All right, so here we are, Wednesday and I’m finishing in the red for the day. Almost max daily loss, with max frustration, down 25.25 pts. Today’s a day where I took two trades and I lost on both of them.
Day trading is the best job in the world on the days you make money. Maybe 20 minutes after you make a trade, you are out of it with a profit. For the rest of the day you think about how much money you earned.
It’s the most miserable job in the world on a bad day. If you make a trade, it turns against you, and every emotion you have is tested.
As long as you’re generally making more than you’re losing, and you’re generally winning more often than you’re losing, you will do okay. But it’s just impossible to avoid red days. It would be like trying to be a boxer and never taking a hit. You’re going to take hits, it’s part of the deal. It’s something that some traders certainly struggle with.
When I trade, I usually only trade our confirmed scenario trades, and I don't scalp. I should have stuck to the rules this morning. I have a much higher success rate when I only use confirmed scenario setups. We consider scalps to be riskier trades and typically only wait for higher probability moves. The reason I entered this AM was that we had a similar scalp set up the other day, only in reverse, and I hesitated on entering early that morning. Plus yesterday was a no trade day for me so I was a bit anxious.
This morning early on we had a HUGE candle to the upside, I knew it was very risky, but I came out swinging expecting a possible nice bearish move to digest some of those gains, but the move did not have any followthrough and I got knocked down in round one. It can be kind of frustrating when you’re not consistent with your strategy. It was almost a first round knockout, and it was frustrating. That’s just part of the deal with trading. It doesn’t always go your way.
What was more frustrating was for it to take out my stop loss then turn right back around and shoot down to VWAP, my initial target.
In the midst of writing this, this price is ranging and I'm not even looking back on the day no matter what happens. LOL...I've had my fill today!
I’ve struggled with losses more so at the beginning of my career than now, when I was tighter on money, when the difference between success and failure, the stakes were higher, the pressure was higher. But I still don’t over trade when I have a bad day. I just try to put losses behind me and keep a positive attitude.
We have been calling out trades live for about 6 months now in our discord, we only had one losing week in that time. Red days and perhaps red weeks are going to happen, and for a beginner trader, they’re a little bit more stressful. To keep the right mindset and to not be hyper focused on losses, I look at the big picture.
WEEKLY TOTAL
This week is a 14 pt red week. Hopefully we do well tomorrow.
I’m not planning to try to make back every penny that I lost today in one swing. I’m planning to start by rebuilding one green day at a time.
It takes a certain mental focus to be able to get knocked down so hard and be able to get right back up the next day. To be able to lose 25.25 pts. and come back the next day and just keep trading. I’ve gone through all of that before. For those of you guys that are at the very beginning of your journey, and possibly you’ve had a red day, if you’ve gotten shaken, if you’re having a hard time bouncing back from it. Don’t let a loss define you. The best thing to do is embrace your losses, journal them, learn the lessons they teach, mitigate the loss and press forward.
TESTIMONIALS
“The live is fantastic, great.. honesty.!!!!!!!. EVERY session I learn something new. The nuggets of information are valuable. The thought process behind each trade is VALUABLE. One item that has had an effect on me and something that I would forward to all new traders is this. Pay close attention to how slow @Chuck's decision making is in the analysis of the charts and entries and exits. If your process is speedup don't risk your capital. Just keep practicing a bit more until the process slows down for you also. I am (lucky) that almost every time I speed up my process, it costs me so that I wasn't under the impression that a speed up LUCKY entry or exit was sustainable. BE PATIENT, ENJOY THE PROCES YOU WILL GET THERE. Trading is SURGICAL.. Like I told @Chuck every day he is live if I’m able I’m goin to log in. VALUE VALUE VALUE!! THX BROTHA” - dalebat
“Thank you @Chuck for the live sessions. It takes a lot of patience to explain what you're seeing. It's amazing to see how advanced you are with a lot of the indicators, especially the ichimoku. You're the ichimoku master!! We're so lucky to be able to learn live from you in how to use these powerful tools. It's building confidence for me as a newbie trader. You are the best! Looking to continue to learn from you.” - jaewonder
“Last 2 Live sessions with @Chuck have been awesome. I am new to trading Futures and have that mental block due to the risk associated with trading futures. So it always helps to hear other's thought process . Either it reinforces what you have been thinking about or might highlight something that you failed to think about. I did enter the /mes trade today with just 1 contract and was able to hold it for about 16 point . I am sure these sessions will help everyone who is in similar situation to mine to grow their confidence in trading futures.” - Raap
We use advanced Ichimoku technics in our day to day analysis, that you will not find taught in most rooms. If you are interested in learning more about that and how we use the B4 Trading System as a whole, I encourage you to reach out, I would love to give you a live demo!!!
##### STAY CONNECTED TO B4SIGNALS:
Reach out today to learn more about our plans and talk to us about your specific needs. We’d love to help you take your trading to the next level.
Twitter for B4 Signals: https://twitter.com/B4Signals
Facebook for B4 Signals: https://www.facebook.com/B4signals
Join us for free on discord at: https://discord.com/invite/TveydqPWDF
And you can sign up for our Premium Membership at:http://b4signals.com
Check out our YouTube Here:
Happy Trading,
- B4 Team
#SPY #SPX
$SPY $SPX $ES_F
#CPI
#NinjaTrader #Open #SuperStonk #wallstreetbets #daytrader #trader #trading #daytrading #tradedesk #tradingdesk #SwingTrading #GMErica #futures #etf
Day trading is the best job in the world on the days you make money. Maybe 20 minutes after you make a trade, you are out of it with a profit. For the rest of the day you think about how much money you earned.
