There’s a huge misconception that trading is all about learning something, then making money. But professionals know that’s not the case. There’s a big step that 99% of people don’t know about — And unfortunately the trading education community doesn’t talk much about this crucial step. Watch this video to learn about the biggest misconception about day trading, and how to think like a professional trader:
I think it’s so important to have a tested, rules-based strategy like we use at E-mini Academy. Our “MAP Trading Strategy” is the culmination of 1,000′s of hours of work from our very talented team. So, no matter what market or timeframe you’re trading, make sure you’re not subjectively trying to “read the markets”, because there’s no edge to that in today’s market conditions.
How To Develop A Strong Trading Mindset
Trading psychology is all about walking a fine line between over-aggression and fear. I think we have to be bold and confident, but also be humble and balanced. Check out this video series that will teach you how to get started trading.
If you don’t have a strategy you’re confident trading, or haven’t developed confidence in your own ability to execute that strategy, you’ll struggle to make consistent trading decisions. So, it’s important to make sure you go through a progression of learning the basics, developing your skills, then executing in “game time” (live market).
Over the years I’ve helped thousands of traders, and I see a clear difference between people who execute without fear and those that struggle to pull the trigger. It all comes down to “screen time”, or time spent in the live market. It’s one thing to look at charts in hindsight, but it’s a completely different thing to place a trade in the live market.
Sim trading on a demo account is a great tool for practicing, but it cannot fully prepare you for trading cash. And people who make different decisions while trading with fake money typically choke when they switch to trading their live account. The way to help guard against this is to make sure you trade as if you have real cash on the line, even when you’re just trading on sim.