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The Backpack Trader Newsletter February 28, 2020 Field Guide to The 12 Powers of Trading Know When T
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The Backpack Trader Newsletter
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February 28, 2020
Field Guide to The 12 Powers of Trading
Know When To Quit
The Power of Quitting is one of the most elusive, hard to understand powers, yet it is critical to one's success as a trader. Newcomers to trading tend to think that the more you trade, the more money you make. The Power of Quitting says the more money you KEEP, the more money you make.
There's nothing more depressing than banking up profits only to trade one too many times in a session and give your money back to the market. You would have been far better off just calling it quits for the day and hanging onto your hard-earned gains.
The Power of Quitting (PoQ) empowers you to do just that. We build it into the rules of our tradeplans. It's a dynamic self-adjusting strategy that allows us to mitigate our risk exposure to the market and to keep our profits in our accounts. That's why PoQ is crucial to your overall trading success.
You can read more about the 12 Powers of Successful Trading below:
[FIND OUT MORE](
Inside The Trade Room
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"TJ, You have such a brilliant trading mind as evidenced by all the strategies you have created.
Who wouldn't want to listen and learn from you especially someone so committed and focused on helping others on their trading journey?
Congratulations on branching off and going into business for yourself. You will surely do well. Being a long time client, I have known of your work and contribution to the company.
Your future clients are going to benefit greatly."
Kevin
If you're interested in learning more about my tradeplan process, check out the link below:
[FIND OUT MORE](
Tracking The Tradeplan
Markets Crash, Backpack Traders Bank Profits
This week started with a historic market crash in reaction to the coronavirus headlines! Panic selling ensued as investors proceeded to liquidate their positions across the board.
Investors are not traders though. Instead of bailing out of the market, traders look for opportunities to profit from extreme price action such as we have been experiencing this week.
How?
By following a tradeplan that provides specific trade setups, proven to be effective during extreme market volatility.
At least, that's how our backpack traders managed their trading this week. They followed their tradeplans using the Spotlight Master Suite, for example, which has the ability to tune itself to the market's condition in real time. It adjusts itself bar after bar, enabling it to respond to volatility.
To find out more, check out my video below:
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Thanks for reading today and be sure to stay tuned for our next edition.
Until Next Time,
Troy âTJâ Noonan
The Backpack Trader
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Netpicks Trading LLC, 1135 Terminal Way, Suite 209, Reno, NV 89502
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