DayTradeSPY Trading Room Breaks Record Highs!
Well for starters… It suggests traders have an insatiable appetite for:
- Engaging with competent, compassionate, caring mentors who can lead them to financial independence.
- Exciting, enjoyable trading but not something that will monopolize their entire day.
- Enticing strategies that enable them to make money at their own pace, on their own terms.
The most popular question we heard all week was “Where were you when I needed you all those years ago?”
Truth be known, we were always here; you may just not have been ready to receive this program quite yet. In retrospect, neither were we when we first started trading. We all had to go through that stage of learning, mostly about ourselves, before we could endeavor to earn consistent returns from the markets.
Trading is a 100% mental game. The strategies are quite straightforward. Markets go up and they go down. There’s no other way they can move.
With SPY, we make money going in either direction. All we need to do is determine market propensity and a level of strength. Figuring that out is not that difficult, actually. The challenge comes in establishing which option to trade, when to firm up the buy order and how to exit the position. And therein lies the task.
You see, when you are in a real trade, emotion kicks in. You worked hard for your money and now that you are vested in something, that cash is literally in a state of flux, continuously changing.
You relate to what you had to endure to make that $2,000, for example, and now it is evaporating before your very eyes. “Oh wait, now the market is coming back in my direction… that $1,000 loss is now flipped, and I am up $1,500… $2,000, $2,500… This is insane!
Keep going… do I hear $3,000? $4,000?” You stay with the position until it reverses again against you, except now you feel the market took your money away! So, you decide to wait until it turns back up and you swear you will take your profits. Except it doesn’t. The stock continues to drop until you are back in the negative and frustratingly, you sell for a loss. Then you reflect… “how did that happen? I was up $3,000 on a $2,000 trade and I took a loss? What an idiot I am!”
Read carefully: emotions belong in your love life, not on the stock market.
This is just one of the many things we teach in our Winners Circle Trading Room, every morning, 9:20 to 10:30 ET.
There is no question, mastering your fear, greed, ego and fear of missing out (FOMO) are vital to success on the market. Everyone has his or her cross to bear, so to speak. For me, it was always greed. My friends could attest how I would gladly give the shirt off my back for anyone needing it. But come the stock market, I would try to squeeze that last dollar bill until George Washington’s eyes would squint.
Then, my own greed bit me. Every time. There was only one way for me to turn this around and it was through some tough mental exercises I invoked, forcing my right and left brains to talk to each other. The logical side of me pressured my emotional side to pay attention and ignore the greed.
I set some solid sell parameters and stayed with them come hell or high water. Yes, I would leave money on the table, for sure, but my overall success rate started to soar if I just followed some firmly established protocols. Immediately, when I resolved that one issue, my fortune turned around. That one trick was to simply put in the sell order for a predetermined amount as soon as I got filled on the buy order. Then, never change it. If I was to be happy with the profit before it sold, I should be happy with it after the fact as well. It was not easy, nor did it change overnight but learning to be happy with reasonable gains was key.
We tackle this and more in the Trading Room. Combining my analysis with Ahren’s deep dive study, we have significantly upped the ante on the likelihood of our trades delivering their expected profits. Our synergistic approach to strategy and a sharp mental acumen shows in our results.
If you are still reading this, you are ready to join us. See you in the Trading Room!
