Notes
- Scaling out is the practice of taking profits at predetermined levels during the trade rather than all at once.
- Trade management is about consistency and sustainability.
- Scaling out of a position helps:
- Reduce emotional attachment.
- Create a sense of achievement.
- Avoid holding trades through unnecessary drawdown.
- Michael recommends treating profit targets like stop-losses, i.e., pre-set them!
- We should not trade real money until we’re comfortable with our trading and consistent in a demo account.
- Pro mindset:
- We anticipate, not reacting.
- We trade what we see, not what we hope.
- Michael distinguishes the size of the partials according to the trading style. Examples of ratios are shown in the screenshots below.
EURUSD Trade Examples - Long Trade Opportunities In Kill Zones
Intermediate-Term Ratios
Short-Term Ratios
Day Trading Ratios
Scalping Ratios
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