Emotions can fuck you over when you’re trying to make money day trading

Back when I was on the other side of the battlefield of personal finance I used this image to convince people that they should depend on me to guide them in the markets.

There are no physical requirements for day trading. You can be blind, deaf and yes… a little dumb.
The one, single requirement for successful day trading is to focus on what is right in front of you.
The action of some tickers can cause hemorrhoids and hernias at the same time while in a trade.
Now… don’t get me wrong… There are certain points throughout the day that is easier, or clearer, to trade. This is usually thirty minutes after the open but before noon on the east coast. This is the window where I trade mostly.
In the past few days I’ve traded the open on some tickers that have incredible action with range and give me heart palpitations!
And that’s where the emotion lies in day trading. Emotion is what causes you to:
  1. Not take a trade
  2. Not let a winner run
  3. Not cut a loser off
The best day traders are mindful of a lot of things that can happen all at the same time but their secret is they don’t make a trade personal. There are some that have traded the same pattern over and over that they know exactly what a ticker will do before you can even see it on the level 2.
They know what they see, in a matter of speaking. These professional day traders know exactly where to enter a trade long or short. I have watched a few get into a trade with virtually no action, no volume and then the action and volume comes just like they said it would.
From my little experience over the last five months, I know that my strength is preparedness but my weakness is patience.
I have a three verse mantra for day trading:
  1. Know What A Ticker Can Do
  2. Only Trade Tickers With Range
  3. Small Size Wins The Big Prize

You can see my very detailed, long, drawn out day trading rules here. They are constantly updated so just bookmark the link to check in every month or so to see what I’ve learned. I’ll also post here with some insight as well.

Rules don’t mean fucking shit if you don’t stick them… You know the old adage, “rules are put in place for your protection”. Well I finally get that!

Day trading rules are imperative! They are your life line, your life vest, your woobie!

Establish your own, steal mine… but for God’s sake follow your rules!

Rules alleviate the need for over stressing during a trade. Again, from my little experience, I have learned that you must be mindful of the technical aspects of a trade not your emotion of a ticker. You have to believe in yourself to be successful in every trade… but wait just a minute… success is not defined by a profit in that particular trade.

Success with day trading is a little different. Some of the most successful trades are losses. Believe me on this.

Day trading is a mindful performance that focuses on nothing but technical signals and the click of a mouse or the push of a hot key. Superior mindful performance can be learned skill. A new skill for some but never the less, it must be learned and used on every trade. This is focusing on what is right in front of you without emotion, tension, doubt, fear or uncertainty.

As a golf instructor, mindset is something I coach but cannot teach. I rely on another expert for that… I’ll introduce him at a later date once we have some videos and exercises to share… Mindset can be learned if you can control your emotions – Keep that in mind for your trading success.

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