Thinking about day trading for a living, but have had little or no success convincing yourself? Are you on your second/third trading account after blowing up your first? Banging your head against the wall with no hope in sight? You're not alone.
You might be lacking accountability. Are you and your mouse the only ones privy to the stupid trades you are taking by clicking on your order placement DOM? Are you the only one aware of the fact that playing a very expensive video game is an addiction and not an income? Are you clicking on trades a mile a minute justifying it by saying "ah, it's only simulated trading"? Are you taking unprofitable trades with your cash account because you taught yourself bad habits from the previous? Are you making consistent unprofitable trades, and rather than being responsible, you blame it on the market and click like a "Mad Man" just to release your anger? If the answer to these is "No, Not Me", I say "BALONEY"! Ok, well, maybe you don't do it ALL the time. But be honest.....have you ever?
Herein lies the answer of, ACCOUNTABILITY. If you feel you can do whatever the heck you want, to a certain degree, you will. If there aren't consequences other than financial, the mind can adapt and accept this as tolerable behavior. Once the sub-conscience categorizes this as acceptable behavior, one of the worst possible bad habits of day trading will have reared it's ugly head.
On the other hand, what if someone was looking over your shoulder and keeping your demons in check? What if all your actions, reactions and decisions were in plain view and had consequences in the form of answering to your peers? Wouldn't that deter your frivolous and habitually negative self destructive behavior?
Well, it worked for me. YouTube to the rescue. Free video posting at it's finest. Opening up a YouTube account is as easy as opening up a new email account. And recording your screen and your trades is as simple as finding a screen recording software such as Camtasia's Studio 7 or something comparable. As long as you have a program to record your live screen trades. The learning curve is quite low and well worth the effort. Another nice tool is the Ninja Trader charting and order entry platform. This is great because the software actually puts markers on your entry and exit decisions in the charts, leaving nothing to interpretation.
Once you get rolling, you will be recording your live screen trades.Talking your way through your trades. Putting your thoughts and actions out into the universe for the whole world to see and hear. You will be on your best behavior. You will finally have someone to answer to besides yourself. In your minds eye your peers will be watching and comparing themselves to you and you to them. Before you know it, you are on the road to consistency, training your brain to act with accountability and responsibility. You'll be convincing and programming your sub-conscience mind with proper entry, exit, trade and money management techniques. In a nutshell you will advance to the next level by forcing yourself to act like a professional trader and proving to yourself that you really do have what it takes.
Go for it and "Happy Trading".
Horst
You might be lacking accountability. Are you and your mouse the only ones privy to the stupid trades you are taking by clicking on your order placement DOM? Are you the only one aware of the fact that playing a very expensive video game is an addiction and not an income? Are you clicking on trades a mile a minute justifying it by saying "ah, it's only simulated trading"? Are you taking unprofitable trades with your cash account because you taught yourself bad habits from the previous? Are you making consistent unprofitable trades, and rather than being responsible, you blame it on the market and click like a "Mad Man" just to release your anger? If the answer to these is "No, Not Me", I say "BALONEY"! Ok, well, maybe you don't do it ALL the time. But be honest.....have you ever?
Herein lies the answer of, ACCOUNTABILITY. If you feel you can do whatever the heck you want, to a certain degree, you will. If there aren't consequences other than financial, the mind can adapt and accept this as tolerable behavior. Once the sub-conscience categorizes this as acceptable behavior, one of the worst possible bad habits of day trading will have reared it's ugly head.
On the other hand, what if someone was looking over your shoulder and keeping your demons in check? What if all your actions, reactions and decisions were in plain view and had consequences in the form of answering to your peers? Wouldn't that deter your frivolous and habitually negative self destructive behavior?
Well, it worked for me. YouTube to the rescue. Free video posting at it's finest. Opening up a YouTube account is as easy as opening up a new email account. And recording your screen and your trades is as simple as finding a screen recording software such as Camtasia's Studio 7 or something comparable. As long as you have a program to record your live screen trades. The learning curve is quite low and well worth the effort. Another nice tool is the Ninja Trader charting and order entry platform. This is great because the software actually puts markers on your entry and exit decisions in the charts, leaving nothing to interpretation.
Once you get rolling, you will be recording your live screen trades.Talking your way through your trades. Putting your thoughts and actions out into the universe for the whole world to see and hear. You will be on your best behavior. You will finally have someone to answer to besides yourself. In your minds eye your peers will be watching and comparing themselves to you and you to them. Before you know it, you are on the road to consistency, training your brain to act with accountability and responsibility. You'll be convincing and programming your sub-conscience mind with proper entry, exit, trade and money management techniques. In a nutshell you will advance to the next level by forcing yourself to act like a professional trader and proving to yourself that you really do have what it takes.
Go for it and "Happy Trading".
Horst
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