Tesla - letting the big trends run

The recent price rise in Tesla is just another example where people who got into the uptrend, and been able to let the trend takes its course, have been able to profit handsomely.

Here is that chart. Based on my own entry and exit rules, entering on 13 December at the $363 level would have generated open profits of more than +22R as of now, with the peak being at over +31R in February. If ever you want an example of letting your profits run, this is it:

Trading on your own two feet

Everyone talks up their own method of how to trade. I'm no different. I am unashamed fan of trend following, and hopefully this blog acts as a useful resource to those who favour a similar approach or who want to learn more about the basic concept.

But within that broad definition of trend following, people can easily tailor it to their own needs or requirements.

In my own case, trend following as a concept is a good match, based on my basic beliefs, the amount of time I want to spend in front of charts, and my family and other time commitments.

The timeframe I choose is also the best match for my personality - towards the shorter-term end of the trend following scale which stops impatience getting the better of me, but still long enough so that I can get into multiple-R profitable trades. It also has the benefit of getting out of losing trades quickly.

However, unlike other many other market participants, I know and accept there are many other successful traders who trade in a completely different manner to me.

Discount offer - 3 days left

A quick reminder that the discount offer for 1-2-1 training or mentoring expires in 3 days.

Be part of our team of like-minded traders, and use the timeless principles of successful trend followers and Market Wizards.

Those who do not have the desire to succeed, are not committed to put in the necessary work, or who do not want to learn to think for themselves with a trend followers' mindset need not apply.

Discount offer - 1-2-1 training and mentoring

To coincide with the commencement of the new trading record, I am running a discount offer for both 1-2-1 training and mentoring.

The prices for both these services has been reduced by 20%, and the offer runs until 14 November 2017.

For more details, please go here.

A huge multiple R winner

David came to me just over a year ago for some 1-2-1 training, after I was recommended to him by another trader.

It has been interesting to see how his trading has developed since then, and how he has dealt with suffering a high proportion of losing trades. With a trend following approach, that is to be expected, but as I explained here, it is critical to also let winning trades run, as you never know which set up will generate a huge winning trade.

New testimonial

Over the bank holiday weekend I received the following testimonial from Mark:

“I have been in the Steve’s mentoring programme for just over 4 years. Quite simply: as a result of his fantastic mentorship my trading has completely evolved and ultimately become consistently profitable.

Regardless of the trend following method used, I have learnt the importance of psychology and risk control and that they are and will remain paramount to profitable trading.

Refining your own approach

In my garage, I have a dustbin full of old golf clubs. Mainly these are putters that have been tried for a short while before being discarded. As it is, I keep going back to a putter that I bought more than 20 years ago. Now, over time it has gone through many changes - the length of the shaft has been altered, weight has been added to the putter head, and there's been numerous changes backwards and forwards to the thickness of the grip.

While the 'old faithful' felt good to me when I originally bought it, those various changes have helped refine and 'personalize' it to my own preferences and mindset at that time.

Christmas 2015 offers

I have a selection of discount offers open on the e-book, 1-2-1 training and mentoring (both annual or quarterly instalment options) - click on the links for more details.

These will run until 31 December 2015.

Discount offer on mentoring due to expire shortly

Just a short reminder that the current offer on mentoring expires at the end of the month.

Here are some testimonials from traders past and present who have been in our group, and who I've had the good fortune to help and assist.

If you would like any additional information please contact me at info@thetrendfollower.com.

Discount offer - mentoring programme

LIMITED TIME PERIOD OFFER

Make the next twelve months a year to remember and start achieving the returns you desire.

Learn how to:   

• Cut losses short and let profits run,
• Use strong risk control, and
• Develop the correct trading mindset.  

Using the magic formula of expectancy, opportunity and efficiency.

Be part of our team of like-minded traders, and use the timeless principles of successful trend followers and Market Wizards.

Make sure you sign up and reserve your place TODAY!

What you get: 

• Initial 1-2-1 training
• Access to members only twitter feed
• Access to watchlist of potential setups and other resources
• Entry levels, stop placement levels etc., given on any trades taken in real-time*
• Regular group webinars
• Ongoing email/Skype support 

Working within a small team, you can accelerate your learning and development process, and work to avoid or eliminate the major mistakes that the majority of traders make.

See some of these testimonials from traders who have been part of our group and have benefited accordingly.

For a limited period, annual membership has been reduced to £900 - 25% OFF.

Offer expires 30 November 2015.

Go here to sign up.

* All entries and exits taken are recorded and result in the performance and metrics shown on the blog.

Donal's testimonial

Donal is an enthusiastic trader who has come on leaps and bounds in the last 12 months. He was kind enough to send me this testimonial today:

Getting all the pieces in your own trading jigsaw together

The big difference between a winning trader and the rest is they will acknowledge whenever they have screwed up, and endeavour to avoid making the same mistakes in the future. In other words, they accept what has happened, take responsibility for their actions, do not blame others, identify what caused the mistake(s), and take the necessary steps to improve their performance.

Go through books like the Market Wizards series and even a majority of those great traders have gone through this process. As Ed Seykota famously said in his own Market Wizards interview:

"A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to transform himself. That's the kind of thing winning traders do."

New testimonial

Stephen is a keen trader who freely admits he has struggled in the past with the risk and psychology aspect of trading, especially when it comes to letting profits run. Part of the reason for this was not having a clearly defined trading plan that he could follow.

Stephen closely follows the underlying fundamentals of the stocks he trades, and has filters he uses to narrow down the potential candidates. The trend following part of his overall plan will act as a timing device to get in and out of those stocks, helping him particularly in getting out of a profitable trade at the appropriate time.

He kindly sent through the following testimonial today:

A trader's development - a case study

Below is a summary of a live case study in the development of an aspiring trend follower, who is one of the traders in my mentoring programme. As you will see, it has been a case of slow but steady development, a few 'A-ha!' moments along the way, combined with a desire and commitment to succeed.

The charts tell you what you allow them to tell you

I was having a long conversation the other night with an aspiring trend follower, about how I go about selecting the stocks I want to trade, and how it maybe differs from more 'traditional' trend followers.

If you trade a small basket of futures markets (like the Turtles) then, providing you are not 'fully loaded' in your existing positions, you were instructed to take all signals given, as not taking a signal could mean missing out on the most profitable trade of the year.

Some familiar names here...

I came across this link today showing the best performing CTA's. Looking at the list recording performance from inception, it's funny how many names near the top are systematic trend followers, former members of the Turtles programme etc., and that also the majority of those names are amongst the longest established funds on the list.