Wow what a great week we just had, and one thing this does for me is motivate me to stay the course.. What does this mean? It's very simple but that's the reason so many traders mess it up. They make things more complicated then it is  They expect to much and they think to much. The reason algorithmic trading is booming right now cause it makes money for people. It removes the human elements that carries emotions, like fear and greed and it uses mathematical equations that give it the Highest Probability Chance of Success in the market. Case Closed! Multiply that with more money and you will make more money. Speed up the process and make more money faster. Now most traders are not in a position where they have the research or the tool and the capital to take this route, and by the time they figure it out there will be probably regulations against it. But on the other hand those same traders they have the emotional link to each trade and in most cases will not settle for a programmed response or have a non  opinionated view of the trade. It really is hard to suppress the greed and the hope when a trade either goes for you or against you. Eventually you rely on hope and get caught by greed. In my 19+ years of trading this last paragraph could not ring truer and will stand as one of the pillars on why HPS works so well. So back to stay the course..

Don't ever be over confident in the markets, lets continue to take the profits mainly on the 60 min chart signals (stochastic related). Don't worry about if your leaving profits on the table. Traders eventually burn out or blow up because they are always trading and always trading is not waiting. And most of all understand that identifying set ups are easy, The patience to wait for the combination of HPS indicators to signal a entry is something over time you will learn will always give you the best odds in the market.

One last note: You know I been using my new broker www.suretrader.com each day mostly with the scalps, I been giving it a good run through. . I take full advantage of the 6-1 margin but make sure I close of those position by the end of the day. The reason I mention this Is when I talk about what the rules above keep you in the game. All the HPS work and discipline go out the window when you hold things to long. meaning being confined to the PDT rule will eventually catch up you and cause you more harm then good. If forces you to hold things longer then you should and as we know the HPS method really focuses on the 60 min as will as the shorter time frames, If I give a sell signal or profit area is hit it's probably because of a short term overbought level being hit and unless you take that opportunity to lock it in you then have a Higher Probability of those gains disappearing. Its just the way it works. The No PDT is hands down the biggest gain here for those trading under 25k Get in and out no stress not worries about having enough trades to get the next set ups. After my first month I am very pleased. I got Guy Gentile and the Suretrader team to add one month of there pro platform for free plus your first 10 trades are free. Just mention DTR in the application or on phone

I go through my process of opening an account with them here and some additional thoughts 

http://www.daytradingradio.com/pages/preferredbroker

Well thats it for now..oh yeah here's this week's video :-)

You know I got a new KAT (kick Ass Trade) lined up for you.

http://daytradingradio.com/10for1000

DTRS