Consistent Trading

The only way I know to become a profitable Trader is consistency. I don't see any other way unless you have some style where you win 10 times as much as you lose the previous eight times; but that sounds insane to me. The way I did it was figuring out what was working and only using that; then concentrating on improving what was working. After that controlling my greed, fear, anger and most of all working on discipline was the key for me.

Everyone's different but most Traders have many of the same problems which are greed, fear of missing out, fear of losing, anger when the stock doesn't go their way, and discipline, the career killer.

Of course when you first start trading you're just trying to figure out what's going on. It took me six months to get comfortable with software and trying different software and trading platforms and I was a web based ecommerce programmer. I didn't quit looking for better software for nearly 2 years. I just couldn't find what I was looking for and I was concentrating all my effort on the broker, the software, and the trade execution instead of learning how to trade. Partly because I started out with Warrior Trading and it was superfast execution, hot keys and all that stuff.

I quickly quit Warrior trading within 3 months and went on to other mentors. I would switch back and forth from penny stocks to mid-level stocks to tradenet and back to other trading rooms just trying trading rooms for about a year-and-a-half. This was an effort to find a trading style that I was comfortable with and that seemed consistent, but there just wasn't any. Surprisingly most of the trading rooms we're terrible, the room leader would lose or there were few trades, or he would end up scalping to try to make something work. I usually never paid, I just got the free trials for two weeks or whatever it was.

I did start to notice a theme among the trading rooms and among my own trades and that was the cup long trade, the NRB break down short and the reverse cup short. That was pretty much the only thing that I kept seeing over and over so those became my trades.

I did study many other traders that either didn't have a room or I never found their trade room like Dr. Barry Burns and five or ten others that I can't remember. The thing about Barry Burns was his training was way too complicated. I think he mostly just sells courses. I noticed from watching other traders that the good ones like tradenet, Oliver Velez, Mark the Meerkat, and a few others didn't really use any indicators, no oscillators or nothing like that. In fact I traded in a trading room called and Mark Meerkat blew my mind, he would get 8 out of 10 winning trades every day on Interactive brokers and he would not use level 2, level 1.

So after about a year-and-a-half to two years in that area I turned off trading rooms and traded on my own because it was too distracting. I needed to concentrate on what I was doing, what was working for me. I felt like I knew how to trade, I just needed to do it. So I became consistent, I remember around a year-and-a-half for 2 months straight I had almost all Green Day's and I thought that was easy I'm a Day Trader, but then I lost it. I don't know what I lost but I lost something, I couldn't get a green day to save my life. I don't know what happened but it was depressing. I had been documenting my trades and I went back and looked but couldn't figure it out.

I pretty much recycled back quickly back through everybody that had been studying start looking at trade rooms again and just redid the whole process quickly like within 4-5 months this time I stuck more on Oliver Velez. Everything he said seemed like he was reading my mind. His trades were my trades his problems were my problems everything matched exactly so I actually made recordings of a lot of his discipline speeches and that pretty much fix me within a month.

I think the entire problem was mostly me, discipline, anger, greed, trying to scale up too fast and stuff like that, there was some tweaks I made to my trades that made them more reliable but mostly it was to do with me, not the trades. It was the psychology of trading, it was scaling up, stopping out early, getting out of the trades, not taking trades, trying to win back losses, just all kind of stuff it was basically just psychology.

The way I got past all those problems was scaling down my Trading. I didn't care about making money it was all about trading the way I wanted to trade making the proper entries and exits and following money management and my trade plan. However I didn't adhere to everything Oliver Velez says. I don't believe your trade plan should dictate 100% of the trade I believe a human has enough intelligence to realize on-the-fly changes that are taking place and decide if in this case a change needs to be made to the trading plan for profitability reasons. I've seen too many times on tradnet where they come .5 to .10 cents from their profit target and miss it . They don't take profit because they're trading plan said they must wait for a certain amount and then the stock goes against them and they stop out for a 2 dollar loss or such. This happens when it's was plain to see that while the stock is just short of their profit Target it was failing and it probably was not going to make it.

So in summary; getting my discipline under control took care of anger, greed, FOMO and the other aspects I was struggling with. Then by cutting my trade setups down to three main trades and using a small memorized trading plan with just a few moving averages and a small dose of human input I was able to become consistently profitable.

I would say I took what I thought was the best from each trading Guru then studied and consolidated it down to only what was absolutely needed. I realized there was too much stuff to remember while trading the open on the fly so I had to condense that down to a few things as possible while still keeping the odds in my favor.