Day Trading Video September 3, 2010
HI Everyone!
I am sure everyone is anxious for the long holiday weekend! The last weekend “bash” of the summer! Enjoy it and have an awesome time with your friends and family!
Normally a Friday before a long weekend tends to be a good day, NOT to trade as the market tends to have very low volume and sometimes – few trading opportunities. The Tick Trader System is an awesome system and a big part of the system is RECOVERING from LOSING TRADES. I put a big emphasis in recovering, WHY? Because we all take losing trades. So, on a slow moving day with very few trades, it’s better to take the day off as you may not have enough opportunity to recover.
Today, was different. Today we had Non-Farm Payroll so we expected some great volume. Although we didn’t have great volume, we DID have volume and some volatility to boot. Made for a great “One and Done” day as we had the first Normal System Entry, which happened to come out of No Zone so it was a high probability trade. Quick trading day and a great start to the weekend.
We did go into NO Zone shortly thereafter and the NSE that followed was also a high probability trade. However that trade LOST! Of course, we we’re already done day trading so it didn’t matter. However, I thought it was a great time to turn on the recorder and discuss the trade! One of the things we teach in our trading system is that if the first NSE out of No Zone fails, the second NSE is normally a great recovery trade. I didn’t take the trade as I was finished trading, however I did catch the recovery NSE on video and I discussed recovery a bit in the video.
We always hear that day trading, or trading in general is 90 % mental. I don’t dispute the numbers. In fact I agree that the majority of people that struggle with trading, especially day trading is mental! However, another part of the equation that seems to have been lost along the way is indeed – RECOVERY!
Being mentally stable is not enough! Don’t get me wrong – if you can handle your emotions when you trade you are on the right track. BUT THAT in itself does not guarantee you will be successful! Having a solid rule set and the ability to recover from losses is just as important at “The Mental” part of it all!
Enjoy the video – enjoy the weekend!
Cheers!
ETS
