One small trade of many in the video using our custom value area indicator today.
Another NodeTrader user has passed the combine and FTP and is ready for live trading using NodeTrader. Could it be you next? It makes me happy to see success in others – to know that someone can now provide for their family in a whole new and meaningful way. Here are a couple of videos of trades during today’s trading session. Watch the videos? Does it seem difficult? You decide…
Here is a video recap of today’s trading session. Just had too much going on to video it as it was happening but this kind of analysis puts money in the bank. You can see the results here: Results Page
This is a brief 9 minute video but well worth the watch. Increase the chances your trade will succeed!
Trading can be difficult. There are so many internal challenges we have to overcome. This was highlighted well at a recent NinjaTrader Partner Presentation.
Once those are overcome, we still need a great method / system / whatever you want to call it to get the job done – to guide and direct us in our trades. That is exactly what NodeTrader is and exactly what NodeTrader does. Here is a video of today’s trading session and it is fairly typical of what to expect. Watch it and then join us! To your success as a trader!
Here are my top 5 reasons a trader fails:
- He does not position size.
- Know what you’re going to risk on the day.
- Know what you’re going to risk on a trade.
- Establish your contract size on a per trade basis.
- He does not stop trading when he is positive.
- The average hedge fund makes roughly 10% per year.
- If you feel you have to make 2% a day – welcome to the ranks of the failed traders.
- Stop when you are up .25% – .5%. Some days will be greater as you learn to manage the trades you are in – that’s okay.
- He scalps out of his position.
- Don’t squander entries.
- Why exit after a few ticks? I quite often say of the CL market, do you really think CL is only going to move 5 ticks? Always leave a runner.
- He over-trades.
- If you are taking more than 2 or 3 trades day trading then you are over trading.
- Over trading happens for 3 reasons:
- You are not risking enough on a trade. See Reason 1.
- You are too greedy. See Reason 2.
- You are not managing your trades properly. See Reason 3.
- He refuses to deal with the reality of the market.
- You go long when the market is clearly short.
- Opens under yesterday’s low and out of yesterday’s value.
- You LOOK at the screen and price is only dropping – bottom picking.
- Vice versa of A.
- After trade entry you grandly hold for longer term targets but ignore speed bumps in your way – supply or demand – take profit areas.
- You go long when the market is clearly short.
If you haven’t figured it out yet, , none of these things have anything to do with a trading system or method. They have everything to do with the man in the mirror: who you are as a trader and how much responsibility you take for your own actions. It is so easy to blame the market, your broker, or the method when the problem always, always, always lies with you – the trader. Hard words but it is time someone say them.
Okay, enough of being the Papa. Let’s let Mama have something to say.
One thing I know is that you can succeed. You can take profits every day and minimize your losses. You can be a better trader each and every day. How is that possible? Look, (if you need to, yes, really look), at yourself closely in the mirror. Admit your trading mistakes and stop making them. If you are associated with a group that supports any of the top 5 mistakes – uhhhhhh….make a change. Find someone who has great trading habits and do what he does. Don’t make things difficult but don’t delay.
As a trader, I don’t have to tell you how quickly hidden fees and additional costs can add up on your statements. On top of that, navigating the clearing fees, technology fees, routing fees can be confusing to say the least. As our preferred future and Forex broker, NinjaTrader Brokerage has a simple and clear pricing approach that I’m confident can save you some money based on what you’re currently paying.
NinjaTrader Brokerage’s discount commissions reduce your trading costs starting at just $.53 per futures contract or $.04 per 1K FX lot without volume tiers. On top of that, these rates already include your technology and clearing fees.
Join us Monday, July 20th at 11am ET to learn more about the exclusive benefits available to traders using NinjaTrader Brokerage. As an added bonus, all attendees will have the opportunity to receive up to $200 off a NinjaTrader Live License.
If you have a few minutes to jump on a call, that’s even better. I can have my contacts and NinjaTrader Brokerage fill you on some other recent developments including the launch of NinjaTrader 8 beta.
Val with ValuTrader
FULL RISK DISCLOSURE: Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.
Sometimes we have good days and sometimes bad days. I believe the best way to learn from our mistakes and learn from our successes in trading is to review the day. Where did I go wrong? What market clues did I miss? How much of my behavior was retail and how much was professional thinking? Watch the video for some insight.