Dr. Z strikes again. We’ve just come back from a trip to open a handful of accounts from a few of our in house traders that are ready to start trading live. Our plans are moving much faster than anticipated with our new day trading center here in Colombia. Look forward to sharing our in house trader’s progress as they continue to improve and we integrate them into the training program with our master traders. We are also in the middle of upgrading our back end for everyone in the training program. We know the website has been acting a bit unusual. Excuse the mess while we improve everything for our traders. Look forward to sharing more from our Master Traders via
The Day Trading Academy Blog. Here is Dr. Z’s recap in his own words:
There were two lessons today. Learning how to adapt to changing environments and quit while your ahead. The markets this week have been really tough for me. They’ve been swinging back and forth overrunning areas and I’ve experienced a lot of indecision.
On Wednesday I was extremely conservative only taking two trades for 1.25 pts. I wasn’t comfortable with the environment so I just took two trades, sat back, and listened to one of our teacher’s, Nikolai, talking about the structure of the market. After conversing with Nikolai on how he perceived the market I did my homework all night analyzing and honing my skills to be more comfortable with this irregular market.
I usually trade on my naked chart with no indicators but I also pulled up another chart to add a different perspective to confirm my decisions. Late into the next morning I was ready to go!
The day started off with a great run to the downside and sure enough it made a deeper pullback and I took a few more trades in between.
The market really defined itself after stopping me out on my long. It failed to continue to the downside and started to grind on up. I adjusted my targets shorter and watched for signs of continuation and just jumped in every time.
I was up quite a ways when I got my first 1.25 stop on the short. I took the short right after with a tight stop knowing that it had been going up all day and sure enough it stopped me out again. It jumped to the upside and I jumped in for one more loss of 1.25. At this point I was starting to get anxious after losing my hard earned 3 points in less than 30 minutes. The third stop was just a blip when the market was changing direction so I jumped back in and held it for a very long time to recover another point and call it a day.
Regardless, I felt accomplished adapting to the environment with the help of Nikolai and a lot of analysis. Everyone encounters situations they don’t understand. My greatest asset in trading will always be my willingness to learn. Just be patient, learn, and adapt. The end was just a reminder of how fast things can get out of hand when you get greedy. Another lesson learned.
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