Go-To Setups – Why You Need Them

One of the core aspects of my trading style is having a handful of go-to setups. These are strategies that meet a few key criteria:

1. They work consistently. Seems obvious, right? Well, not necessarily. There are setups I trade that have a lower probability of success, but can pay big returns when they do work. There’s nothing wrong with throwing in a ‘lotto ticket’ trade once in awhile, if your eyes are open and your risk management is spot on. But that’s not what I’m looking for with my go-to setups – I want consistency and reliability.

2. I’ve mastered them. I know these setups inside and out, as I’ve traded them for years. In fact, most are my own invention, or my own spin on a traditional technical analysis setup.

3. They appear regularly. To be a go-to setup, there should be examples of that setup every week – ideally, every day. Several of them have both long and short versions, so even in a red market, I have go-to setups I can utilize.

I talk a lot more on the subject of go-to setups and momentum in this Chat with Traders interview, but before you view that, signup for my 7/20 webinar. I’ll be sharing some hot trading psychology tips alongside performance coach Ben Newman!

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