The majority of traders are looking for entries with a very high probability of success. Web sites and book stores are loaded with day trading advice to fill this "need." Some of it's pretty good entry advice. A lot of it is average, which is actually not a good thing. But good or average, if they are leading you to believe that "If you can find better entries, you'd be making money." Than this is poor day trading advice, it's a lie and they are taking your money and they are taking you for a ride.
Well, it's time to stop believing the lie. Stop paying for "sure thing" entry methods. I write a market newsletter each day, giving my "game plan" for the next trading day. I'm as specific as possible including Support and Resistance levels that I will be buying and selling against, which provides you with great trade set ups nearly everyday. I've been day trading futures for 27 years and I've developed a strategy that makes money consistently. I don't promise overnight success, anyone who is really serious about wanting to learn day trading realizes that it's not a get rich quick profession. Yes, my method does include great entries, but most losing traders have decent entry strategies. My experienced day trading advice doesn't focus as much on entries as it does on exits...Offense doesn't win this ballgame, defense does!
That was when I discovered day trading, and I realised that this was exactly the opportunity I had been searching for. I decided there and then that I was going to make a full time living from the stock markets, whatever it took to succeed. The advantages of day trading as a job are numerous to say the least; there is no boss to answer to, no customers to satisfy, no suppliers to let you down, no waiting for invoices to be paid, I could go on. In fact, I will: trading is a location-independent activity - I can work from anywhere with an internet connection, which effectively means anywhere in the world with a telephone line. I regularly trade from my laptop whilst travelling. I can trade when I feel like it, and take time off when I like, which means I can spend quality time with my family.
Now let's get this straight, trading can be a risky activity, there is no doubt about that. So is driving a car to work, but the risks of getting from A to B on four wheels are well understood and are managed accordingly, to the point where we don't think twice about getting behind the wheel. And in the same way, provided a trader is disciplined in their approach to the job at hand, and understands the associated risks of the work, so those risks can be managed.
Which brings us to most asked question number two, losses. Yes everybody has losses, I do, you will even the most experienced trader on the planet will have losses. The sooner you accept that and move on the better off you will be. You can't beat yourself up over having a couple of losses. Try not to look at them as losses, look at them as business expenses. They are just a part of doing business, nothing more nothing less. You could see a market that looks setup perfectly to make a move all the planets have aligned and sure enough you jump in and get your fill. Only to have the market turn the other way and take off like a Jack Rabbit, it happens far more often to us than most traders would like to admit. You can't take losses personally you can't try to trade your way out of them and you can't control when they are going to happen. So just don't beat yourself up, take your loss chalk up to a learning experience and move on. Sometimes there isn't even anything to learn. You made the right move everything looked good, the market just turned. It will do that more than you care to think about.
I close bad trades well before my hard stops are hit, but anyone can do that. But, you also have to recognize your losers early. Otherwise you'll be killing your good trades along with the bad ones. Every successful trader I've met has a way of getting out early on bad trades. If you are day trading support and resistance, I can teach you how I do it. You may be able to find a way to do it on your own, but it will probably take years. I've been trading for more than 27 years, and publishing my day trading advice on the internet since 1996.
Well, it's time to stop believing the lie. Stop paying for "sure thing" entry methods. I write a market newsletter each day, giving my "game plan" for the next trading day. I'm as specific as possible including Support and Resistance levels that I will be buying and selling against, which provides you with great trade set ups nearly everyday. I've been day trading futures for 27 years and I've developed a strategy that makes money consistently. I don't promise overnight success, anyone who is really serious about wanting to learn day trading realizes that it's not a get rich quick profession. Yes, my method does include great entries, but most losing traders have decent entry strategies. My experienced day trading advice doesn't focus as much on entries as it does on exits...Offense doesn't win this ballgame, defense does!
That was when I discovered day trading, and I realised that this was exactly the opportunity I had been searching for. I decided there and then that I was going to make a full time living from the stock markets, whatever it took to succeed. The advantages of day trading as a job are numerous to say the least; there is no boss to answer to, no customers to satisfy, no suppliers to let you down, no waiting for invoices to be paid, I could go on. In fact, I will: trading is a location-independent activity - I can work from anywhere with an internet connection, which effectively means anywhere in the world with a telephone line. I regularly trade from my laptop whilst travelling. I can trade when I feel like it, and take time off when I like, which means I can spend quality time with my family.
Now let's get this straight, trading can be a risky activity, there is no doubt about that. So is driving a car to work, but the risks of getting from A to B on four wheels are well understood and are managed accordingly, to the point where we don't think twice about getting behind the wheel. And in the same way, provided a trader is disciplined in their approach to the job at hand, and understands the associated risks of the work, so those risks can be managed.
Which brings us to most asked question number two, losses. Yes everybody has losses, I do, you will even the most experienced trader on the planet will have losses. The sooner you accept that and move on the better off you will be. You can't beat yourself up over having a couple of losses. Try not to look at them as losses, look at them as business expenses. They are just a part of doing business, nothing more nothing less. You could see a market that looks setup perfectly to make a move all the planets have aligned and sure enough you jump in and get your fill. Only to have the market turn the other way and take off like a Jack Rabbit, it happens far more often to us than most traders would like to admit. You can't take losses personally you can't try to trade your way out of them and you can't control when they are going to happen. So just don't beat yourself up, take your loss chalk up to a learning experience and move on. Sometimes there isn't even anything to learn. You made the right move everything looked good, the market just turned. It will do that more than you care to think about.
I close bad trades well before my hard stops are hit, but anyone can do that. But, you also have to recognize your losers early. Otherwise you'll be killing your good trades along with the bad ones. Every successful trader I've met has a way of getting out early on bad trades. If you are day trading support and resistance, I can teach you how I do it. You may be able to find a way to do it on your own, but it will probably take years. I've been trading for more than 27 years, and publishing my day trading advice on the internet since 1996.
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Frank Miller has a Debt Consolidation Blog & Finance, these are some of the articles: Advantages Of Homeowner Association Accounting You have full permission to reprint this article provided this box is kept unchanged.
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