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+15.25 Points – The Trading Week in Review – June 7th to 10th

Day Trading Results Ending June 10thIf there's a lesson for the week it's that trading discipline and following the plan are the most important factors to consistent profitability.  Sound familiar?  Pretty sure that's the lesson every week!

I know I go on about that stuff a lot but there's not really any escaping the facts.  Lots of people out there will stand on the rooftops and announce their big winner or their one huge day but they very conveniently forget to mention the losing days or that one horrible trade where they took a massive loss.  They have a gambler's mentality where trading is all about "the rush" of a big score when that's really the worst approach one can take.

Trading is about planning, structure, and running things like a business with defined goals and contingencies in place when things go wrong (stop losses, backup power supply, multiple brokers, etc).  If you want to be a full time trader then you need to think this way and make your focus on consistency first and foremost, both in terms of the execution of your plan and in the results you're achieving weekly and monthly.

If you're consistent it doesn't really matter if you're making 10 points a week, 50, or even 5... you can always ramp up position size if you are confident in your ability to get that kind of result week after week.  If you're having weeks where you're flipping back and forth between making dozens of points, then losing dozens more, then making it back and then some, do you think it will be easy to trade with any kind of substantial position size?  Even if you have an edge it's unlikely you'll be able to as the emotional demands of trading that way will be overwhelming.

So keep the focus on consistency first and foremost, maximizing profitability second, and then everything that the trading world offers will be open to you.

Now on to the Week in Review video...

The Trading Week in Review - June 7th to June 10th

 

Cody Hind
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© Copyright - Samurai Trading Academy - RISK DISCLOSURE: Futures trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. CFTC HYPOTHETICAL PERFORMANCE DISCLAIMER: HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN; IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK OF ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL WHICH CAN ADVERSELY AFFECT TRADING RESULTS.
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