Don't Worry about Another Trading System !!!

I was listening in on a day trading webinar with two successful day traders with different trading systems. They both were looking at a trade set-up using their respective systems. One of the systems resulted in a better entry at that particular moment in the market. Most of the people in the webinar were following that system and were a happy to see their entry was better.

Over the years of day trading I have seen the temptation that most day traders fall into when it comes to comparing trading systems. Every system out there no matter what it is or who's it is will have fluctuations of a better set-up. The important thing is that you have YOUR system totally monetized and a proven winner.

Your Trading System is Your Key to Success.

Your system that you have chosen to enter the market and exit the market is the key to your success.  A trading system that you have tested and have and have used a large enough sample sizing to quantify your results will keep you from the random hap hazard trades that most day trader put in the market.

Your trading system will keep you from being bogged down by all the next "for sure indicators" that promise to make you a success. Your system, whether it has many or few indicators has been tested and proven to work and to take money out of the market and in to your pocket on a consistent bases.

Day Trading-- Total Antithesis to the US Government.

My political rant today. A government official would be the least likely candidate to become a successful day trader. The reason is this. So many government officials have no real world experience, talents or skills. They would lose money selling lemonade at a garage sale.

They live a a world of no accountability, and unlimited access to power and money with out ever gaining any of this on their own personal merits. This of course is all the tax payers dime and it breeds more incompetence, fraud and waste.

Contrast a government official to a day trader. A day trader is  accountable on every move he makes. A slacker will go broke tomorrow in this business. A day trader has to bring his A game every day to succeed.
There is no one to pick up the tab on any incompetence. You live with your results right now and every day.

Like no other business in the world. A day trader has to hit on all cylinders every day. No room for many errors and ongoing excellence has to be the norm stay successful.

It is the Difficult Things that Develop Us.

Trading may be hard at first but the harder the task the greater the reward.it is in the difficult things that really develop us. Anything that only requires a small effort, utilizes very few of our faculties and yields very little in the harvest of achievement.

Don't shrink back when the process of trading gets hard. I know that every person willing to pay the price will be a success. The price is not so much in money as it is in effort.

Trade with a Vision

Without a vision your thoughts as you trade may become worried, your confidence and focus my be undermined. Without a consciously chosen trading plan and goal you may be inclined to see the world through old perspectives and your own emotional reactivity to trading decisions

The goal-directed person assumes responsibility with his trading and learns what he can do to learn and improve his trading performance without placing blame on the markets.

A vision with lofty goals require greater commitment and the greater the task the more you must assume responsibility for your trading success.

Dealing with Losses

The most successful traders restructured their beliefs about losses after they lost one or more fortunes. They experienced their worst fears about losing and then came up to the realization they did not have any anything to fear if they just did what needs to be done.

What needs to be done is confront the possibility of being wrong and consequently NOT avoid the inevitability of taking a loss. So confronting and accepting the evitability of a loss is a trading skill, certainly a skill learned the hard way for most, but nevertheless an essential component at the foundation of everything you need to learn to be a successful trader.