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Live Emini Trading - Lots And Lots Of Mistakes 3-20
To learn more about live emini trading http://daytradervideo.com Live Emini Trading can be downright stressful
to beginning traders that do not have a well thought out plan. Heck, it can even be stressful
for professional traders who lack things like focus and dedication to their profession.
So, to battle this what I typically have a morning routine prior to starting my trading.
For some reason though today I neglected to do one of those parts of my routine. I woke
up late. So, when I go to the computer the day was already starting and I skipped doing
my live Emini trading routine. I neglected to mark support and resistance, which bit
me in the ***. I also forgot to check off global simulation
on NinjaTrader and did not realize that I traded the whole morning on a sim account.
Lucky for me I did not have a very good day. It actually turned out for the best. Just
imagine if it had been a huge day. I would have really been ticked off. On to the trading
setups for the day. Right out of the gate I did attempt a long
which eventually stopped me out for a small win. In hindsight upon examining my trades
I realized this was a huge mistake. I should have exited at the strong area which was forming
before the market opened. Sometimes my focus is off entirely and today was no exception.
I'm definitely going to ramp up my focus in the coming weeks and I think you'll see an
improvement to my bottom line. Briefly after that I attempted taking a short
which eventually stopped me out for a small loss. After that it was evident that the market
was extremely choppy and I felt the best thing to do was nothing at all.
When you are actually day trading for a business sometimes the best thing to do is just sit
on your hands and wait for a better opportunity and in some cases just a better day. It's
something that few traders actually have the discipline to do. These are the types of days
that they blow up their trading accounts. All of this falls into trade psychology and
is probably one of the most underutilized skills that a day trader must learn to be
a superstar. So, hope you enjoyed this and good luck in the market!