Filters Flashcards
Know your perfect ideal perfect scenario
PLAN EVERY TRADE!!!
Entry Criteria.
Entry Trigger: example bird lands on a tree
Not an entry trigger exp. Its flies near or around tree
Perfect exit. Bird makes nest in the tree and lays 3 eggs.
Setup filter
For entry criteria
Specific opportunity setup
Want to build in multiple confirmations
Written very clear rules based exp step 1 step 2 step 3
Entry example
I need it to be daytime
Little to no clouds
1-2 birds in sky
30% or less chance of rain
Trigger signal
Specific trigger that gets you in the trade no matter what:
Exp the moment bird land on tree I’m entering.
Bird must land on a tree. Not a light pole not a tree
Define exit criteria
List exactly what you need to see to get out of trad
Time Exit
Loss Exit
Profit Exit
3 Types of exits
Profitable Exit.
Have a max profit target:
A) if price reaches the point or surpasses I will exit trade
Exp bird build nest lays 5 eggs
Have a min profit target:
When Price reaches this point will begin to move my stop lock in profit
Exp Bird builds Nest
No action no momentum exit
If trade have not moved or done anything in Your specific amount of time
Unprofitable exit
Have a maximum loss exp bird land on tree and get eatin by a python
Have min loss. Bird lands on tree and flys away.
Know your system
Run your system to get observable data and determine your edge
Find your edge
Find your risk
Run system on every trade
Only trade the A’s
Only trade setups that match all your criteria.
Assign A Grade to setup you took using a scale
A Trades: all my trading criteria met entry trigger initiated
B Trades: most of my trading criteria met
C Trade: Al my trading criteria met entry not initiated
D Trades Most of my criteria Met. Entry trigger not initiated
F Trades Some of my criteria met. Trigger not initiated.
