I have been running around all day getting errands accomplished in addition to waiting at the high commission of India office to reclaim my passport with (hopefully) an approved visa to India. If anything I am more willing to share the losing days than the winning days because we have more lessons to learn on days that we lose than days that we win.
Really want to take this time out to talk a little bit about staying focused.
One of the reasons why I didn’t start making money right away when I first started learning how to day trade, aside from not having a legitimate strategy, is that I wasn’t completely focused. One of the problems with his behavior is that when tradeers to miss the small things then they also start to miss the big things.
And when we start to miss the big things we have a lot more losing days them winning days.
I didn’t lose much today, but losing is losing, today could have easily been a positive day if I would have been focused. To put it in perspective I could have made anywhere between 2-5 points today. We can always looks after the fact and say we could have done this and that, I could have even kept trading the entire morning and caught great trades.
I post a lot of these recaps so you can learn from my mistakes, from when I started making them close to 10 years ago to now. Just because we are professional day traders does not mean that we don’t make mistakes, by being human we have to accept the fact that we are always going to make mistakes.
The idea with being consistent is that we have to identify our mistakes as they happen and correct them quickly. This is one of the reasons I recommend everyone trade with a team or a coach that knows what they are doing. So instead of having yes men you can have someone be honest and recognize that your just making stupid mistakes.
A lot of traders are unfocused for many reasons, sit back and just think about whether you are actually focusing when you are day trading. Another way to ask you this is are you in tune with the market environment when your trading?
Are you paying attention to other things like Facebook or paying attention to news? I know that trading can be boring at times, the only time when we should not be paying attention to the market is when it has extremely low volume or periods of choppy behavior.
One of the common problems that I find people doing is paying attention to other markets, take it from a person that has been trading for close to 10 years, it is almost impossible to trade more than one market at a time.
I have tried it and seen hundreds of traders fail when trying it
It’s all right if you choose a similar moving markets like the Russell 2000 (TF) and the Emini S&P 500 (ES). They are similar markets and move in accordance with each other, but when you are getting into trading markets like crude and the Emini S&P 500 which are completely different markets and have different behaviors, it’s going to be very hard to switch from one to the other.
I wanted to share this today because I find that most traders have the ability to make money every day, the only difference between being consistently profitable and losing money is, focus.
Click here to see the complete list of Market Recaps