Day Trading Tips and Tricks

May 22, 2019

Erich Senft

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Top Four Recommendations for Using Your Trading Time Effectively

 

Big “T” stands for Time, not Trading – Why is that?

Trading TimeNo, the Big “T” is not trading. That is the little “t”. The Big “T” is Time. After all, at the end of the Big “T” is the Big D(eath) and yet time is something that most of us never give much consideration to – but we should.

When you realize your life is only the amount of time you have, and that no one knows how long he or she have to live, it should sober you up a bit and help you think more clearly about your life and goals. This fact brings me back to the little “t” – trading. In light of the Big “T”, it never ceases to amaze me how many wannabe traders are content to flounder at trading. It is not that trading is easy, it is not, but it does not need to be overly complicated either. Certainly no harder than learning any other profession you might choose; which is the point.

Let me explain.

Most traders do not treat trading like a profession. If anything they treat it more like a very expensive video game – something that makes them feel they are doing something valuable with their trading time and something that will give them a thrill. These types of traders like to hop willy-nilly from market to market, and from one system to the next trying anything new to make consistent profits. They are always trying to re-invent the wheel, tweak their chart, and pursue a better mousetrap. With all their exhausting effort, they still fail to get any further ahead.

Why is that?

Tools for the best Trading TimeI realize that trading appeals to the Do-it-Yourself, pull-yourself-up-by-your-bootstraps type. However, when you reflect on your career as a trader, have you been wasting your (precious) trading time trying to master the markets on your own, trying everything and anything, or have you been learning how to make money? If you are like the majority of traders, you probably are in the former group, not the latter.

A man who dares to waste one hour of time has not discovered the value of life. – Charles Darwin

However, it is not all your fault. There is likely more wrong information in the “how to trade” arena than just about any other business. So what should you do? How can you get off the hamster wheel and start making your way to your much-desired success?

Well, for starters here are my top four recommendations for using your trading time effectively:

1. Accept that there is no such thing as a perfect trading signal, so stop trying to find it! You do NOT need the ideal trading signal to make money

2. Realize that it is more important to make money than to be right.

3. Consider evaluating a system that makes money instead of trying to develop your own. It is not that you cannot develop your own, but would you rather re-invent the wheel or use a proven system to make money?

4. Understand the importance of money management in trading. Correctly managing your capital will do more for your success as a trader than anything else you can do.

Do these things and I guarantee you will start moving in the right direction. Of course, if you want a short-cut to your goal, check out our Diversified Trading Systems. They combine proven signal generators with proper money management to leapfrog you ahead of the crowd – most of whom are still too busy with the pursuit of “how to trade” part of trading instead of focusing on the “how to make money” part of trading.

Waste your money and you’re only out of money, but waste your time and you’ve lost a part of your life. -Michael LeBoeuf

Join us in our Trade Room to see how we address these and other day trading challenges.  Click HERE to Register.

May 22, 2019

Erich Senft

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