Today really highlights what we have to learn in order to become a consistently profitable day trader. There are going to be beautiful trending days and other times we are going to have slow-moving and sideways markets.
Another one of our traders arrived today in Colombia and he was exposed to some of the ability of how we are able to read the markets. The behavior of the market today was more unusual due to the Columbus Day holiday. The volume was light but the market was still open.
One of the reasons why we want to teach traders how to understand the market is to be able to make money every single day. Every day will not be a homerun day but that depends on the kind of trader someone is.
We have found that everyone has their own personality and risk tolerances.
It is important to work with a trader one on one to ensure that he develops his own strategy within a certain framework. This is the reason why we call it a dynamic rules-based system. The Congressive Trading Strategy allows traders to be conservative when the market isn’t moving well and aggressive when the market is moving well (aggressive + conservative = congressive)
As the clock turns to 1 PM Eastern time a trader could have definitely extracted over four or six points in the market today. This is what makes the market so beautiful. Every trader can trade the market a different way but as long as we are reading the market properly and understanding market structure all of us should be able to make money every single day.
To be able to extract just three takes from the market on a 10 contract load one will find that we can make $375. Carry that over 200 trading days and that equals $75,000 a year.
That is not going to happen every day but as a trader that enjoys his freedom I prefer to get in the market and be done within about 60 to 90 minutes.
Our beginner traders today could have made upwards of three points while are advanced traders could have made much more. One will find in the chart above that by being aggressive I miss the opportunity to put the first position in the bank.
Just important to point out that every day isn’t going to be a homerun.
If we are able to make a consistent profit in the markets every single day I actually understanding market structure then it doesn’t matter how the market is moving. Three picks, 10 points, five points. It is really all the same. We hope you had a successful day in the markets like many of our traders.
So could we have made more money today? Absolutely? But we are in Colombia and have just bought a 5 bedroom penthouse to house our very first day trading center. Day trading is perfect it allows you to have your freedom and choose how you want to life your lifestyle. It is the one reason our motto at The Day Trading Academy is to create your lifestyle.
Stay profitable my friends.
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