Longer

A question was posed to me that if I can make $425 in 15 min., why don't I trade for the whole day. That's a very valid question, afterall, there is 6.5 hrs of the market and that would equate to $11K in a day, $55K/wk, $220K/month, $2.64M/yr. You get the drift.

That 15 min. I'm very focused. To maintain that focus for 6.5 hrs is very challenging and it's only been a handful of times I've been able to do that. My kids go to school in the middle of trading hours and I always take them to school. Plus, getting them ready also impedes into the focus and distractions. Those are not excuses, but the fact of my life and something I need to include in my trading plan, which it is.

Plus, when my children are not in school on trading days, like vacations or holidays, that is my extra time with the kids and often friends are over. That means even less trading time. There is also taking care of myself through yoga and other things.

So, in the end, what I can manage to trade during market hours probably averages at max 2 hrs a day. Some days that time is really only an hour or less. Other days, it's more.

The fact is, there is this law of diminishing returns for me that I tend to do well for a certain period of time and then just need to stop. If I go beyond that point, then I tend to give back to the market a part of my profits. That is what I did today, but I quickly stopped with one costing trade. Yay! Didn't need to repeat that and need to have to spend more time trading to catch back up, like I did yesterday.

So, for now, it's to make a certain amount of money and then be done with it, and preferably in a certain amount of time, whichever comes first. Then, analyzing where I went wrong on any of the trades, whether profitable or costing.

My overall goal is not to have to trade the whole trading day or even most of it ever, rather it is to trade for 1 hr or less a day. In order to increase my profits, I would double up on contracts. Right now, when I enter an order, even if it is legging in and legging out of trades, I'm only entering in as ONE contract. When I get really good at consistently every day taking $300-1000/day, then I will increase that to TWO contracts. When I'm good with that, then I'll go to FOUR contracts. Get the picture?

It would be feasible to one day make $11K in a day trading just ONE hour/day, but that would most likely be between 16 and 32 contracts at a time. Maybe fewer, I don't know.

There is psychology in this. I found when I have lots of profitable trades in a row, the meticulous factor begins to drop off and sloppiness starts to set in, or over confidence. So, before that can kick in, I'm done and out of there to do other things, like take care of business stuff, my personal things, volunteer at my kids' school, etc.

I do technically spend more time than the 15 min. to 1.5 hrs trading on trading stuff, but the rest is analysis of things or reading up or honing my skills/risk management.
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