Yesterday was rough. I had just gotten back from a wonderful vacation and was greeted by the harsh reality of markets.
There have been many times where I have wanted to quit this business. Trading is hard.
This is probably one of the most psychologically and emotionally demanding professions you can pursue.
I am beaten, I am hanging on by a thread but fuck quitting.
I'm not about to go get some soul-sucking desk job and spend the rest of my life hating myself for not going after my dreams. I know I can do this, I've done it before and I'll do it again.
There is literally nothing else in the world you can do where you can go in, press a few buttons, flip some cash and make hundreds or thousands of dollars in minutes.
There is no greater feeling than making a successful trade.
I'm doing this. I'm a trader. My mind is made up but I need to acknowledge some cold-hard reality about these markets and approach them differently.
Forget trying to catch the big macro-move. These markets are too crazy. There is too much manipulation and PPT intervention. The algos have made catching big moves nearly impossible.
So forget hitting the home-runs. I'm hitting singles.
Forget swing-trading this insanity, I'm a day-trader.
I know I can day-trade. It's easier predicting the short-term rather than the long. I've watched thousands of hours of price-action. I know a lot of the algo tricks & while I certainly will not be right 100% of the time I believe I can make short-term trades with decent accuracy.
Have an attainable goal:
My Goal is to go into these markets and attempt to make $500 a day. $500 is more money than I can make doing anything else and if I can accomplish that, In time I will be able to live my dreams & be happy doing what I like to do.
If I reach my profit-target I must be happy with that and walk away. Get outside & enjoy life. Forget the markets. They will be here tomorrow.
The hardest thing in gambling is walking away while you are ahead and I must jump that hurdle with discipline.
The profit goal is $500 but that is secondary to the primary goal which is always:
Do not lose money. If I'm worried my P&L is about to flip negative. Get Out, Walk Away. Try again tomorrow.
In this business not losing is winning.
There is no shame in taking a profit. Life is long and profits will build upon themselves but losses are poison.
Small losses are part in parcel of being a trader but letting them spiral out-of-control is how traders go broke.
If you are down on the day. Rather than attempting to trade yourself out of a black-hole, oftentimes the best remedy is simply walking away and trying again tomorrow. The markets have been here for hundreds of years with new opportunities to make money every day. Come back with fresh eyes and a clear mind another day.
Oftentimes the best-trade is no trade. So never feel forced to put on risk. Trading is like stepping into a boxing arena. Would you willingly step in to the ring when Tysons on fire and looking to knock you the fuck out? No. Wait for a better opponent, wait for the setup that you feel confident is going to make you money.
All you need on your chart is Pivots, VWAP, & a Moving Average. Other markets, RSI, MACD, TRIN, VIX, etc are optional. Keep it simple and don't unnecessarily clutter your charts. know what you are looking for and Do Not Short if price is above the VWAP. Wait for price to dip below. If you cover too early, no worries, walk away and wait for the PPT to present another setup. Chasing price is a sure-fire way to get you killed in this business. Consider yourself retired until you see an opportunity that simply cannot be missed.
Trading isn't easy. It's your money & your decisions. If you fuck up it's on nobody else but yourself.
But if you know in your heart that this is what you want to do with your life take the hits & never fucking quit.
Keep your head up & believe. You can do this & you can get rich beyond your wildest dreams but it doesn't happen overnight and there are going to be many trials along the way.
Stay disciplined. Hit singles & over time they will stack.
Keep moving forward. Never Quit.
There have been many times where I have wanted to quit this business. Trading is hard.
This is probably one of the most psychologically and emotionally demanding professions you can pursue.
I am beaten, I am hanging on by a thread but fuck quitting.
I'm not about to go get some soul-sucking desk job and spend the rest of my life hating myself for not going after my dreams. I know I can do this, I've done it before and I'll do it again.
There is literally nothing else in the world you can do where you can go in, press a few buttons, flip some cash and make hundreds or thousands of dollars in minutes.
There is no greater feeling than making a successful trade.
I'm doing this. I'm a trader. My mind is made up but I need to acknowledge some cold-hard reality about these markets and approach them differently.
Forget trying to catch the big macro-move. These markets are too crazy. There is too much manipulation and PPT intervention. The algos have made catching big moves nearly impossible.
So forget hitting the home-runs. I'm hitting singles.
Forget swing-trading this insanity, I'm a day-trader.
I know I can day-trade. It's easier predicting the short-term rather than the long. I've watched thousands of hours of price-action. I know a lot of the algo tricks & while I certainly will not be right 100% of the time I believe I can make short-term trades with decent accuracy.
Have an attainable goal:
My Goal is to go into these markets and attempt to make $500 a day. $500 is more money than I can make doing anything else and if I can accomplish that, In time I will be able to live my dreams & be happy doing what I like to do.
If I reach my profit-target I must be happy with that and walk away. Get outside & enjoy life. Forget the markets. They will be here tomorrow.
The hardest thing in gambling is walking away while you are ahead and I must jump that hurdle with discipline.
The profit goal is $500 but that is secondary to the primary goal which is always:
Do not lose money. If I'm worried my P&L is about to flip negative. Get Out, Walk Away. Try again tomorrow.
In this business not losing is winning.
There is no shame in taking a profit. Life is long and profits will build upon themselves but losses are poison.
Small losses are part in parcel of being a trader but letting them spiral out-of-control is how traders go broke.
If you are down on the day. Rather than attempting to trade yourself out of a black-hole, oftentimes the best remedy is simply walking away and trying again tomorrow. The markets have been here for hundreds of years with new opportunities to make money every day. Come back with fresh eyes and a clear mind another day.
Oftentimes the best-trade is no trade. So never feel forced to put on risk. Trading is like stepping into a boxing arena. Would you willingly step in to the ring when Tysons on fire and looking to knock you the fuck out? No. Wait for a better opponent, wait for the setup that you feel confident is going to make you money.
All you need on your chart is Pivots, VWAP, & a Moving Average. Other markets, RSI, MACD, TRIN, VIX, etc are optional. Keep it simple and don't unnecessarily clutter your charts. know what you are looking for and Do Not Short if price is above the VWAP. Wait for price to dip below. If you cover too early, no worries, walk away and wait for the PPT to present another setup. Chasing price is a sure-fire way to get you killed in this business. Consider yourself retired until you see an opportunity that simply cannot be missed.
Trading isn't easy. It's your money & your decisions. If you fuck up it's on nobody else but yourself.
But if you know in your heart that this is what you want to do with your life take the hits & never fucking quit.
Keep your head up & believe. You can do this & you can get rich beyond your wildest dreams but it doesn't happen overnight and there are going to be many trials along the way.
Stay disciplined. Hit singles & over time they will stack.
Keep moving forward. Never Quit.
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