My day trading has been crap since August...
Some reflective thoughts...my day trading has been crap since August. I think in those 3 months I’m up 3.22R (total). Which blows. Here is a glimpse into a conversation with myself.
What should we do when we are in the situation?!? My thoughts to myself? What if I were in a position where I HAD TO DAY TRADE. JUST AND ONLY DAYTRADE.
Thought 1. Why am I limiting myself in a limitless environment?!!? If I do limit myself to JUST AND ONLY day trading - it’s to prove that I understand it. It is NOT to prove that I MUST be profitable ONLY day trading... day trading is about pattern recognition. If I can do it on a short term time frame I can do it on a longer term time frame.
Thought 2. Therefore, I keep day trading - but I day trade small until it begins winning. I take LESS - and not more. I exit FASTER for a gain and lock in profits quicker!!! And then play defense. I don’t “expect” huge wins. I expect a lot of 0.7 - 1.2 R wins.
Thought 3. I SWING TRADE. I back trade. I review. What companies did I miss out on. WHY?!? I get into some new ones. I take some capital and I buy some shares for swings.
Thought 4. What if I do not have enough money for day trading AND swing trading? This is a limiting belief Jerremy. If you must chose one, SWING TRADE, because it’s more out of your comfort zone. It’s “harder” because I have to wait longer and be more "paytient" and remove immediate gratification. It’s EASIER because it’s less of a time commitment. And time is all we have in life. Literally ~ it’s our only actual asset.
Thought 5. I need more capital. How do I make more money? Good try Jerremy. What a lame ass question. How can you add $100,000 of value to 15 people??? If you do that, some of that 100,000 HAS TO / MUST & WILL come into your bank account \ portfolio \ Venmo ~~ Paypal, whatever. Money flows to those who love it!!! Money is attracted to those who are confident internally and externally. Success is painted on the face of the human who stairs fear in the face and squeezes all of life's lemon in its eye.
Thought 6. Does the stock know I AM IN IT? Does the market know I’m in the trade? Why do I get so anxious when I am in?!! Because you are a baby! You crave immediacy and when you don’t receive it -- you pout. The market doesn’t care about your money. Why should you? Protect your money by putting it into good trends, good companies who will use that money for the betterment of the world!!! And then - and only then -- you will become richer.
Thanks for reading, Jerremy Alexander Newsome!