September 11th Day Trading Recap: +0.75 Points – You’re Not Going to Hit a Home Run Every Day

Day Trading Recap Sept 11 Featured

I wanted to put together this short and sweet recap today because I think it provides some good lessons to those looking to become full time traders.

Today was a tough day for me, where my patience wasn’t really rewarded and I only made a very small profit after being negative in the early part of the morning.  Even though my time spent didn’t really pay off, I’m not worried because I know that the outcome of a single day doesn’t define me as a trader.

Being a day trader isn’t easy and it only becomes more difficult if we put too much pressure on ourselves to pull huge profits out of the market every day.  Some days are fantastic (like last Friday where I made 16 points), some are just okay, and some are going to be poor.

What matters is not the outcome of any single day, but rather what your consistency and profitability is like week to week and month after month.  

Some will disagree with me on this point, but unless you are an extremely active day trader who takes 15+ trades per day there simply isn’t a large enough sample size of trades to be overly concerned about the outcome of one day alone.

By having this longer term outlook it also allows us to remove a lot of the pressure that can come with being a day trader.

Novice traders tend to put huge importance on the outcome of every single trade, and allow the outcome of one trade to impact their decision making on the next one (usually unfavourably).

The professional knows that they have an established trading edge and they know that having losing trades, or even losing days, is simply a part of letting that edge play out.  They stick to their trading plan, approach each trade on its own merits, and don’t panic when the market isn’t going their way.  They are confident that when all their trades for the week are accounted for that they will show an excellent profit.

So now without further ado, let’s jump to the video recap that contains a few important trading lessons.

Day Trading Recap Video

If you’re having trouble getting the video to load or want to watch it in a higher resolution just CLICK HERE to view it at YouTube.

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About the Author

Cody HindFounder & Head Trader of Samurai Trading Academy. Cody has almost a decade of day trading experience in the Emini S&P 500 futures and Forex markets. He has also coached dozens of traders, helping them to achieve their financial goals.View all posts by Cody Hind →

  1. ClintClint09-13-2013

    HI Cody,

    Yes, you make very good points here and you have picked up and pointed this issue out as part of my trading performance. I didn’t see it until you started talking to me about my charts. A good part of my bad trading days versus good trading days relate directly to this. I need to stop looking back at the previous trade and letting its outcome influence my next trade (good or bad). If I follow the trading plan and treat each trade, and its outcome, individually my trading results improve. For me its difficult to do as I bring with me a lot of trading baggage but its something Im working on now that you have pointed it out.

    Great article and insight. I just wanted to say I agree with it and what you have discussed with me during the weekly reviews.

    Cheers
    Clint

    • Cody HindCody Hind09-16-2013

      Thanks for the comment, Clint.

      What you’ve mentioned about letting the outcome of a prior trade impact our decision making for the current one is something all traders have to overcome to some degree. It’s something that sometimes comes easily and sometimes takes a bit more effort (or frustration), but eventually you will break through and won’t be bothered by the outcome of any single trade since you know it doesn’t really matter. All that matters is following your trading plan so that your trading edge gets a chance to play out over the longer term.

      Put simply, those who struggle tend to care a lot about whether a trade wins or losses. Those who do this professionally just care if they executed their plan well, but the single trade outcome is unimportant. A good trade doesn’t always have to be a winning trade…

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