Not sure what I am going to talk to you about today… I didn’t come in with anything specific in mind, but let’s do this… spit some flow.
We’ll call this the dear diary edition of penny pro.
Well it was a tough day today.
I mean it happens from time to time and while I took a little haircut, I don’t have any real concerns… I continued to trade and take the setups I know work.
The thing is, I will make it back and more. In fact, the last time I took a haircut, my account was higher than it was before the loss… within a few days.
You can’t be a successful trader and expect to see your P&L go straight up… it should look more like an uptrend on a stock, pullbacks and all… the key is that the pullbacks are smaller than the up swings…
If you want to stack your account, you have to expect and be prepared to trade through any pullbacks. Like today… I never let it affect my confidence.
In fact, that is what makes me successful. The ability to keep emotions out of trading.
And I am telling you right now… if you can do that one thing… more than anything else you’ve heard about…
… if you can keep your emotions out of it, You Will Be Successful in your trading career.
Let’s dive a little deeper… why is this? and how do you fix it?
I can’t stress this enough, Emotions are the number one career killer in trading.
Sounds like such an easy thing to fix right?
Well that’s the bummer, it’s not easy at all… “the market” will take you to the brink.
You think you know yourself, but you have no idea. Not until you’ve traded that is!
Now that I have thoroughly freaked you out.
I better drop some wisdom as well.
When I started trading I was no different than you…
Cocky and confident, sure only like 1% of people end up making a career out of trading… but guess what?
I am different… it’s simple right? Buy low, Sell high.
I see the charts and the patterns… I studied technical analysis, how hard can it really be?
Wow! Was I ever wrong.
I’m not the person that hides things, says hey I am a whiz, made money from day one… I have the only secret…
I’m a real person just like you. I didn’t work on Wall Street and have things just fall into place… I struggled. Even when I had the direction right, I would lose money.
But what I did have was determination. I had a family and debt from student loans, both my mine and my wife’s. It wasn’t a small amount.
So no matter how much I loved it, my job as an elementary school teacher wasn’t going to cut it anymore.
I needed to make this work… while determination kept me in… determination alone won’t get you there.
You have to learn emotional control… the market isn’t a person. It doesn’t care about you. Even though I said it will take you to the brink…
It’s not the market, it’s you!
You set stops where everyone else does because you learned it in a book, so don’t be surprised when you see a swipe that takes you out to the penny and runs up after.
The market didn’t do it to you. You did it to yourself because you put a stop in the exact place that every single retail trader put their stops… sorry it’s true.
The big money knows exactly what every little guy learned, so they simply take that knowledge and come in and eat every one of you… it’s not the market singling you out… it’s YOU not facing reality and reading between the lines.
Once you can get your head around that, you can begin to turn your trading into something real.
You DON’T KNOW anything.
Acknowledge that fact… and you can have a career.
Once you understand this one thing… you no longer have to be a victim of your emotions.
Now you won’t make the same retail trader mistakes and blame the market… when things happen you don’t sweat it because you know crap happens, nothing is certain.
I want you to make it… I can teach you how to stick to your trading plan and not get emotional about things.
You lose sometimes. When I lose… it’s simple – on to the next one.
That’s it, I have no ties to any trade or stock… I have setups and indicators that tell me when a trade has good odds of working.
So when the trade doesn’t work… it’s as simple as – on to the next one…
And when the trade does work, guess what? — on to the next one.
No attachment, no emotions, no buy in.
When you watch my trades, the first thing that may pop out is how fast I take profits. That’s because I know where my best odds are and I stick to what works.
The only way to accomplish this is to filter out all emotions. That’s it… the big secret.
That’s why my day is fine and next week I will be resuming my uptrend.
I love trading and I love helping people. Learning to cut out your emotions and sticking to your setups is crucial and I can help you.