The Day Trading Industry is one of the most unique industries that I have ever seen. Over my roughly 10 year career I have experienced both sides of it, being taken advantage of & scammed in the beginning followed by being an insider developing strategies for day trading companies that (badly needed it!) requested my services.
It is always easier for us to point fingers instead of looking in the mirror and realizing that part of the problem is ourselves. Many of us do that in life and business and it is no different with day trading.
The biggest lie in the day trading industry is when we lie to ourselves
There is a unique dichotomy when it comes to learning how to day trade because we need someone to teach us, or at least point us in the right direction, but at the same time we don’t want to be scammed.
Day traders that aren’t consistent normally have a pattern where instead of focusing on what isn’t working, they look somewhere else.
It’s the classic example when we think that grass is always greener on the other side. Instead of putting our nose down and working through our issues we always think that another day trading strategy is better, that someone else can do it better, and we keep looking somewhere else instead of looking in the mirror.
Part of the problem is that most day trading strategies out there aren’t meant to teach you how to day trade.
Most companies that I have been a part of, and bought products & services from, never trade their own strategies and always have master sales presentations.
They are politically correct when talking about things and make sure not to offend anyone because that could affect their sales. I share my life (more of my day trading life) on this trading site but always try to be transparent and just say what’s on my mind.
As I was redeveloping the curriculum in a more structured format for new, intermediate, advanced, and pro traders, I realized that I wasn’t talking about one of the things that affects many day traders.
The all too common problem of day traders don’t take responsibility for their own actions & hold themselves accountable.
When I was first learning how to day trade I did the same thing. I wouldn’t review my trades properly at the end of the week and I would just say “I can just do that differently next time”. Guess what? You aren’t going to do that differently next time.
We didn’t have advanced software like Ninja Trader that allows you to have markers that automatically plot for you and the ability to replay data at any time of the day.
Aside from having a day trading system that actually works and is built to be dynamic around the market like the Congressive system that we use (I had to shamelessly plug that in), we have to make sure that we are holding ourselves accountable.
Going live just because you want to see what it feels like before building consistency when you are sim/paper trading is another example. The reason why we practice before we go live is to build discipline and confidence. Once you go live, blow out part of your account, you can’t get that confidence back.
We lose everything if we lose our day trading confidence
We point a lot of fingers at the ridiculous fancy indicators people use, the day trading systems people sell, and other facets of the industry like class moderators that have never actually traded an account live in their life. One of the things we also have to look at is whether or not we are being honest with ourselves.
I still remember like it was yesterday when I bought my first day trading software program that plotted automatic resistance and support areas. I thought it was magic, later I realized I could actually draw them myself and the areas were actually moved around to create a great sales pitches.
I still remember the day a new trainer entered the day trading room with the same company mentioned above with absolutely zero experience. I knew more than he did.
I also remember the day that traders from the previous company I was with were emailing me for help because after I left a person with zero experience started running a live training room. Actually let me retract that statement, he had 2 or 3 months experience.
I refuse to run The Day Trading Academy that way but you know what, I get it. The industry is horrible and I know what it feels like to be on the short end of a losing stick. That still doesn’t give us the reason to short change ourselves by not holding ourselves responsible.
Whether you are making money, looking to get into day trading, or looking for consistency, make sure you are holding yourself accountable. In the end, you are the one that is going to be pulling the trigger, not anyone else.