highs to pull
the retracements from.
The highs had to be noteworthy
so still had some objectivity!
I even tossed in some basic EWaves (right or
wrong…gives me context) and noted that the
possible correction was overlapping the waves
which makes it a probability it was a correction.
That is where subjectivity really ends.

The entry into the
trade was objective.
This chart on the next slide shows
momentum moving in the direction I
wanted to trade.
This chart shows the level I had
my sell stop set up under (9504).
(Briefly seen in the video before I zoomed in).
This was a swing level just prior to price hitting
the price zone of interest. A little more
conservative entry would have been a break of
the wave D low.

Here comes the part where most traders make a
mess of a good trade.
Trade Management
I traded this in two parts. It was objective so as not
to be reactive to my emotions nor the P/L of the
trade. The first 50% of my position was to be
scaled out at the 1.272 Fib extension level of the
move into the price zone of interest.
To make it more objective, a buy limit order was
set at this price point to automatically scale out
half of the position. At 9392, my order was
executed for 112 pips
The next step was to take all risk out of the
trade. After the scale out, the protective stop
was set to breakeven on the final position.
How to manage the next portion?
Objectively
Price moves in waves that we can take
advantage of and this chart will give a visual on
what I was looking at.
Trade Management Rules
1.
2.
3.
4.
5.

Price retraces
Indicator crosses up
Indicator crosses down
Price breaks the preceding low
Stop goes above swing point
This trade finally stopped out at an objective
adjustment of .9339 for 165 pips.
Total for full position is 138 pips.
Can you see how objectivity keeps
you honest in the trade?
There were times when price gave a bonus on
the trade by falling quickly but according to my
rules, I HAD to wait for a retrace and low break
in order to adjust my trade.
Can you give up a large chunk of profits by
having strict stop parameters in the case of
thrusting price moves?

Yes.
Will you, more often than not, do much better
in the long term by sticking to a constant plan?
My experience over the years of
trading says “yes.”
For all the times you take profits on big sharp
moves that come out of nowhere, you will
give up much more when the market trades
more “average”.
Keeping this entire plan objective, allowed me
to reap some nice profits with little stress and
kept emotions out of the equation.

Can you do the same in your trading?
Visit our highly rated
trader education site!
www.premiertraderuniversity.com

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Objective Trading For Career Success

  • 1. Objective Trading For Career Success http://www.netpicks.com http://www.premiertraderuniversity.com
  • 2. In trading, I am a huge fan of keeping things objective. Far too many of us can be swayed by fear/greed that can cause us to either take profits too quickly or worse, stay in a trade way too long. Both of those can end your career. Not everything is objective though. Here is a chart of a swing trade I took in the AUDUSD currency pair.
  • 4. I started my trading career years ago day trading Forex and while I did alright, nothing beats swing trading. I am prepared to hold trades for weeks although most trades end in days with some actually lasting a few hours. That really depends on the time frame I took and managed the trade on.
  • 5. Using clusters of Fibonacci retracements and projections, a zone at .9546 was determined in advance of the turn on the previous chart. The subjectivity came from which highs to pull the retracements from. The highs had to be noteworthy so still had some objectivity! I even tossed in some basic EWaves (right or wrong…gives me context) and noted that the possible correction was overlapping the waves which makes it a probability it was a correction.
  • 6. That is where subjectivity really ends. The entry into the trade was objective. This chart on the next slide shows momentum moving in the direction I wanted to trade.
  • 7.
  • 8. This chart shows the level I had my sell stop set up under (9504). (Briefly seen in the video before I zoomed in).
  • 9. This was a swing level just prior to price hitting the price zone of interest. A little more conservative entry would have been a break of the wave D low. Here comes the part where most traders make a mess of a good trade.
  • 10. Trade Management I traded this in two parts. It was objective so as not to be reactive to my emotions nor the P/L of the trade. The first 50% of my position was to be scaled out at the 1.272 Fib extension level of the move into the price zone of interest. To make it more objective, a buy limit order was set at this price point to automatically scale out half of the position. At 9392, my order was executed for 112 pips
  • 11. The next step was to take all risk out of the trade. After the scale out, the protective stop was set to breakeven on the final position. How to manage the next portion? Objectively Price moves in waves that we can take advantage of and this chart will give a visual on what I was looking at.
  • 12.
  • 13. Trade Management Rules 1. 2. 3. 4. 5. Price retraces Indicator crosses up Indicator crosses down Price breaks the preceding low Stop goes above swing point
  • 14. This trade finally stopped out at an objective adjustment of .9339 for 165 pips. Total for full position is 138 pips. Can you see how objectivity keeps you honest in the trade? There were times when price gave a bonus on the trade by falling quickly but according to my rules, I HAD to wait for a retrace and low break in order to adjust my trade.
  • 15. Can you give up a large chunk of profits by having strict stop parameters in the case of thrusting price moves? Yes. Will you, more often than not, do much better in the long term by sticking to a constant plan? My experience over the years of trading says “yes.”
  • 16. For all the times you take profits on big sharp moves that come out of nowhere, you will give up much more when the market trades more “average”. Keeping this entire plan objective, allowed me to reap some nice profits with little stress and kept emotions out of the equation. Can you do the same in your trading?
  • 17. Visit our highly rated trader education site! www.premiertraderuniversity.com