Week 101 and Beyond


Hey there! Sorry for not being back for the past few weeks. As you may know, I do have a full-time job. I have not been trading as much as I wished over the past two weeks. That is fine, the market is not going to go anywhere. I still check in with the markets on a daily basis. Believe me I do, but I am not going to trade from my Phone at work. Yes, there have been times that doing so would have paid off. Trading a phone in my opinion is not professional. Again are you going to Treat trading as a Business or a Hobby? I’m not saying that Trading from a phone can’t be done, it certainly can with the technology we have now. Just think about the situation. An individual Trading via Phone and another from their Office with an ideal set-up. Do you get the idea? It’s obvious that one is going to have a competitive advantage over you. Point is Trading from your Phone is NOT ideal, but if you have to manage a position then its understandable. Overall the market has been slowing down, as we are in the midst of summer that is to be expected. That does not mean that there is going to be an opportunity out there. Like any business, the doors are open for opportunity. As a trader, it’s your job to find where your niche. No one trader is alike. We each have unique personalities. That is why playing follows the leader mentality is a Trap. Following any alerts is the wrong path to go down. Instead, use those alerts to learn from. Ask “Why did that trader make that trade"? In general, always ask “Why” in Trading. Most traders just trade for the excitement and the thrill. Personally I find trading to be boring. It sounds odd, but I just wait until there is a set-up. Then I pull the trigger and let the odds play out. Before I enter a stock, I want to know WHY I am entering. What is my Thesis on the trade? If I can’t answer that, then I will pass on the trade. Avoid FOMO at all costs. Do NOT let your emotions control you. You are in complete control. Take full responsibility and accountability for your actions. There will always be another opportunity down the road. The question is will you be there to take advantage of it. STAYING in the game is another goal of every trader. What separates the pros from the amateurs is the key component of risk management. Amateurs go into the trade with the intent to make money. Professionals go into the trade RISK FIRST. What is the worst case? Money is the bi-product. If you trade for P/L then you’re going to be fighting an uphill battle. Focus on Trading what your best as, and the results will speak for themselves.







This upcoming week, I will be working a lot. It will only be in front of the screens on Wednesday-Friday. That’s fine, focus on what I’m best at. I hope everyone stays safe out there! I will see you next week!


Disclaimer: This blog has a term of use that is incorporated by reference into this post; you can find all my disclaimers and disclosures there as well.

 

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