The next emotion I had to deal with was disappointment. I fully expected to make twice as much as I was making before since I could give trading my full attention. When things started out slow I started forcing trades and really got frustrated. Once I slowed down and began to define myself as a trader and establish my go-to setups I began to settle in and start trading without emotion. I had to learn to react the same toward a $50 loss as I did toward a $500 gain. I had to approach each trade the same with the same focus and discipline regardless of the results of my previous trade. I think a lot of inexperienced traders never get out of this cycle. I also watched a lot of Clay Trader's videos and they were a big help as well. His motto is "Trade Without Emotion".
I also realized that I needed a true mentor. Even the very successful gurus still have mentors that they talk to and work with every day. Having a mentor really gave me more insight in my trades and kept me focused on the important aspects of my setups and strategies. I learned the true importance of support and resistance levels and how to trade off of them. I also learned how to use the moving averages for my intraday trades. Both helped me be more selective in my trades. There is always something new to learn about my setups and how to trade them in different market conditions. It also helps that my mentor is in Warrior Trading chat everyday teaching. It has made a tremendous difference in my trading.
I was also introduced to another "guru" that had a similar trading setup to what I trade. Kunal from Bulls on Wall Street produced several free webinars, one being 4 days long. His chat seems to be set up similar to Ross's but it is on steroids. He is smart and is all in when it comes to trading and education. I didn't try his chat because I feel the DTW community fits my personality better but I always catch his webinars and videos he posts on YouTube. I learned how to identify and the importance of the daily levels from my mentor Mike in DTW, I learned how to enter early and trade off of support or resistance versus waiting for confirmation candlestick patterns from Kunal's teachings.
I tried my hand at making video journals of my trades and I have shared a few on YouTube. Talking through my trades seems to help me analyze them a little better. It seems like after a few weeks I forget small details from key trades but with the video and the chart it will keep it fresh in my mind. It's also a better way for me to share what I am doing with others and get good feedback on my trades. All of this helps me continue to improve and grow as a trader.
I didn't intend on going back to work but I received an offer that I just couldn't refuse. I can still trade in the morning but just not at home. I only use a laptop and an extra monitor and it helps me focus on only the best setups. Since I went on vacation a month ago I have not used my trading station. I have only used my traveling setup and my trading has been more focused. I think I will stick to this until I get more solid in my trading. I think I went too big too soon. If I can make good money with this setup, I will continue to trade with my laptop and extra screen.
I guess everything that I learned this summer can be summed up in one word; education. It doesn't matter how much capital you have, what tools you have, or what market you trade. Without education, you will not succeed. Period. But, there is so much information out there you have to know how to use it and put it together where it makes sense. That's where choosing the right community to become a part of and having a true mentor comes in to play.
I feel I have turned the corner and I'm ready to start another chapter in my trading life. I've even toyed with the idea of starting a trading coaching service for brand new "average joe" traders like me who are wanting to get started in trading but are overwhelmed with all that is out there. But, I will continue learning and growing as a trader because this is what I want to do the rest of my life.
Profit.ly Stats for the Summer All Trades Long Short
|Total Net Profit|
|Avg Trade Net Profit|
|Avg Winning Trade|
|Avg % Gain||3.54%||3.49%||3.7%|
|Avg Losing Trade|
|Avg % Loss||0.86%||0.95%||0.6%|
|Ratio Avg Win to Avg Loss||4.09||3.95||4.51|
|Largest Winning Trade|
|Largest Losing Trade|
|Largest Winner as % Gross Profit||8.79%||11.7%||19.16%|
|Largest Loser as % Gross Loss||10.84%||14.43%||26.43%|
|Max Consec Winning Trades||13||13||11|
|Max Consec Losing Trades||4||3||3|