.%20Unfortunately,%20when%20money%20was%20on%20the%20line,%20I%20couldn't%20tell%20the%20time%20of%20day.The%20money%20was%20too%20important%20to%20me.Trading%20is%20far%20more%20profitable,%20satisfying%20and%20fun%20when%20the%20money%20is%20not%20important%20to%20you.%20Yes,%20we%20trade%20to%20make%20money;%20but%20this%20must%20be%20psychologically%20separated%20from...){kind=link}
Trading Psychology - Why Day Trade?
There was a period in my trading life where I could call tops and bottoms in the markets with 90% accuracy (when paper trading)
. Unfortunately, when money was on the line, I couldn't tell the time of day.The money was too important to me.
Trading is far more profitable, satisfying and fun when the money is not important to you. Yes, we trade to make money; but this must be psychologically separated from the analyses and action of trading.
Optimally, trading is process oriented. You define what constitutes a winning trade and when you see that pattern, indicator combination, or setup, you take the trade -- easily, without hesitation and you feel good about it. You work the trade and the money comes -- almost as an aside.
The ChartPoppers Newsletter supplies you with high percentage, high average profit, and low drawdown Entry, Management and Exit trading signals. Many beginning and perennially losing traders believe this is all that's needed for market success.
This is absolutely not true. The hardest part of trading is the part that you as a subscriber must do to win. Take the Signals -- easily and without hesitation. Yes, there have been and will be losing periods. However, these periods are short and the losses are small.
To take the Signals you must have confidence in our Newsletter. The best way to do this is to become fully knowledgeable about our service -- how it works, what it can and cannot do, and what to do if the unexpected occurs; i.e. contingency planning. We regularly send out Trading Articles, Market tips & tricks, Trading Ideas, and different Trading Strategies that can help you become a better Trader, but at the end of the day, it's up to you. You must know that you will win by taking the ChartPopper Signals we send out to you.
After you become comfortable with the ChartPoppers Newsletter, how you receive and interpret our information and terminology is key! You should paper trade, or better yet, take a one contract position based on our Entry Signals. If you are a neophyte trader, this approach is critical for gaining confidence in placing orders, following our Entry and Management Signals and finally exiting the trade.
Pulling the Trigger
Are you second guessing, reflecting and delaying when you should be entering a trade?
Traders sometimes tell us they have difficulty pulling the trigger and making that first trade; even though they realize that the probabilities based on past performance are that they will win. These Traders are like parachutists just before jumping out of a plane. Well trained, equipped, and 12,000 feet up in a plane with the door removed, yet unable to take the last step in the process. Fear of entry is one of the biggest problems facing a trader.
Unfortunately, there is no easy, comfortable way to overcome this obstacle; one must simply decide to take the next signal.
If you cannot execute when you receive an ideal Entry Signal, it is because you are still experiencing fear from previous trading experiences and you don't believe that you will act appropriately under all market conditions.
It is up to you to take the Entry Signals. If you do not, or cannot take them as they are broadcast, you may as well sell you trading materials and computer, and stop subscribing to that expensive real-time data-feed. Pass your time sailing, and playing tennis or golf -- find something to do other than trading the markets.
"Pulling the trigger" only takes a moment. Be aggressive, bold and courageous. Entry must be quick or the opportunity will be missed. Entry must be accurate or you will not have what you want.
The ChartPoppers Newsletter can produce high probability, high profit trades and include integrated, money management rules.
Why Day Trade?
Many trader friends ask me why I daytrade; the real-time data feed is expensive, slippage and commissions are a considerable expense relative to position trading expenses, and it requires an intense focus. My response is that if you're good at daytrading, the returns can be much greater because you can trade several times a day rather than once a week or once a month.
I find I sleep much better when I daytrade than position trade. What brought me to daytrading was being stuck in a lock-limit move against me for four days carrying 15 contracts. It was an unpleasant experience. Aside from no overnight surprises, the disciplined daytrader leaves less money on the table than position traders.
In daytrading the price patterns form very quickly and require a disciplined, automatic response once a trading signal is perceived. A disadvantage of a real-time data feed is the almost universal compulsion to over trade. The constant price bar changes, the volume histogram, the screen refresh and the dancing indicator colors must strike some deep-seated need for action now. The flashing, changing neon of Las Vegas exists for a purpose.
The opposing factors of quickly responding to Signals and a deep need for action now must be dealt with by every daytrader. I suggest simply watching a screen with 1-minute, 3-minute and 5-minute price bars for a full day. Do not trade. Observe the movement of the bars and at the end of the day, note the ideal buys and sells on the 5-minute price chart.
Now, go to the 1-minute chart and allow yourself to see all of the noise, price movement and false entries prior to the optimal entries. Know that you must exercise discipline and take only your Signals.
Lots of this may sound very complicated, but I assure you that once you "get it" you truly will get it. It will be like a light switch, and once this happens, the SKY is the limit! You'll wonder how you ever could have missed the signals, and laugh about the times that you did.
I have TWO new Trading Ideas coming for you next week, the first one I'll send to you this weekend. BE SURE not to miss out on it, there's opportunity with almost EVERY Trade!
Have a great day!
Trading Psychology - Why Day Trade?
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