Everyone would agree that finding Free Lottery Tickets would be a great thing.

What if I told you that your trading, done correctly, should yield trades that produced, you guessed it, Free Lottery Tickets.

In my Electronic Trader Mentoring Program ^[1], I show traders how to convert successful trades into what I like to call free lottery tickets – trades where the risk of loss is zero and the upside is unlimited.

Does that sound like a great idea, or what? 

Successful professional trading is not about enduring pain from losses, as many traders seem to think, and it is not about taking small profits, regardless of how satisfying it feels to take a profit, even a small one. 

It is, instead, about cutting losses and exploiting profits. 

That is why I use the description of a good trade becoming a free lottery ticket with traders I coach.

The idea behind a free lottery ticket is to:

• First, get the stop on a given successful trade to breakeven as soon as practical and,
• Then, and this is an important “then”, let your runner run. 

Giving a runner the breathing room to become successful is the second half of a free lottery ticket. 

Too often traders are so excited to see a winning trade go in their favor that they jump out, afraid that the market will retrace and take away the profits it has grudgingly given them. 

However, the way to make real progress in your trading is to give runners the room they need to reward you to the fullest extent possible.

Allowing runners to properly reward you is done by not trying to get the high of a move, but by staying in the move until the market changes. Following your runner with a loose stop will allow you to give it the room it needs and, at the same time, capture most of the run.

Letting a runner run is the penultimate skill for a trader.

The ultimate skill for a trader is adding to a winner, but that is the topic for another day.

If you would like to learn how to earn your own Free Lottery Tickets, you should look into my one-on-one Electronic Trader Mentoring Program ^[2].  Spaces are filling up for the fall, so don’t delay. You will want to secure your place before another, more serious trader beats you to it.

Wishing you success in your trading, 

Jeff

Jeff Quinto
Jeff@JeffQuinto.com
+1-312-685-5333

Copyright © 2010 by Jeff Quinto, all rights reserved