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Showing results for tags 'patience'.
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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