7-19-11; To be successful at day trading, you need the right traders mindset. If you wait until you are faced with adversities, you have waited to long. We all have the ability to overcome, that is in the human spirit, but not all will.
What is it going to take to overcome the trading adversties that plague so many day traders?
First, is the real belief that you can. Many set out, with a false belief that they will do this and or that, and the profit will come. Well, it is not that easy. You will be challenged, well beyond anything you have ever pursued in most cases.
Trading is actually simple, but it is never easy. With that said, the proper mindset is key to your consistent ablity to maintain the winning edge.
I don’t really like the term winning, because it equates the effort with a gamble, chance, luck, etc. That is the farthest thing from the truth. Many who don’t understand what day trading is, think just such things. If you are knee deep in this, you know different. You can see it, taste it, smell it, feel it, but it is still yet elusive. Very much like a hunt, you track, trace and pursue as you get closer to that place only you can understand.
That is what it is like and I know I am speaking to many who are in just that environment, so close, but yet so far. There is hope, your believe can be harnessed and leveraged just like you leverage your futures investment to work for you, you can do the same with your mind and the ability to deliver the goods.
Let me post my trades for the day, before I get to far along in this mini trading rant. Today’s trades from the emini market. I was able to make up for not trading yesterday, very cool.
Last week I traveled to S.F. to see and tend to family issue’s and returned on Tuesday. This week, it went down as a carbon copy and did not trade on Monday two weeks in a row. Last week and again now this week, I waited for the opportunities to pick up more than enough to cover my no trading day yesterday. Both times I roughly trippled the minimum daily goal sought after. That is great medicine for a traders confidence. OK, the trades below.
You will see as I always do, posting the turning points and continuation points for as much of the session as will fit. I took a break there in the middle as there was a good short still left on the table, but that is OK. I needed the rest. The later session trade was building. It was either going to drop big and or break out big. I tried for the short at first and gave it more room than I usually do, but no follow through. I reversed to the long as I had my eyes open to all the possibilities and it worked out great. I even added on for better than a point there at the top closing all positions on strength. Just that last trade worked out for 4 points, 6 points and 8 points roughly. I so much prefer to sell on strength than to wait and close out on weakness, but that is me. Either way, it works and will work in the future.
Getting back to where I left off before, every trader has the ability, but not ever trader will overcome the challenges. There are so many and all from different angles. You do need to have a solid trading method, something that shows a consistent pattern of trade consistency that you can follow. The price is the most reliable and that is why I teach how to read the price first and then indicators can confirm and such.
With that said, working on the hidden elements that traders face is just as important, but most often overlooked. Are you at this moment overlooking the mental challenges that you will and or are facing while trying to overcome your adversities? If you are open to it, you will be doing yourself a great service on the way to your dreams. If you overlook its importance, unfortunately, the dreams of being a successful day trader will be most likely stuck, in your dreams. Bring the reality of those dreams into reality takes will, dedication and an unwavering spirit to change.
For things to change, you have to change, plain and simple. If you make the right changes, the right results will happen. Are you willing to change? Only can answer that and the future of seeing your dreams come true will depend on it.
All through this process, never give up your optimism. Never stand still, get up and fight. Losses are only temporary setbacks, a stepping stone towards seeing yourself through to what you envision.
You need to believe in yourself and your ability to get results, but your belief needs to based on something real. You can not blindly put your faith in something that is only a figment of your imagination. Go through your needs inventory and be sure you have what you need to succeed. If it is all there, you only then need to get it done and do it, one step and day at a time. If its not there, then find a way to build up the tools, skills and abilties you will need to get the job done, again, questions only you can ask and answer.
I wish all my readers the best on their journey.
Trade well, trade committed. Vince
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