Last week I said I would highlight the ins and outs of profit taking. But before we look at that, I want to share with you the most import aspect of any trading system or strategy.

Before the market opened, one morning last week, I mentioned to my trading colleagues that I was looking to write a short article emphasising the most important aspects of taking profit in the market. On the mention of this I was bombarded by a barrage of opinions as to just which was the best technique to lock in those cherished profits.

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Then as I looked around me, I had a quiet chuckle to myself.

You see, the majority of the traders who were so adamant they had the best profit taking techniques were very bright, intelligent and rational people when I had spoken to them before the market opened.
 
Now, while the market was open, these very same traders were ignoring their own advice.

They had become trading idiots!


They were caught up in the hype and noise of the market.

What did these traders do when their trades reached the levels they had said they would be happy to get out at, with a healthy profit? They held on to their positions, looking for the infamous, 'just a little bit more'.

An hour or so later I heard them lambasting themselves for not taking profit when they had the chance. Begging and pleading with the market to be 'fair'. Now they're looking to break even, just hoping to avoid a loss.

As I scanned the trading floor, looking at the different trader reactions, I noticed, the best traders there were not shouting and pleading with the market. They were not cursing themselves. They were sitting quietly going about their own business.

You might say this is because these guys are the best. But what makes them the best traders? They have the same information as the guys around them, the same tools and systems and often even the same opinions. They are regularly involved in the very same trades with the same strategies.

What sets these guys apart is their ability to remain rational, unemotional and unattached to their trades. They're able to successfully implement the profit taking strategies they’ve developed. They've the same clarity of thought whether they are in a trade of not. This self-discipline and self-control allows them to avoid big losses and take profit when they must.

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The most important thing you need to realise!

The most important thing you need to realise about any trading system you develop, no matter how complex or simple, it will only work if you implement it. There are a million different methods for locking in profits but all of them will only work if you use them. This means, no matter what is happening in the market, there are no special circumstances.

The consistency of a well implemented trading system will occasionally cost you some potential profits, when you cut a winner too early or you get stopped out just before a share turns in your favour.

Believe me when I tell you this cost is well worth it. A well implemented system will save and earn you a fortune over the years.


Develop your system, stick to it and start profiting.

Next week we’ll look at some of the different profit taking methods and strategies so you can develop your own bullet-proof profit banking system.

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