It’s the most miserable job in the world on a bad day. If you make a trade, it turns against you, and every emotion you have is tested.
As long as you’re generally making more than you’re losing, and you’re generally winning more often than you’re losing, you will do okay. But it’s just impossible to avoid red days. It would be like trying to be a boxer and never taking a hit. You’re going to take hits, it’s part of the deal. It’s something that some traders certainly struggle with.
When I trade, I usually only trade our confirmed scenario trades, and I don't scalp. I should have stuck to the rules this morning. I have a much higher success rate when I only use confirmed scenario setups. We consider scalps to be riskier trades and typically only wait for higher probability moves. The reason I entered this AM was that we had a similar scalp set up the other day, only in reverse, and I hesitated on entering early that morning. Plus yesterday was a no trade day for me so I was a bit anxious.
This morning early on we had a HUGE candle to the upside, I knew it was very risky, but I came out swinging expecting a possible nice bearish move to digest some of those gains, but the move did not have any followthrough and I got knocked down in round one. It can be kind of frustrating when you’re not consistent with your strategy. It was almost a first round knockout, and it was frustrating. That’s just part of the deal with trading. It doesn’t always go your way.
What was more frustrating was for it to take out my stop loss then turn right back around and shoot down to VWAP, my initial target.
In the midst of writing this, this price is ranging and I'm not even looking back on the day no matter what happens. LOL...I've had my fill today!
I’ve struggled with losses more so at the beginning of my career than now, when I was tighter on money, when the difference between success and failure, the stakes were higher, the pressure was higher. But I still don’t over trade when I have a bad day. I just try to put losses behind me and keep a positive attitude.
We have been calling out trades live for about 6 months now in our discord, we only had one losing week in that time. Red days and perhaps red weeks are going to happen, and for a beginner trader, they’re a little bit more stressful. To keep the right mindset and to not be hyper focused on losses, I look at the big picture.
WEEKLY TOTAL
- Monday was a little better for those in the group. I was having issues with my broker and was not able to participate. As a result, we ended up with 11.25 points for the day
- Yesterday was a no trade day and
- Today was a 25.25 pt loss
This week is a 14 pt red week. Hopefully we do well tomorrow.
I’m not planning to try to make back every penny that I lost today in one swing. I’m planning to start by rebuilding one green day at a time.
It takes a certain mental focus to be able to get knocked down so hard and be able to get right back up the next day. To be able to lose 25.25 pts. and come back the next day and just keep trading. I’ve gone through all of that before. For those of you guys that are at the very beginning of your journey, and possibly you’ve had a red day, if you’ve gotten shaken, if you’re having a hard time bouncing back from it. Don’t let a loss define you. The best thing to do is embrace your losses, journal them, learn the lessons they teach, mitigate the loss and press forward.
TESTIMONIALS
“The live is fantastic, great.. honesty.!!!!!!!. EVERY session I learn something new. The nuggets of information are valuable. The thought process behind each trade is VALUABLE. One item that has had an effect on me and something that I would forward to all new traders is this. Pay close attention to how slow @Chuck's decision making is in the analysis of the charts and entries and exits. If your process is speedup don't risk your capital. Just keep practicing a bit more until the process slows down for you also. I am (lucky) that almost every time I speed up my process, it costs me so that I wasn't under the impression that a speed up LUCKY entry or exit was sustainable. BE PATIENT, ENJOY THE PROCES YOU WILL GET THERE. Trading is SURGICAL.. Like I told @Chuck every day he is live if I’m able I’m goin to log in. VALUE VALUE VALUE!! THX BROTHA” - dalebat
“Thank you @Chuck for the live sessions. It takes a lot of patience to explain what you're seeing. It's amazing to see how advanced you are with a lot of the indicators, especially the ichimoku. You're the ichimoku master!! We're so lucky to be able to learn live from you in how to use these powerful tools. It's building confidence for me as a newbie trader. You are the best! Looking to continue to learn from you.” - jaewonder
“Last 2 Live sessions with @Chuck have been awesome. I am new to trading Futures and have that mental block due to the risk associated with trading futures. So it always helps to hear other's thought process . Either it reinforces what you have been thinking about or might highlight something that you failed to think about. I did enter the /mes trade today with just 1 contract and was able to hold it for about 16 point . I am sure these sessions will help everyone who is in similar situation to mine to grow their confidence in trading futures.” - Raap
We use advanced Ichimoku technics in our day to day analysis, that you will not find taught in most rooms. If you are interested in learning more about that and how we use the B4 Trading System as a whole, I encourage you to reach out, I would love to give you a live demo!!!
##### STAY CONNECTED TO B4SIGNALS:
Reach out today to learn more about our plans and talk to us about your specific needs. We’d love to help you take your trading to the next level.
Twitter for B4 Signals: https://twitter.com/B4Signals
Facebook for B4 Signals: https://www.facebook.com/B4signals
Join us for free on discord at: https://discord.com/invite/TveydqPWDF
And you can sign up for our Premium Membership at:http://b4signals.com
Check out our YouTube Here:
Happy Trading,
- B4 Team
#SPY #SPX
$SPY $SPX $ES_F
#CPI
#NinjaTrader #Open #SuperStonk #wallstreetbets #daytrader #trader #trading #daytrading #tradedesk #tradingdesk #SwingTrading #GMErica #futures #etf