For one to be a successful trader they must realise that Discipline is absolutely necessary and not luxury.  It is absolutely compulsory and without Discipline it’s impossible to make it as a trader.   This isn’t anything new all of us know that Discipline is key.  However the reality is that most treat it as a luxury rather than a necessity.  If it was truly perceived as a necessity then traders would do all that is required to develop the required level of Discipline.

Traders seeing Discipline as a luxury, is shown by their actions.  If for example you find yourself knowing that you must Meditate daily before trading,  you know that you must do your Pre-Market Analysis and build a trading plan for the day and you also know that you must execute that plan and nothing else.  Well if during the day you decide to ignore this part of your Trading Plan, well that’s a good example of perceiving discipline as a luxury rather than a necessity, because if it truly was necessary to be Disciplined you would have been so.

In its simplest terms, Discipline is about doing what you were supposed to do.  One of the most effective ways to get things done is to develop routines.  Then over time allow those routines to become habits.  Good Trading Discipline is a Habit; it’s a way of being.  Once you have developed it will remain with you.  Being Disciplined is a way of life, to be a Disciplined Trader you need to be disciplined in general.  Lazy people don’t make it.

Good examples of routines\habits of Disciplined\Successful traders include:

• Daily Meditation (Morning and Evening).
• Visualisation Techniques (Before and During Trading).
• Pre-Market Analysis that helps build a clear Trading Plan for the day, together with  Visualisations of potential moves before they happen.
• Taking Snapshots of every Trading, marking up entries and exits.
• Keep a Trade Ledger with Daily Trading Results, tracking Average Gains\Losses and Expectancy.
• A Written Trading Journal with notes on Issues, Psychology and General Progress.

All the above is a Necessity and not a luxury for a Disciplined Trader.

When it comes down to doing business and getting into a trade I personally watch  Price and how its moves around my levels and areas of doing business.  At the same time I watch the volume trading on the Bid and Ask.

Much of trading is an Art Form so, just watching and reading the information alone is not enough,  you must also FEEL IT.  This takes time and experience to learn but it can be developed.  You will often hear me say that this feels like its topping, or its bottoming, it feels like its lifting offers well, or hitting bids well.  That”s how I get into the rhythm and the feel of the market, that’s how I get in tune.  Trading Price and Order Flow is all about gaining Belief and Confidence in a trading idea.  Using your feelings whilst trading is essential.  I look to get into a trade and stay with as long as it not only looks good and the premise remains intact, but it also has to feel good.  If I develop any sense of doubt, that is my signal to get out.  If I really know what I am doing and the opportunity is that great the level of confidence I have in the trade should keep me in it,  once the confidence has gone so has the opportunity.  If you make the wrong call you can always get back in again.

The secret to reading order flow and trading with it for execution as well as trade management is to ensure that you DO NOT just watch the order flow to make decisions.  You must observe what affect the orders had on price and understand where price was trading in reference to the market structure (context) and the opportunity that you are observing.  Some novice traders will get sucked into looking for size on the tape and footprints, looking at Delta (Net Market Buying\Selling) and make decisions on this alone.  Whilst this is useful information it in itself is fairly useless.  As there is a buyer for every seller and a seller for every buyer when you see size trade, it by itself has achieved nothing and means nothing.  For example 200 sellers hitting the Bid, just filled 200 contracts from Buyers on the Bid, so they cancel each other out.  It’s always Zero Sum.  Also one decent trade alone doesn’t move the market, especially a liquid market!   Its a competitive marketplace with many big players,  quite often trading against each other.

So what is useful? Well I believe you must ask the right questions, like:

- Who is becoming more aggressive? Is it the buyers lifting sellers offers, the sellers hitting buyers bids, the sellers offers absorbing the buyer lifting or the buyers bids absorbing the sellers hitting?

- What was the market able to achieve after those orders traded? Did those that appeared aggressive continue to show the same level of aggressive behaviour, if so how aggressive? or did it just dry up?  What caused it to dry up?

- Where and at what prices is rejection occurring?  Where and at what prices is acceptance occurring? what can it possibly mean  in this context?

You see developing a feel for the market and understand what is happening is about having the right kind of thought process.  The thought process is influenced by holding the right questions.  If you hold the right questions you can allow the market to give you the right answers in the MOMENT.

