What You Don’t Need for Trading Success

Every successful trader has an arsenal of ideas, patterns, and tools.

Now, some people carry things around that just get in the way. To succeed at trading, you have to know the difference. Today’s focus is on what you don’t need. But to put things in context, let’s start with what you do need…

A Reason To Love Mondays

The Big Picture

What do you need to succeed at trading?

An Arsenal for Trading Success:

• You need the right tools
• You have to know the patterns
• You have to understand risk management (to keep yourself safe)
• Finally, success requires patience

Patience brings us full circle to our focus today…

What You DON’T Need To Succeed

Let’s use Greenland Mines Ltd. (NASDAQ: GRML) as an example, because the way it played out fits perfectly.

GRML’s after-hours spike on Friday (Sept. 18) earned it a place on this week’s STT Advisory Sunday Watchlist.

Then, on Monday morning (Sept. 21), it set up so perfectly that it was my Daily Market Profits Alert:

Just over an hour later, GRML crossed the long signal at $7.89:

It hit the target within 20 minutes (and kept going).

After holding VWAP and basing near the strong psychological level of $10 per share, it was the watchlist stock here. It was also one of my picks for the Monday Advisory Market Update.

Key levels to watch were:

• Monday’s Oracle signal level ($7.89)
• The $10 level
• Monday’s high-of-day (HOD) at $11.68.

I’ve included Monday’s Oracle entry and yesterday’s premarket breakout on the chart below:

Now, there was another entry after the open yesterday when a short squeeze triggered the Panic Point Terminal:

Here’s the chart showing the entire move as I write:

Now, none of this is to brag. The tools work, okay?

The important thing to understand is that there were multiple entries for GRML based on price action and patterns.

In every case, what you DON’T need for trading success would’ve been in your way.

3 Things You Don’t Need for Trading Success

1. You do NOT have to rush into anything. A lot of people see these stocks run and get that FOMO feeling. That just makes you chase. Slow down. If you miss it, move on to the next.
2. You do NOT have to feel like you don’t know what to do. If you truly don’t know what to do, you shouldn’t be in the trade in the first place. If that’s you, get the tools, learn the patterns, and learn risk management.
3. You do NOT need to panic. There will always be another trade. As long as you follow risk management principles and cut losers when they hit your risk, you can stay in the game.

My Take

Whatever your level of experience, it’s really the same process every day. So, settle things down by knowing the process and going through it step by step.

My friend, the first step is to join StocksToTrade Advisory. If you are already an Advisory member, check out the Daily Income Trader system where we go over these principles every day.

Watchlist

First, keep GRML on your rolling watchlist. As long as it continues to hold key levels and consolidate, it’s in play.

Yesterday, Filana Therapeutics, Inc. (NASDAQ: FLNA) announced the FDA “lifted the clinical hold on the Company’s investigational new drug application […]”

FLNA did the dollar cross on the news and then held VWAP going into the late afternoon.

If it continues to hold above the key $1 level, watch for a day-2 continuation. If it trades sideways today, look for a day-3 surge tomorrow.

On My Radar

• Good read on AI safety as you implement it in trading and daily life
• AI is on the agenda at the UN Security Council meeting this week, too
• Meanwhile, Grok Bot crossed 400K users in a month (I’m telling you, everyone can use this tool)
• Countdown: 9 days until The Millionaire Formula Conference