Today, we made $625 in the Emini Trading Room. It is a great example that we do not need to be in the market all the time. Out of the 3 trades I was in the market less than 15% of the day. It is always about the quality of trades. The quantity does not matter. We are snipers who wait for their setup, and then jump on board for the duration of the trade.
$625 Emini Trading Recap
Trading is the best business in the world in my opinion. We get to choose our earnings. However, we need very high level skills to carry out our business plan. That is why I always say that trading is about quality over quantity. By diligently waiting on our setup we are prepared to take the trade when we see it. On the other hand, if we are taking every setup then when we see the good one we may be down too much on the day already.
Quality Day Trading
This is precisely why we need a clear trading plan, so that we know what to look for. Without a map it is difficult to get to the destination. With a map it is easy to find the destination. A map with notes about places to avoid and the best places to stop for food or rest is an even better map. You see the latter two scenarios gets us to our destination. The last map, though, gets us to our destination in the best way.
Over-Trading
Not having a clear plan for trading encourages over-trading. It is with a clear plan of action that we allow the best outcomes to occur. Do you usually take less or more trades than I took today when you are day trading, either paper trading or money trading doesn’t matter?