Click Image below to enlarge:

Author: Kam Dhadwar – Professional Trader and Owner at L2ST

Trading “Auction Market Theory” and “Market Volume Profile” has always been for me about gaining an EDGE.  As a discretionary trader I don’t believe or have faith in percentages and statistics alone.  Therefore I like to trade what MAKES SENSE and is more likely to happen just because it makes more sense than if it were not to happen.  Quite simple really.   With that in mind I know these opportunities are more likely to happen,  but at the same time remain humble enough to understand that doesn’t mean always, as nothing always happens in the market!

By viewing the markets through the lens of an understanding of Auction Market Theory principals,  and the concept of Acceptance and Rejection, you may begin  to use a Market Volume Profile more effectively.

So what is Acceptance and how is it perceived?  – It is defined by areas on a volume profile where MORE trade was facilitated by market participants.  Visually its the bumps\peaks on your profile (See Below).  The fact that more volume was traded proves the acceptance has taken place at those prices in the past.

So what is Rejection and how is it perceived? – It is defined by areas on a volume profile where LESS trade was facilitated by market participants.  Visually its the pockets\valleys on your profile (See Below).  The fact that less volume traded proves that rejection occurred at those prices.

(Click on image below to enlarge)

I believe that the market and its participants have a memory, the Market Volume Profile represents that memory as the mind of the market.  The areas that were previously accepted have a tendency to be accepted again and the those that were rejected to be rejected again.  Of course this doesn’t happen for ever,  but as the market references those areas time and time again, MANY opportunities are presented around these levels.  Quite commonly the market will spend more time at areas of high volume that have shown acceptance,  and lesser time at low volume areas that define rejection.

As I am looking for the market to move rather than just chop, I use areas of Rejection for potential Entries and Areas of Acceptance as potential targets.  Therefore in both theory and practice I look to trade from Rejection into Acceptance, then back towards another area of rejection.  This is the natural flow and rhythm of the market and you will see it repeating time and time again.  Just bring up a Composite Profile on any market covering a significant period of time (i.e. 3 -6 months or even more if required) next to a price chart and you will see how the market constantly moves from low volume areas to high volume areas and back to low volume areas again.

We can see evidence of this playing out around areas of Balance (Sideways Market) as volume dries up and rejects above and below the range of development.  As well as when we are getting ready to break outside of the range as further acceptance takes place when volume builds at price outside of the range. Then of course we see further evidence of this when the market begins to trend and further acceptance and rejection areas begin to form and trade around.

(Click on images below to enlarge)

Understanding this concept of Volume Acceptance and Rejection is extremely essential so that you may become creative with your level of understanding, and begin to apply the Auction Market Theory and Market Volume Profiling techniques in ways that provide unlimited potential.  Of course these concepts are also applicable to the way that I read and trade Order Flow using the MarketDelta Footprints.

AUTHOR: Kam Dhadwar – Owner and Trader at L2ST

The Psychology of Risk: Mastering Market Uncertainty (Wiley Trading)

Trading to Win: The Psychology of Mastering the Markets

Mind Over Markets: Power Trading with Market Generated Information

Markets in Profile: Profiting from the Auction Process (Wiley Trading)

Super Trader: Make Consistent Profits in Good and Bad Markets
I Hope it helps.  Kam Dhadwar – L2ST.

Expectancy refers to what you can expect to earn on average per trade/per day/per week etc.   Of Course on the other hand it can also highlight before hand whether your expectancy is to LOSE!  Typically most traders that will back test trading systems would be very interested in this figure (Or should be!).  However many discretionary traders totally forget/ignore or worse just don’t understand how important this concept is to their own trading.  Expectancy is more important than Risk to Reward ratio (Pay Off ratio) and Win/Loss Percentages alone.

The Calculation for expectancy is very simple.  Firstly you need to keep/have a Record of:

1. Your Per trade/day Win%.
2. Your Average Winning trade/day.
3. Your Per trade/day Loss%.
4. Your Average Losing trade/day.

