Trader Interviews 2009-05-19 Trading On Price Action

Remaining patient while waiting for the right trade setups to come along is not an easy task when those setups occur only 1-3 times per day. But that's exactly what trader John Paul does and does extremely well. As an S&P Emini trader, John tells us the timeframes he works on to find those trades and the "special" number he's watching for during the trading day. I ask him what his "perfect setup" looks like and how he sets his profit target and stops. Speaking of stops, I was floored when he first mentioned where he sets his! We then discuss the software he uses (and raves about) that has helped him become a successful trader and why he never uses indicators. Finally, we discuss how he developed his strategy by listening to his friends who are floor brokers and he tells us the only things that professional floor brokers watch and have faith in as their guides in trading.

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