LOL You sound like a broker. I'm amost positive you're not but: Brokers lose money and encourage others to trade as often as they can. The best way for a broker to make money is to get you to trade. Trade often. Win or lose keep trading. Every trade, win or lose, the broker makes a miniscule amount off every trade. At the end of the day without expending any effort he pours a drink , sits on his yatch and counts his profit. Profits he makes whether the customers win or lose. Even better than a casino, the broker doesn't lose when the customer wins. Just keep throwing money into that slot machine, there's a big jackpot and someone has to win it. You never know it just might be the next spin. Never give up!! The best way to make money is not to lose money. Quit feeding your broker, he has lots of money.
Thank you taowave, Thank you for sharing. I will check it out. Looks like a good read. I like reading from proven day traders with a live track records.
Hello taowave, Do you or @NoahA know of any other proven ES futures traders that have the book to read? On live real traders. Please no Book Sellers that just talk about theory and playing around and lying to me. Thank you,
It is not the quantity of trades but the quality of the trades. Not all trades are created equally. Putting up 20 bad trades vs 8 good trades, you do not need to be a genius which trades put monies in your pockets and which ones take from your pockets. Some retail traders have the gamblers mentality which is best used in Las Vegas. Atleast, Las Vegas will comp you and give you some of your losses back in free food, rooms, cash back. Losing it in the stockmarket, you do not get anything back, maybe, a big heartburn or lessons if you are smart enough to work on your trading mistakes.
First thing to understand is that trading is a long term game. If you want to make 10% at the end of the month, there will be plenty of opportunities. Learn to be patient. Trust your trading plan. I assume you have a proven strategy and the problem is your discipline? To make 10% a month, you need let´s say 3-4 good trades. Be patient to wait for those 3-4 trades. Limit yourself with number of trades per day. Limit yourself with max daily loss as well as max daily profit. Your goal here is to limit losses. In the long term it will help you with your discipline!
You nailed it. Most retail traders lack the discipline to wait for the good trades. Like the Las Vegas gamblers, they love the action and nothing else.
Start with this book,and hopefully a switch will turn on. There is very little discussion on trade setups or "Price Action".. Your beliefs and mindset appear to be off track. This book could help
Some plays are smarter/dumber than others... but we retail screen jockeys don't have any edge on the market.