The Calculation for Expectancy is: EXPECTANCY = (Average Gain x Win %) – (Average Loss x Loss %)

An Example for an Average Daily Expectancy for a trader that has traded 6 months with a record of 80% of days with a positive gain and a 20% of days with a loss.  Average Gain per Day (Total Revenue from Up Days/Number of Up Days) being $1200, Average Loss per day (Total Cost from Down Days/Number of Down days) being $500

Average Daily Expectancy = (1200 x 80%) – (500 x 20%) = 960 – 100 = $860

Knowing this the above trader can be more comfortable and confident that they can expect to gain on frequent days (Note not all!) with a positive expectancy.  I have personally found that my Up days generally fall just above/below expectancy on MOST days,  however not all.  Some days we have to accept that we may have a down day, of course some days we will hit our main objective and every now and again we can also expect some outliers with exceptional days that exceed our targets.  Taking all of the above into consideration, it is important to note that this is assuming the trader keeps on performing well.  It is the responsibility of the trader to make Risk/Objective adjustments as and when required as Expectancy is a Dynamic and constantly changing figure, however over time you will find that for quite some time it sits around a Monetary value that you start achieving frequently.  You can also do the above for each week or month.  For day traders weekly expectancy is worth tracking, for longer term traders the monthly figures may become more useful.  Whatever you do you should know it so that you can move forward with confidence.

For the Expectancy to be meaningful you should have a minimum of at least 40 Trades/Days.  Ideally at least 3-6 months of continuous recorded performance.   If you keep an up to date record of your trades you will know your Average Expectancy per trade/day in advance.   I show people how I do this in our L2ST online trading room.  Personally I am interested in daily figures (although per trade are recorded for reference).  However newer traders may want to gain more detail to help improve performance by initially looking at the figures for each individual trade.  However I believe that each individual trade is so insignificant in itself, and having a positive expectancy per trade although important is less important than having A Daily/Weekly Positive Expectancy.   Daily Expectancies are achieved more often than per trade, also per week expectancies can be hit VERY consistently if you do things right.   Having a Positive Daily/Weekly Expectancy over time is very powerful because you can gain the confidence in the fact that you can Expect to be Consistently Profitable with a Positive Expectancy.  On the other hand a Negative Expectancy is a wake up call to stop trading live, as it makes no sense risking real money whilst you expect to LOSE!  Common Sense really, but you would be surprised at how many traders will ignore the Negative Expectancy Alarm bells!  If you have performed to the point where Expectancy becomes negative then its time to drop size to as small as you can trade whilst you focus on improving performance or you can move to sim trading until you complete performance over a period that highlights a positive expectancy again.

I commonly recommend that traders work with Daily Financial Objectives to prevent Greed, Over Trading scenarios and worse giving back good gains consistently, and instead encourage Visualizations of achieving those objectives consistently.  If and when you want to aim for more you simply increase your Goals/Objectives (A bit at time, no sudden jumps!).  However Daily objectives are not always achieved even though they are the target.  Just because you have something to aim for that doesn’t mean you will hit it!  However this doesn’t mean you should not set them either!  It just means that you should understand that if you may not expect to achieve your goal/objective every day, and you may lose on some days, then what can you expect to achieve more frequently?  – Guess What… Your Daily Expectancy.

Author: Kam Dhadwar – Trader and Owner of L2ST

I am often surprised to find that many traders have no idea of what their Risks are.  This involves Risk per trade, per day, per week/month and overall Risk of Ruin.  Most traders are aware of Risk per trade or per day, however very few are familiar with Risk of Ruin.  Possibly because they do not want to consider it as a possibility.  However you MUST.

So what is Risk of Ruin?  Well,  it refers to the amount of capital that you are willing to Risk before you must stop trading (Commonly referred to as “The Point of Ruin” or “Maxmimum Drawdown”).  Note this is not your full account capital, as you should NEVER risk 100% of your capital.  The Risk of Ruin is a statistical concept and is the probability of you reaching this level of ruin.   If more traders knew this they would never blow out!  Blowing out is very poor risk management!  Ideally a trader should never have a 50% Drawdown/Point of Ruin as a maximum, as they must gain a 100% return just to get to break-even!  A good recommendation to define your Maximum Drawdown (Point of Ruin) Level is ask yourself “What you are willing to Risk\Lose of your account capital and put at Risk?”.   None is not an answer! Because as traders you must take some Risk, as you cannot make any gains without taking any Risks!  It is imperative that you know what your risk is and are willing to embrace it.  if you are not willing to take any Risk on your account, then you CANNOT TRADE, it is as simple as that.  Ideally you should be willing to Risk at least 25-30% of your account as a maximum drawdown\point of ruin before you must stop trading, and then review your business\trading plan for new objectives and risk parameters to determine if you can still trade, then build a new plan if required.

