Skip to main content

LEARN TO EXECUTE ORDERS QUICKLY

 Practice your execution skills daily. Create speed drills for yourself. Being fast and light is an advantage that the intraday trader must learn to exploit.

As such, learning to be fast with your orders is a skill that you will have to master.


FINE-TUNE YOUR FOCUS

A bad start is just an opportunity to make a comeback.

CONTROL YOUR EMOTIONS

Active intraday traders deal with rejection more than longer time frame traders. We trade more, so we are wrong more. If a losing trade sets you off, then this can affect your trades going forward. And this is dangerous.

We call this trading on “tilt.” You are in an temporary emotional state where you are not thinking as clearly as you can. You are angry, or frustrated, or disappointed. And then you make decisions that you normally would not. And rips result. In short, you manifest trading data that does not reflect your ability. 

A few days later Notorious Underperformer, a bright Ivy League graduate capable of much better trading results, sent me his list of things that set him off. They were a typical list. One of them was getting upset when he exited for a loss greater than he expected. I suggested the following visualization exercise (shortened considerably below):

Find a quiet area. Breathe deeply in and out for a few minutes until you are calm. Then visualize not getting out of a stock where you expected. In as much detail as possible, remember the last trade like this that set you off. Then expose the logic of getting upset. Something like if I let this upset me, then I will miss easy trades in this stock about to come. Then breathe in and out deeply again until you are calm. Repeat this process a few times.


“Nothing in the world is worth having or worth doing unless it means effort.”

Comments

Post a Comment

Popular posts from this blog

SURVIVE THE LEARNING CURVE

 Those who can give trading more time when they start have a better chance to succeed. you must be patient. But your time will come. At the start of your trading, you should trade with small size and with one stock. You should not increase your tier size until you are positive 7/10 trading days. You should set a small max loss when you begin. You should be limited in your buying power. For example, when a new trader begins, he should not write more than 10k shares in a day, total. you are not going to be a great trader on Day One Gladwell explains, “Working hard is what really successful people do.” t deep practice, often with continuous feedback, is necessary to become great. Concentrated practice is key Daniel Coyle in The Talent Code: Greatness Isn’t Born. It’s Grown. If you want to be good at something, practice. Practice deliberately, and do so for many years. FOCUS ON IMPROVING EVERY DAY “I know of no more encouraging fact than the unquestioned ability of man to elevate his l...
Post a Comment
Read more
 All great leaders in every walk of life are highly sexed, but they follow the habit of controlling their sex desires, switching them into a driving force behind their occupation. The person who has self discipline understands the emotion of sex, respects it, and learns to control and transmute it into contructive activities. Q: Just what damage is there in over-indulgence of sex? A: The greatest damage is that it depletes the source of man's greatest driving force, and wastes, without adequate compensation, man's creative energy. Controlled sex supplies the magnetic force that attracts people to one another. It is the most important factor of a pleasing personality. It gives quality to the tone of voice and enables one to convey through the voice any feeling desired. It serves, as nothing else can serve, to give motive power to one's desires. It keeps the nervous system changed with the energy needed to carry on the work of maintaining the body. It sharpens the imagination...
Post a Comment
Read more

CAN A FIRM ALWAYS SPOT THE NEXT GREAT TRADER?

 No. But a prop firm can tell who has a poor chance to become a CPT. To be good at anything will take everything you have. Not having developed the skills to work hard is a turn-off. Trading is a skill learned by doing, not just by reading a lot, theorizing, or the faux art of “paper trading.” THE PROS AND CONS OF RECRUITING EXPERIENCED TRADERS Loyalty is a good thing to a point, but it cannot trump logistics and reality. losing money should really bother you. If I am negative three days in a row, I spend a long evening on my couch with a bottle of red wine and comfort food. As traders, we can all recite the memorable line from Wall Street: “A man looks in the abyss, there is nothing staring back at him. At that moment he discovers his character. That keeps the man out of the abyss.”  Traders don’t talk about how they want to trade, what they want to read about trading, or how they wish they could talk about trading. Traders trade, read about trading, and talk about trading.
Post a Comment
Read more