| | From The Desk of The Trader |
| “The thing about the basics is they don't really change - it's the details and the proportions that change. The shirt may be cut slimmer or looser, the suit might be darker or lighter, the sneakers might not have laces, but you're still talking about shirts and suits and sneakers.”
-- John Varvatos
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| | FAF19 Day 13 Lesson 12 20 February 2019 |
| | Daily Goal: 100 Ticks
Max Contract Size (Per Trade): 5 (Margins $700; acct balance over $3500)
Performance: 209 Ticks on 50 Contracts
Summary: The price range was a bit wider today though the volume was still fairly lukewarm. That said my approach generally works really well even in tight situations like this.
Recap Video: Click here.
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| Today’s Trading Lesson: Day Trading Basics -- In Steps
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| In this lesson I'm gonna give you the steps I take on every trade, every day in my own day trading business.
There are certainly nuances that come over time with experience, but these are the steps on which I built my business.
- Balance -- Each morning I want to make sure I'm "centered." For me that means no reading/listening to market news (I call this my Don't Know Don't Care Principle). Other than avoiding the news, I try to meditate for a few minutes before the cash market open (9:30 EST). Every now and again, I read/reread some of the stupid messages I've gotten over time about how impossible it is to be a consistently profitable day trader. They make me laugh... which puts me a in a good mood.
- Morning Prep -- Once I feel settled, I check the over night volume and price range in the security I trade (ES). I then double check my account balance, max position size, max daily loss and daily goal. I also make sure my TAOST Power Zones and POIs are in place. Finally, I make sure my automated orders are in place and ready to pop in once I get into a position.
- Once this is all done, I open my online day trading room and post the entry key for members.
- After my market opens, I determine where my TAOST Neutral Zone (proprietary) is along with what the overall context is. Once I have clarity on the structure, I simply start looking for my setups and taking them where I find them.
- I take my setups until 1 of 3 things happens: 1) I reach my Daily Goal, I reach my loss limit, or we hit 11am est. At 11 I close out any open trades, close the trading room and record my trades and notes for the day.
Pretty simple no?
Of course the devil is in the details... but you can do it.
I do. |
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