Turning the world upside down

Having closed August down early with a total of $7700, September is off the mark with a steady $600 which I'm pleased about.  I'm achieving the consistency that I need.

However, looking back there are some pretty frustrating “things” that I'm doing which I still need to fully overcome.  All of these are related to how I approach the trade i.e. they're in my head.  I'd say Trading is predominantly a mental game (well it is when you've got a system as good as Inteligex to use).

The good news is they all can be fixed and so I can optimize the opportunities provided by the system and increase my returns.

To name a few of my current limiting behaviours:

• Entering trades too late, or failing to enter at all
• Moving stops too soon
• Moving stops further than recommended
• Being too greedy - a good return can be made from interim targets
• Having preconceived ideas about where price might go which casts doubt over system indicators which I know work

So it's still a work in progress, but progress is being made.  It’s certainly not an occupation for the faint hearted, nor is it one where you just turn up and get stuck in.  Day Trading for a living requires constant management of risk.  That means ongoing thought and assessment of each opportunity provided by the Inteligex platform. 

Sometimes it pays to turn the world upside down and your thinking with it.  So if you're about to make an NQ trade, ES trade, Oil trade etc. try not to think about how much you might make, but how much you’re prepared to lose.  Yes I know that there are many conventions about how much of your account you should or could risk, but putting that into dollars and setting the stop accordingly is a good exercise. 

I have found the tight stops in Inteligex perform well, lowering my average loss, and actually, when your mind can accept a “defeat” a much less stressful environment.  Sometimes I might be happy to risk $100 on (say) an oil trade but it could be $200 depending on signal/volatility/proximity of support-resistance etc.

There is the odd occasion where I am happy to have a wider stop in place, but conversely in my upside down world I’m also happy to cut a losing trade quickly and have on the odd occasion cut a trade because I either got bored with it or just had a bad feeling about it. 

I also find talking to other Day Traders is key, I use the Inteligex Live Trading Room on an daily basis to discuss trades with fellow traders.

In closing, I will admit to being sport mad, more on the spectator side these days rather than participation, but I could draw a brief analogy to golf.

You can have the best clubs, wear the best shoes, play in the best conditions but still screw up because your head simply is not in the right place. 

Only a short update today, but as ever feel free to get in touch on Discord. It can be a lonely life and I’m always happy to chat and share.

Cheers, and happy trading!