As traders our job is to avoid reaching our point of  Ruin.  So you must work out your probability\chances of reaching this level of drawdown.  In its simplest terms the more you risk per trade and per day, the more you increase your risk of ruin.  So the easiest way to avoid Risk Of Ruin is to only risk a small amount of your account per day.  I usually recommend 1-2% maximum of account capital per day.  For new traders 1% (Ideally less!) at most.  Note per that’s per day NOT per trade!

There is a formula for working out your Risk of Ruin, and ideally you Risk of Ruin should be between 0 % – 0.5%.  NOTE: It is mathematically impossible for the risk of ruin being 0.0 percent!  So the aim is below 0.5%, which when rounded down is 0%.  When you get above 1% and higher that’s when you know you are risking too much, and the risk of Ruin is becoming positive, meaning that its only a matter of time before could blow out and reach you max drawndown level!  Therefore it is advised that you DO NOT trade until you are comfortable that you can perform (With simulated trading if you are a discretionary trader or on a back-test  for an automated system) at a level where Risk of Ruin is less than 0.5% and ideally towards 0% as possible.

There are a number of ways to calculate Risk of Ruin, however the most common formula is:

Risk of Ruin = (1-(W-L))/(1+(W-L))^ U (Where W=Probability of winning, L+ Probability of Losing, ^ denoted the power of U + Number of Maximum Risk Trades that may be taken).

You can also find a more advanced formula with a useful calculator HERE.

Here is an example of trader A with a $50,000 account and is willing to Risk a Maximum drawdown of 30%, which is a Point of Ruin at -$15,000.  Lets assume Trader A has proven through his trading that he can gain the following averages: Win% = 60%, Loss% = 40%, Risk per trade is 1% of full account at $500 so max trades he may take and lose sequentially is 30 trades before he reaches the Point of Ruin (Max Drawdown).

So his Risk of Ruin is worked out as follows:

(1-(0.2)/1+(0.2))^30 =

(0.8/1.2)^30 =

(0.666666)^30 = 0.000005214 = 0% (When rounded down).

Which is a VERY low Risk of Ruin!  This allows for this trader to take risk comfortably knowing that there is very little chance of ruin.  Of course this assumes that the trader keeps performing well!  If the Win rate and Win to loss ratio adjusts over time the Risk of ruin may increase\decrease.

Now lets consider Trader B who takes too much risk and is under-capitalised.  He has a $10,000 account and is willing to Risk a Maximum drawdown of 30%, which is a Point of Ruin at -$3000. Win% = 60%, Loss% = 40%, Risk per trade is 10% of full account at $1000 so max trades he may take and lose sequentially is 3 trades before he reaches the Point of Ruin (Max Drawdown).

So his Risk of Ruin is worked out as follows

(1-(0.2)/1+(0.2))^3 =

(0.8/1.2)^3 =

(0.666666)^3 = 0.2962954074083 = 30% (Rounded up)

That’s a big difference, with the same technical performance but a smaller account and more risk.  Trader B has a high chance of Ruin.

Our main job as traders should be to reduce any chance of ruin.  Any probability in favour of ruin is not good!  You as the trader are in control of your risk of ruin.  Therefore it’s essential to Position Size and Manage Risk accordingly for each trade and every day so that Risk is minimal, and Risk of Ruin is kept to the minimal.

So lets consider the ways that you can reduce your risk of ruin:

1. Increase your accuracy and obtain a Higher Win%.
2. Increase your Win to average loss pay-off ratio.
3. Reduce the amount of money Risked per trade and per day by trading more capital or taking less risk per trade\day. (Everyone can do this one – at least reducing risk!)

So if you don’t already know your Risk of Ruin, make it your job to know before you take your next trade!

Example of my Visions and expectancies for the Emini S&P on 2nd March 2012, and then how the market played out as well as how I traded it (Click to Enlarge):

Example of my trade on the Euro Bund on  2nd March 2012 (Click to Enlarge):

Example of my Visions and expectancies for the Emini S&P on 1st March 2012, and then how the market played out as well as how I traded it (Click to Enlarge):

Example of my trade on the Euro Bund on  1st March 2012 (Click to Enlarge):

Example of my Visions and expectancies for the Emini S&P on 29th February 2012, and then how the market played out as well as how I traded it.  As close as spot on, as you can get! (Click to Enlarge):

Example of my trade on the Euro Bund on 29th February 2012 (Click to Enlarge):

One of the major turning points in my trading career came when I realised that nearly all trading systems or methods attempted to highlight the SAME set up’s!  Yet some traders will be successful trading them and yet most will fail.  Although we all know that a lot of this is down to an individual traders Psychological make-up, there a few things that traders wanting to stand a chance must realise.  Firstly, the real trick is to establish WHEN to trade WHICH set-up’s and WHEN they are best left alone and you are better of sitting on your hands.  One of the simplest ways to establish this is to know what Phase (Balanced\Range Bound or Trending\Imbalanced) the market is in.  This is Step 1 of the L2ST Trading Game Plan.  Which by the way is NOT a system, it’s “A way of Understanding the Markets so that you stand a chance of trading them better”.

