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Showing results for tags 'tobecomeadaytrader'.
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Hi, The Day started, you sit and watch your stocks/indexes and wait for a trade to evolve, sometimes you need to wait for a while, do you have any plan what to do in this time? In the past I used to sit in front of the screens all day long doing nothing waiting for the trade to evolve and watching price action most of the time getting frustrated as everything worked beside my stocks, everything look tradable to me and it won’t be a lie to say that I was drawn to many trades that I should never take, Taking setups that are not yours or are not ready yet is a very common problem in the day trading world, to sit and do nothing ain’t easy I already talked about it more than once, What I do? I like to check my stock list every 30 minutes I open the system at 10:00 checking what is working what not, I ask myself what I can trade and what not, what I would like to see before looking for a trigger, and then wait till 10:30, at this time I check again the list and see if I have anything I can trade build an entry trigger, if I do, I will build a trigger and wait for it, else will set specific points to each stocks, for example: XYZ should make new high before looking for entry trigger, I will place notification on the system for new high, and move on, after I done all the list I will hide system and will make some work, What is work? I will check the graphs of y’day, I will read blogs, I will develop my trading ideas, work on algos, read a book, watch a recorded webinar, I will practice trading, there is a lot of things one can do while waiting, what will help: make the list of task the day before or at the weekend a list of task for the next week, Don’t sit and watch, don’t be a passive trader fill your trading time with productive work so you won’t trade for the sake of trade NO, this will save you many bad trades, the ones that when you summarize your day/week/month you have no idea how you end up in them, If you will fill your trading day with interesting productive work you will become a profitable and more professional trader. Make the odds in your favor Day Trade Eldad Nahmany #tobecomeadaytrader
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Hi Did you ever prepared a trade everything was ready and then a minute or so before you place your order something happen and you cancel the trade, how did you feel? Did you ever notice any pattern that rise afterwards? Today I had a trade ready , I got the setup and I was ready to pull the trigger but then the stock paused and didn’t went lower, so I couldn’t take the trade (according to my system) and stayed watching the stock and now what? So I took the trade anyway even though it didn’t fit my plan and I got stop and I am always grateful to be stopped when I divert from my plan, this is the safest way to remember to stick to one plan, I am reading now days “The power of Habit: why we do what we do in life and business” the main idea there is that habits have a very specific routine you may say, First you get a cue something that rise the urge of the habit , then you will perform the habit, and last the rewards you get from the habit, today with the light of this understanding I saw in a new way this repeating problem of canceling a trade, you need to understand even if most of the time I won’t take a trade against my system most chances latter on I will take a trade that I shouldn’t, So what really happen? Well I got ready for a trade the body the mind was full of tension, like an animal getting ready to attack it's prey but hey Houston we got a problem and we need to cancel but the habit of a trade give an adrenaline rush you got excited by the trade, you are in a position you feel it so the Reward is pure emotional and you didn't get!!! So like any junkie without being aware of it you are seeking your reward you doing everything you can to get your adrenaline fix, so you run into B- or worse trades, you don’t respect yours system or worse you get so frustrated with yourself or with the trading system for all day long, just because you didn't get your reward, now if you are competitive person, most chance you are if you are in this field, you can’t just accept it. What to do? I have a rule that if I placed orders and the stock left without me I will close the system for 5 minutes and will ask was it my fault or normal play, what I can take to the next trade, but I never understood that my mind was preparing for excitement and he will still look for it, In the book the way he teach how to break a habit is by creating a different action where the unwanted action was, what kind of action I need to place in order to break the chain of bad decisions and search for thrill instead of solid work, I am still without an answer, I will look for one but for start I will rise it so I will be fully aware of the search and I will take 5 minutes to see a part of a standup show , I believe smiling and relaxing might just do the work, Wish you all the best, Make the odds in your favor DayTrad. Eldad Nahmany
