Futures Trading, the “One and Done” and Mindset.
We did it again! Another One and Done! Just after the opening bell our trading system signaled a long entry, we jumped in long and made our daily income about 1 minute later! That’s day trading folks! Some days it’s fast, some days, well it’s not so fast!
Just remember though, not too long ago we had 10 trades in 1 hour to make our daily goal! Trading futures isn’t always this easy! Sure, we love “one and dones”. What’s not to love? Short days, work 10 minutes and you are done…but inevitably we all know that we must have losing trades. This is something that a lot of new day traders overlook: I repeat, we all have losing trades! The new trader buys a Day Trading Course, and expects to make money day ONE. Experienced day traders know they need to manage their expectations, the winners and the losers, the highs and the lows. Like I said, we all take losing trades! It’s all about how you handle the losers (and yourself) and let the winners take care of themselves. Discipline is probably used more in my vocabulary than any other word as its just that important.
One thing a lot of my student’s use, myself included, is Trading Mind Software. Learn more about that here and click on DIRECT YOUR MIND. It’s an awesome product that I’ve been using for years! It really works!
The markets today opened up strong, retraced a bit and are now on their way back up. The S&P Market is up about a half a percent and the Dow– about the same. A lot of people believe we’ll see another retracement, and I agree. Carol Harmer believes the S&P will likely break below 1109. You can read about that here. Another good read on www.cnbc.com is “Mortgage Applications Slump as Rates Rise” you should certainly read that as well.
As you can see some of the largest factors in this market are:
1) Politics!
2) Housing
3) JOBS (probably most important!)
Bottom line is, we simply are not creating enough jobs! How can we? We all potentially face a major tax hike next year. Small businesses simply can’t hire when they are facing higher taxes! That’s just my 2 cents! Take it for what it’s worth!
Day Trading is a GOOD small business to start as you have very low start up costs – almost everyone has a PC, internet connection! You can get charts free while you are learning from Ninja, the overhead is low, the potential to make a lot of money is certainly there! Of course, futures trading does have risks! Reading this blog, some get the notion that day trading for a living is easy. I’ll get at least 1 email a day that states “If this is so easy, why isn’t everyone doing it”… always the same reply – it’s NOT easy!! Only the disciplined traders willing to learn and practice make it in this business opportunity!
Well that’s enough for today! We’ve made our daily income and it’s time to move on with our day!!
Cheers!
ETS
Another One and Done: Today’s Futures Trading Results
