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Old 06-09-2007, 03:13 AM   #17

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Re: What are the types of daytraders?

Well, steph has limits and commitments so he has to work around that. I think if he puts on more pressure on himself by slacking off his obligations, his trading will show sooner or later. I learned that the hard way. Make your trading as comfortable as possible, slow as possible. Right mindset is the only way to trade profitably. If you have 3 hours, then use that time to trade (but don't rush it and trade because you have 3 hours to kill). Use the 3 hours wisely each day, even watching the market without trading is already useful toward your future trades.

Video recording is definitely the way to go in learning. This technology is extremely helpful, wish it's been around earlier. Not sure if anyone saw the erratic jump in the ER2 early in the morning when it was dropping to the new of the day 836 and jumped right back to 840 in matters of a few seconds. I haven't seen that time and sales movement like that in a long time. I was in a trade and recorded it. I had get out quick with a small profit but man, that was scary. I'm going to replay it this weekend to see what happened.
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Last edited by torero; 06-09-2007 at 03:18 AM.
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Old 06-09-2007, 08:12 AM   #18
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Re: What are the types of daytraders?

Quote:
Originally Posted by torero »
Make your trading as comfortable as possible, slow as possible. Right mindset is the only way to trade profitably.
Exactly.

If you don't have the stamina or wherewithal to sustain a steady pace for the entire RTH, then make an effort to take the best of the best when you are ready.

No need to unnecessarily push yourself to make trades just because.

Now before others contend that you should always take a trade when it appears before you, then I would say that you should do so only when you are mentally ready to do so.

A trader making trade when he or she is not in the right frame of mind is a recipe for failure and a sure way to a blown account. Sort of like trading when you're in the zone.
 
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