$7k so far in August
Steady as she goes!
I can report it was another steady week in my Lifestyle Trading journey. Screen time was approximately 15 hours for a net return of
$1,779, so just over $100 per hour. More importantly it brings the month to 26th of August to
$7,264.
Certainly enough to pay the bills and impending school uniform.
I am keen to scale that income, but am mindful of my own principal goal of preserving capital through sound risk management.
Without wishing to sound like a broken record this really has to be a process of
good judgement, discipline and staying in control of the emotional elements of the process. Often easier said than done. Fail on that and you run the risk of being a gambler rather than a trader.
Why do I say that? Well my wife spent 22 years working in the casino industry so knows a thing or two about it. She understands the traits of a gambler only too well.
I wrote down the difference in behaviors for my own benefit. It was a bit like writing 50 lines to be honest.
| A GAMBLER | A TRADER |
|---|---|
| Believes they'll never lose | Knows that they will |
| Doesn't know when to stop | Is prepared to walk away even when losing |
| Loses control | Stays in control |
| Moves a stop loss | Never does |
| Goes for the big wins for kicks | Gets satisfaction from taking little wins more frequently |
| Takes risks | Manages risk |
| Works on instinct and gut feel | Works on probabilities and statistics born out of good data and analysis |
| Believes a losing position will turn around | Actively takes a loss knowing that another profitable trade will follow |
| Lives for risk and uncertainty | Hates risk and uncertainty |
| Can't predict | Makes accurate predictions based on price direction |
| Impatient | Patient |
I’m sure I could add to the list with a bit of thought but I think it builds a bit of a picture.
There is a bit of a gambler in all of us. It is therefore essential to have a robust platform to guide decision making for trade entries and exits. A system such as Inteligex informs when to take a trade but also how to filter the potential false positives. Satellite navigation will get you where you need to be 99.9% of the time, but let’s honest, there are occasions when we think we know better and ignore it?
Over time, both gamblers and traders can get better at what they do. I have made some pretty basic mistakes, but I know that I am making better decisions as time progresses and, with analysis making better sense of the trades I take and the ones I don’t. I use the process and system to trade nq, trade nasdaq and trade oil; plus I actively use the Inteligex live trading room in Discord.
I’m always happy to chat and share so feel free to get in touch through Discord.
Happy trading!
