Markus Heitkoetter
As CEO at Rockwell Trading, Inc., Markus has taught hundreds of investors in the U.S. and European markets. Markus started trading 19 years ago, using point and figure charts from published numbers in the morning newspaper, mainly with stocks. In 1996, he began developing a number of trading systems by using SuperCharts (which is now TradeStation), MetaStock, OmniTrader and other software. In 2002, Markus decided to quit his regular day job as a director at IBM and become a professional trader. He moved from Germany to the United States to get started.
Throughout his career, Markus has traded EVERYTHING: stocks, options, futures, commodities, spreads, Forex, foreign markets, interest rates, etc. If it’s out there, he’s probably traded it. In addition, he’s traded on a wide variety of different timeframes: ticks, 1-, 3-, and 5-minute, hourly, daily, and weekly.
In the past 5 years, Markus has taught his strategies and methods to hundreds of traders all over the world, offering educational webinars for the CME (Chicago Mercantile Exchange), Eurex, FxStreet, Strategy Runner, and other financial companies. He’s written articles on over 500 websites, and he’s become an expert contributor on ezinearticles.com, Yahoo Answers, and FAQTs.com. Markus holds the German equivalent to an MBA in Business Administration and Computer Science.
ClicK Here to learn more about Rockwell Trading, Inc.
Click Here for a Free Day Trading Strategy Lesson
As CEO at Rockwell Trading, Inc., Markus has taught hundreds of investors in the U.S. and European markets. Markus started trading 19 years ago, using point and figure charts from published numbers in the morning newspaper, mainly with stocks. In 1996, he began developing a number of trading systems by using SuperCharts (which is now TradeStation), MetaStock, OmniTrader and other software. In 2002, Markus decided to quit his regular day job as a director at IBM and become a professional trader. He moved from Germany to the United States to get started.
Throughout his career, Markus has traded EVERYTHING: stocks, options, futures, commodities, spreads, Forex, foreign markets, interest rates, etc. If it’s out there, he’s probably traded it. In addition, he’s traded on a wide variety of different timeframes: ticks, 1-, 3-, and 5-minute, hourly, daily, and weekly.
In the past 5 years, Markus has taught his strategies and methods to hundreds of traders all over the world, offering educational webinars for the CME (Chicago Mercantile Exchange), Eurex, FxStreet, Strategy Runner, and other financial companies. He’s written articles on over 500 websites, and he’s become an expert contributor on ezinearticles.com, Yahoo Answers, and FAQTs.com. Markus holds the German equivalent to an MBA in Business Administration and Computer Science.
ClicK Here to learn more about Rockwell Trading, Inc.
Click Here for a Free Day Trading Strategy Lesson
The Power Of Weekly Profit Goals In Day Trading
Posted 10-28-2008 at 12:02 AM by RockwellTrading.com
The Power Of Weekly Profit Goals In Day Trading
For many years we have been teaching the power of weekly profit goals in our Day Trading Coaching Program.
We help our students to determine a weekly goal that is attractive for them and realistic. Once this goal is achieved, we tell them to stop trading for the rest of the week and start fresh the next week.
At first glance this sounds weird and traders ask me: "Why should I stop trading when I am ahead? If I keep trading, I will make more money".
Let me show you proof:
This morning I received a trading log from a trader who has been taking 138 trades in the past 4 weeks. Unfortunately the past couple of weeks have been challenging for him: he realized a loss of $1,365.
Analyzing his trading logs I quickly identified his true problem: Overtrading.
Here's what happened:
Week 1:
After only 5 trades he was up $1,166, but he continued trading. At the end of the week he completed 15 trades for a total profit of only $494. By continuing to trade he gave back $672 to the markets.
.
Week 2:
This week he started off with a few losing trades, but then managed to come back: After 16 trades he was up $1,492, but he continued trading and gave it all back by the end of the week. He finished this week with a loss of $248.
..
Week 3:
This was his best and worst week at the same time: After a couple of trades he was up $2,170, but then he gave it all back and ended the week with a loss of $73.50.
.
Week 4:
His most challenging week. Though he followed his plan, the markets did not cooperate and from the first to the last trade of this week he was never positive. He had a couple of winning and a couple of losing trades and ended the week with a loss of $1,537.50. The closest he ever got to the zero
Do you see what happened?
Every single week this trader has seen profits exceeding $1,000, but since he kept trading, he gave back the money to the markets.
And now you can see the power of weekly goals: If this trader would have stopped trading for the week after realizing $1,000 in profits, he would have realized a profit of $1,462.50, instead of losing $1,365. That's a difference of $2,827.50!
Believe me, THIS trader now uses weekly profit goals, and I am confident that his trading results will improve.
What about you? Isn't it time for you to learn about this important concept and - even more important - start implementing it?
Enjoy your day!
For many years we have been teaching the power of weekly profit goals in our Day Trading Coaching Program.
We help our students to determine a weekly goal that is attractive for them and realistic. Once this goal is achieved, we tell them to stop trading for the rest of the week and start fresh the next week.
At first glance this sounds weird and traders ask me: "Why should I stop trading when I am ahead? If I keep trading, I will make more money".
Let me show you proof:
This morning I received a trading log from a trader who has been taking 138 trades in the past 4 weeks. Unfortunately the past couple of weeks have been challenging for him: he realized a loss of $1,365.
Analyzing his trading logs I quickly identified his true problem: Overtrading.
Here's what happened:
Week 1:
After only 5 trades he was up $1,166, but he continued trading. At the end of the week he completed 15 trades for a total profit of only $494. By continuing to trade he gave back $672 to the markets.
.
Week 2:
This week he started off with a few losing trades, but then managed to come back: After 16 trades he was up $1,492, but he continued trading and gave it all back by the end of the week. He finished this week with a loss of $248.
..
Week 3:
This was his best and worst week at the same time: After a couple of trades he was up $2,170, but then he gave it all back and ended the week with a loss of $73.50.
.
Week 4:
His most challenging week. Though he followed his plan, the markets did not cooperate and from the first to the last trade of this week he was never positive. He had a couple of winning and a couple of losing trades and ended the week with a loss of $1,537.50. The closest he ever got to the zero
Do you see what happened?
Every single week this trader has seen profits exceeding $1,000, but since he kept trading, he gave back the money to the markets.
And now you can see the power of weekly goals: If this trader would have stopped trading for the week after realizing $1,000 in profits, he would have realized a profit of $1,462.50, instead of losing $1,365. That's a difference of $2,827.50!
Believe me, THIS trader now uses weekly profit goals, and I am confident that his trading results will improve.
What about you? Isn't it time for you to learn about this important concept and - even more important - start implementing it?
Enjoy your day!
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