Just sent this to someone who inquired about the Intraday Alerts and thought it would make a good blog post. A lot of people struggle with patience and consistency - this details some of my thoughts on the alerts...
My philosophy for this service can be summed up as trade less, make more. Today I only gave an alert on 1 trade which was short ZB. It was the best thing setting up. We only took 1 tick of heat after entry (initial risk was - 8 ticks and holding)...though we did have to wait awhile for final target to be hit! I left by about 11 AM PST with the remarks that we may have to wait until Europe tonight to get better/bigger setups. There was just not a lot setting up. There was lots of trades that you could have taken in the middle but I want to be alerting what I think are the "highest odds" trades.
A lot of people want to try to capture every tick but all you need is 1 - 2 highest odds trades a day to become consistently profitable. In this business, for the most part, you increase your earnings by hiring more employees (increasing your size) not by taking more trades. Usually taking more trades leads to a decrease in profitability. Of course I will alert things like aggressive traders consider short here, stop here, conservative traders consider short here, stop here, etc. but if what you really want is action - head to Vegas. If you want profitability need to be disciplined.
Also see the blog post: Qualities of Top Traders
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