Sitting in the million dollar room at Schoenfeld Securities, I was taught not to think about money. I was taught only to think about trading correctly. If I followed the rules, the money would come. They were right! Over the past 20 years, I watched many traders burn out for various reasons, but the one that always stood out the most, was the one about the money. I’ll never forget Cliff. He was a brand new swing trader who came into our trading room. He looked like he had the weight of the world on his shoulders. He was a newlywed with a baby on the way. He traded with fear. He needed to make a certain amount of money every day to pay his bills so all he thought of all day long was the money. His fear of losing on a trade prevented him from entering when and where he should have. He needed confirmation first that it was going to be a winning trade, which forced him to chase the stock up, buying the top, only to turn around and sell the bottom. An insecure trader will always do the wrong thing at the wrong time. I challenge you to follow the rules, and become a disciplined trader. When you stop looking at your P&L and instead look at your Time and sales window, that’s when you become a trader.
Happy Trading, The Stock Whisperer
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