The intraday trader is dead, headlines decree, and anyone caught doing it will bear the albatross of being labeled a degenerate gambler. And most who try (key word try) are. To not trade yourself into degeneracy and blown up casino oblivion you must adhere to certain methods.
Foremost you need a plan. It should cover everything without being complicated. Simplicity is key, slash away at it often. Next you need a way of determining a bias—I cover my methodology every single weekend inside the Exodus Strategy Session. Finally, pick you battles. You have your risk controls, you have your bias, now you need price levels worthy of participating at.
Most of the time is spent not doing anything stupid while being objective and ready to execute at a moment’s notice. Think of a soccer goalie. No action for 40 minutes then you must react in a split second to block an oncoming bullet.
I didn’t trade today because I was distracted. I made it to my trading terminal around 1pm. I could have just popped off shots because of my short bias. It may have worked, I used to jump in and trade like this, but my plan calls for a full morning report before any trades can occur. This is a business and I plan to be in it for many years. You can too if you stop walking up to it like it’s the local craps game.
My book is still being subjected to homo hammer. My latest foray into unplanned, non-stat backed trading, NUGT, is already down ten bags. Tomorrow it will likely be blown out and added to my loss column aside many more double digit stock losses. Stock killah!
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In a classic instance in w 8000 hich someone might be told to “pick your battles,” a parent might be struggling to deal with an unruly child. Rather than trying to address every aspect of the child’s problematic behavior, the parent could pick one serious issue to focus on first, such as a tendency to stay out late.