Making Money Every Month....
I think the overriding question on most traders minds is can you trade for a living or make money every month.
While I have been doing a consistent 7-10% on my own accounts per month (and no they are not multi million dollar accounts) I think that one has to take into consideration that at some point your system won't work. That is if you have a system.
I have a system but it is mostly in my brain. I adapt to the changing conditions as they occur day to day. I still believe that my own experienced brain is more powerful than even the most advanced algo at the moment or neural net and science would still agree with me. The very same things that often sabotage a traders success can often keep you out of trades that you know from experience that you shouldn't be in.
I liken it to Payton Manning or Tom Brady style quarterbacking. There is very little that they haven't already seen in defensive formations that are designed to limit their production. So they quickly sniff out the trap or the set up and either audible or run the play knowing that it is going to likely work against that style of defense. You can't really fool them. Sure they will make mistakes from time to time which is part and parcel of being human but fool them for a long time. No.
That is experience.
Your brain stores all these little pieces of data and recognizes it faster than any algo ever could. Your limitation of course is your ability to stay disciplined and when you are right to capitalize as much as you can. This of course is the hard part because your emotions are structured in a way to ensure your survival. So of course this is why most traders cut their winners and allow their loser to run when of course you must do the very opposite.
In Brady or Mannings case that would mean throwing the ball away quickly or taking a time out rather than running the play. Avoiding a costly sack or a turnover is the name of the game. That is what makes them so good.
Is every NFL quarterback a Tom Brady. No. In fact these are the fellows that set the bar for all other quarterbacks. These are the fellows that draw the crowds. These are the fellows who carry the franchises.
Trading is no different. If you try to be a Tom Brady chances are you are going to fail. If you try to be say an Andrew Luck or someone of this calibre you are far more likely to succeed. What that means is you are still a pro just not a great one.
Accept that you will have bad days if you day trade. Accept that when you are against a Tom Brady it will be very hard to beat him. Accept that you will go through a learning curve where you will fail a great deal. If you give your brain a chance to experience the markets you can indeed trade for a living. Take the wins and the losses in stride. Never let one or the other define who you are. If you have good winning streaks take them and enjoy them but realize that you will lose at some point. We will be helping a few choice traders to make money every month with us but how you learn is totally up to you. You see if I die then you lose your ability to make money but if you learn then you will always have the ability to earn. See you next week.
While I have been doing a consistent 7-10% on my own accounts per month (and no they are not multi million dollar accounts) I think that one has to take into consideration that at some point your system won't work. That is if you have a system.
I have a system but it is mostly in my brain. I adapt to the changing conditions as they occur day to day. I still believe that my own experienced brain is more powerful than even the most advanced algo at the moment or neural net and science would still agree with me. The very same things that often sabotage a traders success can often keep you out of trades that you know from experience that you shouldn't be in.
I liken it to Payton Manning or Tom Brady style quarterbacking. There is very little that they haven't already seen in defensive formations that are designed to limit their production. So they quickly sniff out the trap or the set up and either audible or run the play knowing that it is going to likely work against that style of defense. You can't really fool them. Sure they will make mistakes from time to time which is part and parcel of being human but fool them for a long time. No.
That is experience.
Your brain stores all these little pieces of data and recognizes it faster than any algo ever could. Your limitation of course is your ability to stay disciplined and when you are right to capitalize as much as you can. This of course is the hard part because your emotions are structured in a way to ensure your survival. So of course this is why most traders cut their winners and allow their loser to run when of course you must do the very opposite.
In Brady or Mannings case that would mean throwing the ball away quickly or taking a time out rather than running the play. Avoiding a costly sack or a turnover is the name of the game. That is what makes them so good.
Is every NFL quarterback a Tom Brady. No. In fact these are the fellows that set the bar for all other quarterbacks. These are the fellows that draw the crowds. These are the fellows who carry the franchises.
Trading is no different. If you try to be a Tom Brady chances are you are going to fail. If you try to be say an Andrew Luck or someone of this calibre you are far more likely to succeed. What that means is you are still a pro just not a great one.
Accept that you will have bad days if you day trade. Accept that when you are against a Tom Brady it will be very hard to beat him. Accept that you will go through a learning curve where you will fail a great deal. If you give your brain a chance to experience the markets you can indeed trade for a living. Take the wins and the losses in stride. Never let one or the other define who you are. If you have good winning streaks take them and enjoy them but realize that you will lose at some point. We will be helping a few choice traders to make money every month with us but how you learn is totally up to you. You see if I die then you lose your ability to make money but if you learn then you will always have the ability to earn. See you next week.
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