Today is Wednesday February 3rd and I picked up my goal today with a few small trades and wrapped it up. I did see a lot of potential trades I could have taken today, but I was satisfied to stop with 2 points. Below is a follow up from yesterday post.
I find it very interesting two days ago as I first made mention of a post “Face your Day-Trading Weaknesses with change”. In that post I talked about how important mental fitness is in the life of a day trader. If we ignore the things that are holding us back and refuse to face and deal with it, we will not be moving forward but backwards, staying true to form with the majority of other traders.
We need to do different things than the majority and be strong enough to face our fears and challenge ourselves in the area’s that hurt. That is where change is going to come from, identifying our weaknesses and building on our strengths. As I mentioned already, failing to do so, we will only find ourselves repeating the same day trading error again and again, to our destructive amazement. That is no way to make it to the top.
In keeping with the theme, yesterday I made mention of a man who puts out really good material to help all people, but it is so applicable to “Day Trading and Trading for a Living”
It is very similar to what I have talked about and although it is not earth shattering, it is simple, practical and what we all need to be doing. You would think that something as elementary as this would not be that hard to do, but it can be some of the hardest things to face and overcome.
His post is from February 3rd, and the title is called “Examine your weaknesses”. The February 4 th post is all so true. The site is called “The Daily Motivator”.
Some may find it strange that I am promoting another guys blog or website without personal gain to me, but this site is more than about me. It is a way of helping traders see what it is that they need to do, in order to find success. I feel my trading program will help many as well, because I do offer a road map and some personal mentoring to help those who choose, find their way. If you already have a trading method or plan that you are following, that is fine, but for those that need one, it is always available.
This is exactly what I said a few days ago and is very applicable for the business that we are in. If you want to see yourself overcome the things that you seem to have no control over, then expand on this and all the things in this area. You will become happier and more fulfilled in all area’s of your life. As that becomes more a reality in your everyday life, you will see changes in your trading as well. So, this is a two-fold gain here. Improving your trading and your life. As your trading improves, your finances will improve and your overall life will improve as well as those around you.
That is a lot to swallow in one sitting, but you can take it slow. Make a list of your trading problems. Start with the biggest to the smallest. Clearly identify what it is you are consistently doing wrong and go to the next one and write it all out. This should be in your trading journal as all of us should have one. As you go down the list, try to be as honest as you can. No one will see this, just you, so expose your weaknesses.
Now, think of what it is going to take to start changing what you are doing. If you are trading live and your trading equity is slowing going down, that is the first thing you need to do. STOP TRADING. See, that may not be what you want to here, but it is tough medicine. It is only until you get yourself situated. To stop trading is hard, especially if your trading account is funded and ready to go, but unless you stop momentarily, you will end up blowing your account out. Treat your trading funds as though it was the blood in your veins. You need that blood to stay alive, lose it and you die.
If you have no plan or trading method that is clearly written out with rules and objectives, that could be your first order of business. Trading without this, is like setting sail for England without a map, compass and other navigational tools, hoping that you will find it if you just go east. The odds are probably about the same, not good.
If you have that already, you need to be sure that what you are following is sound and will be applicable to a variety of market conditions. We rarely see the same market on a regular basis, that is why system trading does not live up to its claims. If your plan or method is rock solid, then you need to follow it. There may be reasons why you struggle to follow it and that may be a lack of confidence in your ability to perform when conditions are right. You may need more time to practice your method and build your confidence, so take the extra time you need before you jump back in and build the mental side of your trading so the two can become one, success will follow.
If anyone is in need of a “Trading Method” that works and some “Mentoring” to go along with it, I offer both. Visit,
www.sniperdaytrading.com and see the possibilities.
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