Futures Day Trading Update December 1, 2008
Day Trading the Eminis takes discipline! I say that over and over again. Regardless of what day trading course you buy, YOU must be the one to have discipline to follow the rules all the time!
A disciplined trader can take a mediocore system and profit from it. An undisciplined trader can take a GREAT trading system and lose!
People ask me all the time, David, if trading is so easy, why isnt everyone doing it?? — VERY SIMPLE answer – IT’S NOT EASY! It never has been. Folks, let’s face it – nothing good in life is ever easy. Trading is no different!
Day trading is not a get-rich-quick thing… To be a succesful trader, you need a good trading system, and discipline! If you have that – you really are all set to start a new career as a trader. But its not as easy as it sounds! When people lose money – emotions enter the arena! Emotions can turn a good trader into a bad trader really quick!!
So, why am I bringing all this up?? Simple – today was TOUGH!! Usually we have a nice simple day. 20 – 30 minutes after the open we are done. Some days it’s not that easy.
I was down 6 points within 8 minutes of the opening bell. Is this rare?? YES it is – but it DOES indeed happen and you must be prepared for it. Anyhow, the next 7 minutes I totally recovered the 6 points. I then kinda went back and forth with winners/losers until I finally broke above and made my profit. I was done today at about 10:30 — 1 hour of trading. Still not too bad.
In my Live Trading Room, some students we’re getting worried -as most of them are taking the same trades as I am taking. I could feel the panin in some of them. I told them all – this is when the discipline matter!! and guess what? We recovered! We made a profit…!!
The point I am making is that after teaching as many people as I have, I realized recently that trading is NOT for everyone. I can have 100 students looking at the SAME chart making the SAME trades, yet 20 % of them will lose! Why is that?? The answer is simple – -the discipline – or lack of discipline… I could go on and on — but I wont…
If you are considering a career as a day trader or you are a trader looking for a winning system – you need to realize that the discipline you have (or don’t have) will decid whether or not you will be succesful at trading my system or anyone else’s system for that matter! If you are looking for the holy grail of trading, or a system that never loses trades — trust me – it doesn’t exist!
That’s it for today! My apologies for dragging this on – but the KEY to trading REALLY is DISCIPLINE! Here is today’s charts. Please let me know if you have any questions about my Trading System or my AutoTrading software.
Good trading!!
ETS.COM
