This was contributed by “Ingot54″a professional trader who is also one of the main contributors to “Topstocks.”

Topstocks are still offering a “Free Pro “account for one month with no strings attached. You can get there by clicking on the link provided. 25,000 Plus members can’t be wrong. So do yourself a favour and see for yourself.Now to the article:-

I am sure you are a competent trader, but the monkeys on your back are named “Impulse” and “Impatience” - both begin with “I”.

“I” is a self-centred word, so you need a shift of focus.

Try seeing your trades as belonging to someone else - you will be conscious of their value, and cautious when managing them. If you are a bad risk manager, you will be sacked, so look after your job!

One of the things worth trying is to gently (and patiently) scale-in to your positions. If the trade is good (ie if the trade works) you then add to the position, and keep doing this in increments until the end of the trend.

Trends all end, and this is where knowing support/resistance are paramount. If a trend is to stall, it will do it at either support/resistance, or at one of the Fibonacci nodes.

One of the tricks I use to keep me focused, is to overlay the 4-hr MA of support/resistance on my 1-hr chart. This is easy, and you may already know how it is done. But for the benefit of other readers, this is what I do:

Once I know the MA which represents support/resistance on the 4-hr chart, it can be placed on the 1-hr chart simply by multiplying the period by 4.

If Support is the 20-period MA on the 4-hr chart, it will be the 80-period MA on a 1-hr chart.

If the 20-period MA on the 1-hr chart is Resistance (for example) it will be the 40-period MA on the 30-min chart, and 80-period MA on the 15-min chart.

Knowing these sweet-spots is vital. You can choose to take profits at the first sign of any faltering at these levels, and just walk away and look for another set-up.

Hope that helps.

best Wishes


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