One year ago, April 5th 2010, I began calling live Russell eMini trades with a trade system that later became the Seven Summits Trader, or SST as we call it. I had been working on it for nearly 10 months and while I had tested it and watched it continue to perform well leading up to that date, I decided I would present it to our live trade room. I wanted to give our members a chance to benefit from the great trades that it was generating.
I have to admit, the first couple weeks, someone (probably me) let Murphy into the room and it seemed like this new system was just going to end up being like all the other systems out there — mediocre at best. Thank goodness I didn’t give up on it. So many traders quit the winning approach to trading at the first sign of hardship and I knew that, and wasn’t about to make that mistake with this.
Luckily, Murphy’s Law is a fickle and fleeting phenomenon. All markets and strategies go through periods of difficulty. It is just a part of trading. The best trades follow the hardest. Markets tighten and markets open up. As a trade host who has called thousands of live trades, with a winning track record to show for it, I can attest to this being true with trading.
Before too long, this new trade system began to deliver the goods in exactly the same way that I had seen it perform leading up to the decision to begin using it in the first place. If you have been following along you probably have seen some of the equity curves that I have posted. Hopefully you have also seen examples of how it has performed on many other markets and timeframes; forex, futures, stocks, ETFs and even options.
A year has past and with a full year of trading the Russell eMini under our belts, we are as excited as ever about the future prospects of the SST. Today, we sit just a few points below our all time profit level and are poised to explode upwards, to new levels.
I realize that most traders trade other markets, many of which actually perform even better than the Russell. But I have meticulously tracked all the Russell trades as a proxy, if you will, to show how well the SST performs over time, if you stick to a tried and true tradeplan. It doesn’t matter if you trade a EURUSD 5 minute chart, trade agricultural futures with range bars, swing trading options using the signals generating from the underlying stock charts or trading any number of other markets. You could be trading range bars, renko, tick charts, time based charts.. It doesn’t matter. We have a tradeplan for everyone and the SST has delivered the goods and I am quite confident it will continue to do so.
The reason why, can be found inside the name itself; Seven Summits. We have identified seven critical keys to successful trading and we have incorporated each one of these keys in the trade system itself. Moreover, each one builds upon the other and when fully implemented, the result is a trade system that will work for a lifetime.
1) The ability to trade multiple markets and timeframes. Let’s face it, markets change. The markets we were making money on yesterday are not the markets we are prospering from today. The SST is a system you will not have to relearn. It will work on any market that has price action. Learn it once, and use it for a life time!
2) Dynamic Trade Setups. The SST tunes itself in live time on the close of each new bar. It generates trade setups that have been adjusted to the current market condition. Targets, Stops and Entries are dynamic to what is happening in the market on the timeframe it is being applied. This is very important because it allows us to also incorporate a dynamic goal setting strategy that is designed to take what the market wants to give us instead of trying to impose what we want out of the market. This is an important thing to understand and is critical to succeeding as a trader.
3) The ability to scale and trail. The SST lets you scale in and out of positions. It also will calculate a fixed target with the highest likelihood of success AND incorporate effective trailing stop techniques that allow you to keep some of your position in place for the big home run trades. This really adds to the bottome line. Moreover, it identifies strategic levels where price momentum is increasing, so that we can actually add to our position to take advantage of the ‘gifts from the market gods.’ You gotta get it while the gettin’ is good, in other words, and the SST tells you when to do it and how.
4) Exact Tradeplans; You just have to have them. We use tight and concise tradeplans that guide every trade decision we make. This is key to success. In fact, it is a tight and concise tradeplan that has delivered over 500 Russell eMini points April 5th 2010 thru April 5th 2011, trading an average of about 90 minutes per day, and often quite a bit less. We have tradeplans for many of the best markets and timeframes worth trading.
5) Total Immersion Training; We have learned from the 16 years that we have been teaching people to trade with our unique trade systems, that complete training makes all the difference. Our live trade rooms, free webinars, training videos and market walk thrus, coaching sessions, and being amongst a vibrant membership of traders of all levels from beginners to experts, makes a HUGE difference to success. Trading can be a lonely business and immersing yourself with trainers and other traders will help you remain disciplined and will teach you the latest cutting edge techniques that are working, session after session.
6) Capital preservation; So much can be said about this. Suffice it to say that the SST has capital preservation built into its very DNA. It’s a critical yet fickle line between too much risk and not enough risk. Those that find it can prosper as traders. No risk equals no reward but too much risk equals ruin. The SST gives us an excellent and effective way to stay on top of this ever changing elusive line. The SST seeks to cut risk aggressively while mitigating the need for some risk. It seeks to put us into a risk free trade as often as possible. Most importantly, it wins. A lot! The best defense is a good offense. Which leads us to the Mt. Everest and most critical summit of successful trading..
7) Consistent Profits! The Russell eMini is meant to be just an example. It is a somewhat difficult market to trade and requires skill and experience. But that can be said about ALL trading, can’t it? The SST gives us a way to prosper in the markets and if one can master the first 6 summits, the 7th will follow. The SST is producing the goods and is consistently profitable in many different markets and timeframes.
Please come back and visit us soon. I will be posting up some equity curves demonstrating the current Russell eMini live results. We’ll take a closer look at many other markets as well.
Make sure you are registered for our next live demo where you can see the SST live in the markets, for yourself.