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
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