Nearly all trading methods\systems are designed to trade ranges by either fading or going with the break-out, and most commonly they are designed to highlight trends and then join a trend.  Most automated systems\traders fail overtime because they attempt to do one or the other all of the time.  The markets do however Balance and become Range Bound, and they do also become Imbalanced and start to trend directionally.   That’s why most systems designed to do one or the other will usually have some successes, especially short-term.

We have to remember that WHEN each phase takes place is down to the market and it’s participants, we don’t control that.   However, we must observe the market and understand what it has done, what it is doing right now to better understand what it might do next.  Knowing your market should be Common sense for traders.  The dilemma most traders face, is that under different phases they must be prepared to take what may be the opposite trade to what you would in another phase.  For example Fading an Imbalanced\Trending Market is very different to Fading a Balance\Range Bound market.  The odds of the trade working out change in the moment depending on the phase the market is in,  and not based upon some statistics of a back-test!  I often say that nearly all trades are 50\50, what defines if it has a better chance of working out is the current market phase, as well as what the market participants are doing in the MOMENT.  It is when you put things into perspective in that moment that you gain your EDGE!

Discretionary Trading and the methodology I teach at L2ST is all about highlighting the correct market phase at any given time and then trading it accordingly.  I call this “The Art Of Adaptive Trading”.  In its most simplest form, if the market is Range Bound and Balanced (Trading around an area of Established Value) the focus should be to trade the market by fading the Rallies into Resistance areas\levels or Sell-off into Support areas\levels.  If it is Imbalanced\Trending then this must be recognised and the focus shifts to buying pull-backs and selling bounces off my levels.  Not rocket science, when it comes to set-ups, it just makes a lot of sense.  The levels (Areas of doing business) I establish are normally derived from Market\Volume Profile areas of Rejection or Low Volume, again for a simple and logical reason.  The idea is that because the market has proven (Through Market Generated information)  it is rejecting those areas through the lack of trade facilitation, it is likely to reject again.  Of course it may not reject, but that’s the expectancy.  So if it looks like I am seeing what I expect I get in and then start to manage the trade.  Trade Management is where the money is made or lost for traders and not in the set-up or entry.  Some do forget that simple truth.    You can have the best set-up and entry in the world and still mess it up through poor trade management, which is another subject altogether!  However taking a trade set-up at the RIGHT time does improve your odds of having to manage a trade that has a better chance of working out rather than one that as a greater chance of failing to play off.  Most common Price Action Trade Set-up’s show up within these different phases, and they all work! You just have to get good at trading the right ones at the right times!  (See the examples below).  However, I must add that the breakouts of ranges are the ones that are the toughest to time well, and for that reason those are the ones that I often avoid.  Is it a coincidence that most novice traders  focus on taking the trades that I would most prefer to avoid, which is the breakouts?

Characteristics of Balanced\Range Bound Markets

A Balanced Market is established when the market has already found Value within a sideways\rotational range.    All markets spend most of their time in this phase, as it fulfils the purpose of the market to facilitate trade most efficiently and effectively.  Markets are generally balanced over 80% of the time.  Hence the reason why Range Trading can be so effective and profitable, even more so than trend trading when done right!

- Most of the Volume traded is within the middle\centre of the range.
- Symmetrical Volume at Price Distribution (See Below)
- Less Volume traded around highs\lows and therefore proof of rejection at the highs\lows of the range.
- Flat VWAP and 1^st standard deviation bands.
- Price is attracted back to the middle of the range (VPOC\VWAP) as it tries to move away outside of value areas range.
- 100-80% retracements in Price swings.  Extensions may occur above and below value up  to around the 127-161.8% Fibonacci Retracement Extensions of the range’s high-low or low-high.
- Market will usually find Buyers below \sellers above Value for up-to 3-4 swings before an attempt for a move away from value.  1st\2nd and 3rd Swing’s provide highest probability trades.

