These are the days that all day traders detest, a massive 19 point range where the market continued to fly to the upside and there were but a handful of opportunities to take advantage of. It’s even worse when you try to take trades and you just don’t get filled.
I wanted to share today’s recap simply because I want to prove to you that it’s not about making double-digit points every day. I have shared when we have had absolutely massive winning days and also days that we have lost, it’s important to note that all day traders have losing days.
The whole concept of day trading is being able to win more than you lose
There were three different trades that would’ve easily put me above five or six points where I didn’t get filled. Most day traders get frustrated when this happens and then focus on those individual trade in order to find out what they could have done different in order to get those wins.
I do things a little differently, instead of worrying about what didn’t happen, I focus all my attention on what I can do to maximize the next trades that are coming. I just recently started offering openings to the training program and was talking to one of these traders about my different philosophy in the market.
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He is a trader that has been around the industry for a while and wanted to talk to me about my unorthodox way of looking at the market where we focus not on indicators, but learn how to read the market and react to momentum instead.
The most important thing at the end of day is making the right decision.
This includes knowing when not to take a trade as well as knowing when to be aggressive when entering trades. The idea is not reading a set of indicators, not paying attention to signals of when to get in and when they get out, but understanding how the market works. Many of you have asked about the notes on my charts that say pro or advanced, these are trades that are in line with the strong momentum of the market but don’t “meet the rules”.
There were a lot of opportunities today that fit that concept, we had a very strong momentum to the upside and if I didn’t take those additional trades that would be considered “advanced or pro” I would not have ended up with such good results.
I was only 50% profitable but I was able to do very well considering that my losers were only 2 ticks.