Trading is a business and a performance activity that must be measured over the long-term, but managed on a trade by trade level. For example, your main goal should be to come out net profitable over a period of trades, days, weeks, or months. It doesn’t matter if you win any one single trade. It only matters that you win over time. With that being said, you must be sure to execute each trade to the best of your ability each time.
Just like in the game of poker, you”ll win some hands and lose some. You’re not trying to take the entire table’e cash on every single trade, and you shouldn’t try and do that with the market either. Instead of looking for daily grand slams, go for consistent base hits. If you work on a winning strategy, good risk management, and stay disciplined, you’re chances of being profitable are infinitely greater than shooting from the hip.
Don’t be over-eager to get into a trade. If you open your trading platform too anxious to place a trade chances are you’ll get your self into a less than optimal situation. So just sit back and relax; your trade could be right around the corner. Trading is like fishing, there is lots a waiting and watching.
When I day trade I always like to start with a prime trade; something I feel really confident about. Just to reiterate, I don’t care if that trade works or not, I just want to gain self confidence and know that I’m executing on my plan. So when you get a “prime set up”, play then with confidence, and play them as if they have the potential to be a grand slam. Not every trade will turn out to be a huge winner, but give it a chance to show you if it’s going to turn into one. On the other side if your trade starts to fizzle out, then don’t get attached by hanging on, get out. Get comfortable scalping trades and getting ready for the next one.
Don’t think about $$ when trading. Instead, focus on your performance and executing well on every trade. If yo trade poorly sooner or later it will catch up to you. Lots of people around the world slave away for 40,50 or 60 hours or more a week, often doing obs they hate. All you have to do it sit on your hands when the deck isn’t stacked in your favor, then play the strong hands when they are there. This is often the most difficult part of trading for a lot of traders. A person can be disciplined and patient for 95% of the month, then have a temporary moment of laziness that can wipe out a major portion of their profits. So, you must trade like a professional until the trade is over each and every time. Consistency, patience, and discipline are vital if anyone wants to stay a profitable trader for the long term.