Balanced and Imbalanced Market\Volume Profile, VWAP and Price Action Example:

Characteristics of Imbalanced\Trending Markets

An Imbalanced Market is established when the market participants perception of Value has changed and they are now willing to accept prices above\below value.  This causes the market to move directionally and an inefficiency is created whilst we are in search of a new area of Value, where two sided trade can be found, and the return back to efficiency.  The market will Balance again, it’s just a case of when.  Whilst the market is imbalanced and is seeking value, your job as a trader is to GO-WITH the imbalance and NOT fight it.  Markets are imbalanced less than 20% of time.

- Most of the recent Volume traded is falling outside of prior value.
- Asymmetrical Volume at Price Distributions starting to occur, usually you will see 2-3 new distributions outside of a prior key area of value, with market not spend much time in each new distribution (usually less than 1.5 hours).  (See Imbalanced Profile Above)
- More Volume will trade into new highs\lows as the market continues its attempts into new highs\lows.
- The market will retrace and test DEVELOPING LVN’s in today’s profile and find new trade that will initiate further movement in the direction of the Trend (See Imbalanced Long Set-ups Above).
- Trending VWAP and 1st standard deviation bands (turning up\down).  Market will commonly retrace back to its 1^st SD High of VWAP in an uptrend, and to its 1^st SD Low in a down trend.  At times it will also pull-back\bounce as far as the VWAP.
- Price is pulling away from to the middle of the prior value areas range and fairest VPOC prices.  The developing VPOC may start to shift in the direction of the markets movement.
25-60% retracements in Price swings are possible and the market may still sustain its trend.
- The prior value areas 127.2-161.8% Fibonacci extensions start to break with momentum and volume at price acceptance starts to occur away prior acceptance area.

The question was what steps can be taken to move from a “Trading not to lose” mindset to a “Trading to win” mindset. As with mostly anything in life, the simple things often work best to at least START shifting the mindset in the right direction. However, although some knowledge can lead to one acting, only continuous practice of doing the right things will reinforce better ways of thinking and being as a trader. A Traders Wisdom only comes through DOING what is right. Conscious doing can lead to the first few steps, but for one to stay on the path they must be able to shift this to their unconscious.

Here are few suggestions:

1. Clearly define your Risk per day, so you know what you are willing to Risk (lose) if things don’t go well. Embrace Risk and Love it because its all a part of the game!
2. Clearly define your Goal\Objective for the day. Generally 1-2% of account per day as a goal is good for a day trader. Matching the risk with objective is a good idea, or aiming higher than what you plan to risk.
3. Never take more risk than you can afford with your account. I usually recommend traders risk no more than 1-2% of their account for any give day. If you hit the risk limit then you stop trading, otherwise you must stay Fully Engaged and Focused in reaching your Objective\Goal for the day and consciously trying the trade to trade well, whilst following the plan to the best of your ability.
4. Visualise you day and how you plan to trade before the market opens, and with each opportunity Visualise in you minds eye what you want to see if you are right with your trade idea.
5. Also know what you don’t want to see in advance so that you can get out if it doesn’t look good.
6. Understand that the market is Uncertain at all times, there is No certainty, so never look for it. EMBRACE Uncertainty.
7. Fully accept that every trading opportunity is just an idea, it can just as easily be right or wrong. if it looks right work the trade the best you can, if it looks wrong cut your losses. An old adage but very important to practice, and not just know.
8. Continuously build Belief and Confidence in your plan, and the concepts\ideas that you trade. I fully believe in Auction Market Theory principals and the power of Volume Profiling, as well as the use of order flow. That’s what helps me trade well with the tools. If you don’t believe in the way that you trade then its difficult to make money.

I’ve course there is much more that can be done, but these are just a few of things that I practice daily to keep me on top of my game.

Kamd Dhadwar – Owner L2ST

I have officially stopped trading today for the rest of the year (from today) until 3rd January 2012. Therefore I will not be performing any Pre-Market Analysis until 3rd January 2012, when I return back to the trading arena. It has been a fantastic year for trading, and I continue to grow and better myself every year. Next year will be no different, with new Goals and Objectives set at higher levels! Can’t wait!

I would like to wish everyone a Merry Christmas and Very Prosperous 2012!

Warm Regards

Kam Dhadwar
Trader and Owner of L2ST