100%

A trader recently advised me to wait until I was 100% before trading. He knows I'm a daytrader and he's been a trader for nearly 2 decades. The truth of the matter is I was doing that in the past, waiting until I was 100% before trading --meaning not sleep deprived, completely focused, etc.

How often did I really trade? Rarely. Maybe in a given month, there might be 1 or max 2 days that that would be the case. One can't really earn a living on that unless you have large capital and make some huge plays. Not counting on that.

So, when I started again in November, after beginning reading Scot Anderson's book on "Think Like A Billionaire", regarding commitment, I committed myself to trading no matter how I felt or what was going on. Most people who have jobs do go to work whether they feel like it or not. That's a fact.

Until I'm the ultra wealthy that has more money than I need, trading only when I felt like it wasn't an option. There is a lot on my plate. If I'm having to be focused for the whole 6.5 hrs of trading, that is a bit much, but many of the times, most of my money that I need can be obtained within an hour.

Even if I'm sick, sleepy, distracted, busy or whatever, normally I can find 1 hr sometime during the 6.5 hrs or even after hours to make the money that is needed. And, I've found this to be the case most of the time.

Yes, being unfocused has cost me. It's making sure for those moments that I am trading, that I can be focused. Also recognizing my own mental, physical and emotional state is helpful to gauge what my goals should be for the day and what type of trading I can do, such as the timeframes to use or NOT to use.

Sometimes the goal is to make 1 trade for a small amount of money, say like $50. It still is me trading for the day, but keeping my risk small and managable for what is going on with me. The point is to develop the discipline to trade daily no matter what, and to be able zero in on being able to be focused, efficient in my trading.

Though I have loved exercise all my adult life and have been obsessed with it most of that time, I realized nothing stopped me from getting my workouts in. One should not be obsessed with anything, as that means as a Christian, that is something that is idolatrous (meaning, we put it above God). However, to be dedicated and committed, being steadfast and disciplined, are different things, as long as it doesn't consume all or most of your thoughts.

Trading is a passion of mine, but I'm learning to have more balance here. Yes, there are many people who read dozens of articles a day, lots of blogs & journals, scan all these things, do deep analysis of the markets, and on and on. Frankly, I have spent those countless hours doing those things, too. But, where I am right now to make what I need, is that necessary? No.

The thing for me is still to juggle my time with my kids, my resources, have good health/fitness, and be mentally/emotionally/spiritually sound to trade. Take the money I need, leave and go have a life. It works.

I'm not there yet, as one can see from my daily entries that focus on some days is a challenge. It's room to grow and work on developing razor sharp focus amidst crises. I'm thankful for this opportunity to do so. Everything counts.

So, if you're going to daytrade when you don't have it all together, then know when you're less together and make adjustments in your trading and goals to accommodate you not being up to par. If you have tons of money and really don't need to trade, then don't. But, if you're in my boat, keep risk very small, and keep at it. Know your limitations and keep rooting out those negative things that can kill your trading.

As you can see from my returns, inspite of maybe 80-90% of my days having other things going on and not being 100%, I'm still doing better than the majority of fund managers and people. I can't remember exactly what my goal was for the end of 2008, but it was somewhere in the several thousand % range. I ended the year at 656% ROI. That's about 1/6th or so of what I would've liked. So, I didn't quite gauge right, but one can't balk at 656% ROI either.

I'd like to see these accounts before this year is up over $1M. That's a tall order. Will I get there? I have no idea, but I'm sure as heck going to every day trade and add a bit more to the pot to get it there. Let's see how I do. I only have to make what I've made in the past 37 days traded another 67 more times.

As I become a better trader, I can put on bigger positions, but for now, I can still I have some things to work on in terms of keeping my costing trades down. They are still too large, and though I know how to make money, having too high of costing trades or overtrading is still something I need to minimize on in order to reach this goal.
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