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day trading with confidence: pulling the trigger

Day trading successfully ultimately comes down to confidence. Consistency ultimately comes down to following your plan with discipline. The assumption that profitable traders make money because they are good at predicting the next move in the market or their stocks is incorrect.

I see it play out over and over again when I sit with new traders. They usually complain that they entered a good trade too late killing the profit potential of the trade. There are two things that these traders need to work on, anticipating entries and pulling the trigger on the entry decisively EVERY TIME.

While I was mentoring two Keystone Apprentice traders last week we were discussing trades and possible entry areas. A big part of the mentoring process is to make sure I get out of the new traders what they are thinking while they are developing scenarios. In other words are they developing scenarios correctly or are they just focusing on entry patterns.

If their focus is good then they should know the entry long before they need it. If they are missing entries it is because they are not thinking of what they want to do before they are going to do it. they are reacting instead of preparing.

The next thing we worked on was placing the trading confidently. A common part of the conversation went like this “Pete it got to our price, should I get in?” my answer “I am in already, bought it as soon as it hit our price.” Sometimes newer traders want too much confirmation before entry and it costs they valuable breathing room.


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