Back on Match 1st, we held our “40 things you’ll never hear us say about Day Trading” webinar. Normally we would post the recordings on our streaming site for everyone who couldn’t attend. Unfortunately, we ran into a few issues and can’t post the recording. So instead, I decided to turn the webinar into a blog. I’m not going to go into as much detail on every point like we did during the webinar, but I think the summary of each one will get our thoughts across. A BIG part

How do you judge a trade you just made? For most traders, if the trade worked in their favor and they made money then it was a good trade. If it really went in their favor then it was a REALLY good trade. But if the trade failed and they lost a little, it was a bad trade. If they experienced a rug pull and lost a lot of money, then it was a horrible trade. Sound about right? Ok then, we’re done! I’m kidding of course. I used to judge my trades like this all the time. I

First, a couple of caveats to keep in mind while reading this post: if you’re a Hold & Hoper and/or someone who just hasn’t figured out how to lose yet, please start with these: Watch this webinar: HOLD & HOPE Read this blog: First, learn how to lose... I say this because what I’m talking about today could get you into even more trouble if you don’t understand your first job as a Day Trader. Just to be clear, you’re A #1 priority at all times with every single trade MUST

There are all kinds of pump and dump schemes playing out in the markets daily: TWTR pumps Chat room pumps Email pumps Article/Blog pumps News pumps CNBC pumps I still get stock pumps via the US Mail! The two (2) I want to focus on today are the intraday Twitter and Chat Room pumps. I focus on these because we see too many traders getting sucked into them lately. These pumps are the ones that can hurt day traders and their accounts the most, leaving newer and inexperienced t

Before we get into the actual blog post, I’d like to share how I came up with the idea for this blog: This week in chat, a trader posted that he was frustrated because he let a winning trade turn into a decent sized losing trade. I gently reminded this trader that we have a few rules to prevent that type of behavior. In fact, this rule is one of the first things I learned from GSP back in 2010 and it had an immediate and HUGE impact on my P&L. Another trader chimed in and

At the end of your trading day, what do you do? Most traders look up at the P&L number provided by their broker and decide how their day went. If the number is green, then it was a good day and they traded well. Even if they were only slightly green, "green is better than red!" is proclaimed! If the number is red, then it was a bad day and they traded poorly. That's not at all how I approach the end of my trading day and certainly not how I look at my results. My trading day

While reviewing a trader’s Personal Trade Tracker this week, we noticed that he was trading “something new he thought would work well”. His thinking was based on what he had been observing in the markets over the summer. We applauded this trader for trying something new! As Day Traders, we need multiple set-ups that work in different market environments. However, this trader made one fatal flaw while starting to trade his new set-up: HE JUMPED IN WITH BOTH FEET! Full posit