TRADING the SPX using Hurst and Elliott
I always try to take trades with good trade location. If I can't get a trade location that's ideal, I generally pass on the trade. If I do take a trade with trade location that is acceptable, but not as ideal as I originally planned, I trade with less leverage. I never take trades where I can't define both the stop area that is acceptable and at least one area that is a good logical profit objective. Never chase price. There will always be another trade setup. When I am not in rhythm with the market, I don't trade. Forcing trades is one of the worst sins. Time invested in trades is expensive. If a trade is becoming stale and not progressing as I thought it would when I put the position on, it's best to go flat. Being flat can be a much more creative state of mind, and stale trades just tie up your capital and your mind.
Finally, If I don't feel good, I don't trade. And I mean emotionally good, physically good-any distractions mean that I am not at my very best. And to trade these markets day in and day out, I have to be ready, with good tools and a good mind.
10% per month can return $1,000,000 on a $10,000 investment within 50 months.