During my portion of the program, I will share a trading framework that I employ that helps trade execution, identifying spots of unusually good reward relative to risk. If we can find those great execution spots, it is much easier to size up promising ideas and still control risk well. The key is spotting inflection points and (psychologically) being prepared to exit quickly if the trade does not go your way promptly and also being prepared to size the position meaningfully. That means adopting a mind frame that is simultaneously cautious and aggressive.
To identify those inflection points, we need to follow price and volume action at a higher frequency timeframe than the one we are trading. This is very important. Great trade ideas set up on one time frame; great execution occurs at a quicker time frame. The same idea applies to exits. What gets us out of a good trade occurs at a more rapid time frame than the one we're primarily trading. When time frames line up, we can quickly size up our positions. When time frames fail to line up, we can quickly exit. We coach ourselves by mindfully blending tactics with well-researched ideas. Think of a football team. They depend upon calling the right plays, but their success crucially depends upon how they execute those plays. Many trading psychology problems occur because we're not properly focused on execution. More to come in the webinar.