Chuck Hughes – Your Personality
Chuck Hughes – Trading Your Personality
It’s been said too many times to count – that you must trade according to your personality. In the movies they might call it “being true to yourself” or something cheesy, but it’s a necessity in this job.
Recently I was asked which chart patterns I prefer to trade, continuation chart patterns or reversal chart patterns. My answer was that while I will actually trade either, I suppose the continuation and breakout type of patterns are the ones I trade more often than reversals or buying on support levels.
I don’t think one setup is superior to the other, they both have their pros and cons, and you have to go with what fits your style best.
Buying on support is an anticipatory play, which may take a few extra days to get moving. It can give you a lower cost basis than another trading strategy, but will require greater patience on your part while you wait for the stock to find traction.
Buying a stock which is breaking out puts you (by definition) in a stock that’s already on the move. This is a confirmation play. You get instant feedback on how your trade is developing and how much momentum the stock has.
The setups you select for your trades need to incorporate your personality tendencies on managing those trades once you are in them. For me, I tend to be a bit impatient and I want to know as soon as possible whether or not I’m right or wrong on a trade. Other traders don’t live in the left lane, and they’re willing to give a stock some time to get moving one way or another. They place their protective stop and turn their attention to something else in the meantime while waiting for their trade to make a move. Personally, I prefer to have my money at risk for the shortest time frame possible. I really prefer the times when the market conditions are producing breakout plays and continuation patterns like the bull flag or ascending triangle patterns.
So, when you’re doing your homework and looking for quality setups to trade, be sure to consider the ones which fit your personality and your style of trading. Those will be the trades which you ultimately will manage the best.
Chuck Hughes Avoid Scams
Avoid a rip off, avoid learning from a source that has no real-time track record. Stick with the real-time profitable track record of Chuck Hughes. You will be able to find out more about Chuck Hughes’ training and advisories on Chuck Hughes’ website www.chuckhughes.com . Chuck Hughes option strategies have been very profitable during the extreme market volatility from 2007 through 2010.
TRUSTING THE SYSTEM
Throughout the current economic downturn, Chuck Hughes’s system did what Chuck Hughes wanted. The system started getting him short in equities in the summer of 2008, and Chuck Hughes continued to be short until March 2009. At that point, Chuck Hughes’ indicators reversed and went long. Chuck Hughes has remained long through 2010. Chuck Hughes admits that going long in March of 2009 was a difficult trade to make. People trust this level of talent because the students of Chuck Hughes’s advisories know Chuck Hughes is no rip-off.
That trust and discipline produced a 122% return in Chuck Hughes’ Trading contest account in 2009. I myself always analyze negative review sites and ripoff or scam reports to keep track of trader’s positive and negative feedback. I have looked for reviews on Chuck Hughes advisory and found only positive posts.
PROTECT FROM MARKET DOWNS
Although Chuck Hughes doesn’t make the connection, it appears that another of Chuck Hughes’s trading characteristics comes from a military and piloting background. And that is to take risks but to limit them. It is this aspect of trading stocks that appeals to Chuck.
During the 1987 crash, people Chuck Hughes knew were short bond futures and long stock futures, and their account equity was eliminated overnight. They wound up owing their brokers money by means of margin calls. Ponzi schemes have always been a rip-off from those who will never teach you honest, profitable Trading.