It has been nothing but extremes in the first full week of February. From a $8,000 day on Monday followed by a $1,125 on Tuesday and now a $7,000 day on the 7th. While those numbers sound fantastic we don’t think of the market in terms of dollars and cents.
Those people that trade with and for the DTA Trading Army think in terms of points and ticks.
The concept here is to understand that the ultimate focus is to make the right decision. We talk about dollars and cents so others can understand what the possibilities are when it comes to trading. Many in the day trading industry focus on presentation with indicators and software.
At the end of the day a trader has to make money consistently every single day.
No matter if the daily profits equate to $50, $100, or $10,000. When the focus is changed from making money to making the right decision a trader (or even an investor) has a completely different perspective of the market.
Everyone using the Congressive Trading System in the training program tries to adapt to that mentality.
Be forewarned, this is no easy task. In a culture that is constantly affirmed by results it is not easy to separate oneself from the money. But when we begin to focus on winning rather than making money we begin to see the market in a completely different fashion.
This is what the recap from February 7 is all about, Pro trades.
There is one trader, a female trader which I think is awesome, that wasn’t able to master what we call legacy trades. Legacy trades are those in the basic curriculum that have rules.
She was one of the original traders who convinced me to start teaching again.
She had a very tough time trying to trade through certain areas and was battling fear when it came to her own trading.
When we began to work together to have her focus on market structure and try to understand the changing market dynamics her results changed as well.
She has done something that more and more people have started to do with the Day Trading Academy. She begins to learn how the market works and starts to take trades based on expected outcomes and momentum rather than rules.
Just imagine the power of that.
Being able to have the liberty of taking a trade at any point in time, anywhere on the chart, just because there is a high probability for the market to move in that direction.
Traders do have abide by a certain structure; know when to look for longs and shorts, have strict risk management rules to win more than we lose and have winning trades be bigger than losing trades, and have the discipline to know when not to take a trade.
There were a total of six pro trades that netted nearly 9 points in today’s recap. Two of these pro trades are new concepts that have been brought out by one of our LTD Project members, Mr. M.
Otherwise known in our loathsome group of traders as Mr. Millionaire.
A man that has consistently been making money in the market for a few years now that happens to trade a million-dollar fund. He did a quick Google search for “day trading and travelling” and found our Wandering Trader travel blog or we chronicle our travels around the world.
He reached out to me on twitter and below that all you can eat sushi and Medellin, Colombia. It was a blind date, a man date, the beginning of a great friendship and business relationship.
We partied together in Barranquilla, Colombia, for Carnival quickly followed by endless charades at a penthouse in Rio de Janeiro, Brazil.
Now he has contributed to the ARMY by unknowingly contributing a new trade.
Amazing traders just have the ability to do this. It is one of the reasons we have a great group of guys that are trading live and making money help teach classes.
We plan on highlighting these pro trades in our pros room on Wednesday. This allows everyone in our DTA Trading Army to help develop the new concept. It also assists in making it another trade in our high probability arsenal.
Stay profitable my friends.
Click here to see the complete list of Market Recaps
Really enjoy the recaps
keep them coming
I have to ask — whats the best way for someone to learn how to trade (winning) but does not have the capital (at this time) to pay for the training??? I do hope to hear from you. ED
I started by sitting in a book store and reading everything I could get my hands on Ed. there are tons of free resources out there. But some are better than others 🙂