What is a No-Go?
Some people call it trade filter. A trade signal criterias check list that allows or disallows the signal
to be taken. No-Go rules are money savers. Ignore No-Go rules if you like giving Your Money to Mr. Market.
I don't ! The average trader has a few No-Go rules. Consistent 'losing' traders has even fewer
No-Go rules.
Did you know trading is about dealing with your losses?
Think about this, every loser you can avoid means, monetary wise, less you have to recover
on your next winner(s). Basic math. Just focusing on this aspect will speed your equity curve growth.
Do you take every signal that appears on the charts? No, I take the ones my trading plan allows me. I've studied the e-mini Russell and developed my own set of trading rules. In my work, essentially I've found price patterns and indicator settings that suggest higher probability of a favorable trade outcome, likewise there are price patterns prior to the signals that suggest the odds are only 50/50. I usually 'pass' on those signals.
If the indicators display a price entry why don't I just take it? You are using indicators. This is NOT a trading system. The price entry signals do not incorporated a set of trading rules, filters, etc. In the 'members only' section on this web site, I cover different methods on how to come up with trading signals using the indicators.
