Crazy day today!
We had some nice plays on $GPRO $DUST and $FB.
$LOCK was a HUGE mover today! I’m glad everyone stayed safe in chat for this one. These plays can be very tempting (another blog post coming soon).
If you want more videos like this, check out our Elite subscriptions. I do 2-3 trade recaps like this every week.
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Hi Nate, Thanks, and I appreciate your pm b4 lunch with me today about where I am at in my trading development, and the suggestion to not up my share size at my current skill (or lack of it) level. – as it would get my emotions more involved-.
Yes, I admit after following text book trading, and even after 9 months of fairly decent diligence, the IU chat, plus having the time to study and be present at the trading platform every morning for the past 6 months, and having a years salary in the bank, enough trading capital over the PDT, and a cash flowing transportation business here in KC (which I recall as suggested guidelines to setting oneself up for best chances of success in trading)- I still can’t quit see clearly the resistance (tops) and support (bottoms) that your eyes see so quickly in the moment, and how you make such informed actionable decisions so quickly. I find I had better do what I can to get that level of understanding into my trading game, if I am to really pursue this, and I want to be a consistent winner…
In light of seeing how fast you can make decisions on seeing and using support/resistance I know I have an inner safety switch that I’ve given myself that tells me I would feel impulsive, and not trade. and I admit that is a limiting belief, that may have worked to help me get to where I am currently at, in terms of not losing and being profitable.
I know I don’t have clarity on identifying QUICKLY the support/resistance areas that are so key as to how you propose for basing not only entries, but whether or not add to a winner.. Perhaps it’s my own lack of homework, and I take responsibility for that. so I may have to go with the Elite package for a month and really just soak it in even more that I thought I would have to to ‘get it’. Yeah, I also find that luck may have too much to do with my current profitability. And I find that its best I acquire more skill than luck- if I am to make it longer term consistently with and increasing equity curve.
That said, I also find that I have a few limiting beliefs, around ‘what I think the trading success lifestyle ‘should be’ is not based in rational thinking. The main idea- limiting belief- I think I have to get rid off is: the thinking that I won’t have to work for it… that somehow, I wouldn’t have to invest such serious homework (like college level when I got my engineering degree), that I wouldn’t have to sacrifice as much as I am in late night and early morning study.. that I could learn just enough to make it happen, without having to pay market tuition…and get my ‘dream life’ of having the TIME I want to keep up my exercise/health (which I have been so fortunate to have, even at 40yrs old), not worry about bills anymore, go to sporting events without being weighted down by costs, do more socially new things without being weighted by costs, enjoy and have THE TIME for enjoying more relationships, without being weighted by costs, do things for friends, family, and significant others without being limited by costs, TIME to pursue my personal development, without being limited by costs, TIME for periodic vacations with significant others and family, without being weighted by costs. YES, I am hungry and driven for TIME, More that money.. but I find that I will have to spend TIME at the platform, in chat, in study, and I admit- I have to overcome this feeling I have of being limited on TIME, and that trading is potentially ‘taking away that TIME’ I so preciously hold dear in my life’s purpose to freely have choice to spend TIME where it counts most in contribution to others, and causes and desires I seek to do more of.
I have learned in this 6 months that I do enjoy the pursuit of discipline of stock trading, and the challenge of it, for the challenges sake. Yet, that part of me that starts to get demanding of success or home run thinking, is something I have managed to quench, but I am as both humble and yet assertive in pressing through the limiting beliefs behind my values (*such as TIME, and how I want the freedom of it.)
I understand I have avoided market tuition, as Grittani seemed to do for a while.. but my stakes are not large levels now, so it’s not like I am an internet sensation, etc.
I know this is probably a coaching style note, rather than a logical tactical trading post. I guess part of me wants to feel understood, as well as understand the fact that you too are really sacrificing and pouring a lot of yourself into this. So for me, and my path, it looks like I have to make peace with the fact that I REALLY have to be doing the WORK, – that this is no “ONE AND DONE” effort.
I see I have home work to do to get to where I can see the types of deficiencies (like not being able to gauge support resistance and how to incorporate that into the decision as to if I enter or not, and how I manage the trade once I am in a position).
Thanks for all that you do Nate…wearing the hat of a trader, and some how being one hell of a trading coach.