After nearly 6 years of helping other traders, I’ve seen one mental problem that consistently holds many traders back. And it’s something that men struggle more with than most women. That mental block is EGO.
It’s amazing how important the mental side of trading is to a traders bottom line. You can have a winning strategy, but if you don’t master this one mental component, then you’re likely to continue to struggle. This is one thing we beat like a dead horse in the MAP Trading Program.
Watch this video to learn how to overcome ego with “flow”.
Tips To Overcome Ego:
1. Realize that the only two things you control are when to enter a trade, and how you manage that trade. Everything else is outside of your control.
2. Give up the need to be “right“. Trading is all about handling losses graciously. In school we’re taught to strive to “win” as much as possible. If you get 50% on a test, then you fail. If you get 50% in trading, you could make a lot of money (if you manage risk correctly).
3. Accept that trading is a process, and doesn’t happen overnight. For some people it comes naturally, but most people have to program their minds to think like a professional trader.
At the E-mini Academy, we try to tackle the psychology of trading by using automated technical analysis and exercises to hone skills.
Ok, I’ll get right to it – The markets have been phenomenal for MAP Trading Program members lately. Why? Because volatility has created many intra-day trade setups and opportunities. And our team has done great keeping up with current market dynamics, which is important so we know which risk/reward/indicator parameters are working best.
You see, professional traders know not every day is going to be a “home run trading day”. It’s all about being patient and waiting for the right setups. This is something we’re going to be talking about at our 2013 Trading Bootcamp in Austin, Texas…
I wanted to do a live video to show you some market action from this morning. Notice how we’re not “trying to read the markets” or making subjective decisions. Our semi-automated trading strategy helps us remove some of the guessing around when to pull the trigger on a setup, and how to manage those trades.
The feedback we’ve been getting from our MAP Trading Program members has been incredible. Here are some trades we got in our trading room this morning:
Well, the market gave us the panic we were looking for from yesterday – and boy did we have fun trading it today!
The market started off slow, but picked up once the panic began to drive prices lower. Overall, I expect the rest of the week to show strong volatility — even though we’re going into summer.
The stock indices and gold have been showing “healthy” levels of volatility, and our trading room has been really fun lately.
Well, the market’s been showing signs of weakness for the past couple of weeks, which could mean a market panic – that usually leads to great day trading! However, unless the S&P 500 breaks below 1,600 the bull market is still in tact. Like I always say, long term market direction doesn’t matter as long as we have “good” volatility.
Today we saw some great trades from both new and experienced traders. It’s great to see how our community of student traders is progressing. We’re looking forward to seeing all of you in Austin, Texas for the 2013 Trading Bootcamp!
Some members of our MAP Trading Program have been killing it lately in our trading room. It’s great to the benefits of combining a true rules-based trading strategy with trader discipline. In today’s video, I’m going to take you through some signals generated by the MAP Trading Strategy, and show examples of student trades from our trading room…
How to think like a chess player:
Trading is all about anticipation – in other words, thinking two or three steps ahead of your opponent. This starts with having a solid approach to day trading, and ends with developing the ability to “see” the future possibilities and probabilities. In other words, knowing all the possible outcomes, and what’s most likely to play out.
08:41:11 {Steven_U} thanks champ, luving it 08:44:38 {Ross_E} thanks guys, worked great 08:56:55 {Kevin} very nice 08:56:56 {Ross_E} great Kevin 09:28:58 {Steven_U} great job guys, great to be back!!!! 09:29:05 {Marc} Group trade! 09:29:14 {EA_Chris} BOOM! 09:29:55 {Kevin_B} I’m 3 for 3 this morning and loving it! 09:38:31 {Steven_U} awesome Kevin!!!! 09:38:42 {Marc} Great job Kevin 09:38:49 {Kevin_B} Good job everyone!!! 09:38:55 {Chris_2} beautiful! 09:39:38 {Heath} still in this gold trade, took 1/2 off at +20 09:46:42 {Heath} I enjoy watching the trade here almost as much as making money…especially when I have made money on the trade no matter what 10:03:31 {Chris_2} Mine was identicle to yours Steven 10:26:09 {Marc} Nice work Chris H. 10:28:03 {Marc} Nice work Kevin 10:28:31 {Kevin_B} Thanks Marc, 4 for 4 this morning. 10:37:44 {Chris_2} Great trading week. Thanks a million Chris(s). See you all soon.
Meet Mr. Johnny Hindsight!
Shoulda, Woulda, Coulda… These are three common words spoken by “hindsight traders”. Put another way, traders who use examples of historical charts to justify why they “should’ve” taken a trade, or how you “could’ve” made a ton of money if you “just read the market in a specific way”.
This is how some gurus string traders along… They’ll lead people to believe, “I’ll become a ‘master trader’ if I can just trade like so-and-so.” Lately I’ve been overwhelmed by people who’ve wasted time chasing this madness. I’ve said it before and I’ll say it again – if you’re subjectively trying to “read the markets”, you’re open to a MASSIVE amount of human error.
At E-mini Academy, our message has been constant – Trade with a fully-testable, rules-based strategy, and develop the ability to anticipate the possibilities and probabilities. That’s it.
Surviving with Piranha, Anaconda, and Cannibals… oh my!
During our trading trip to Central America last month, we spent time exploring Medellin and the Amazon Jungle. While in Medellin, we flew Mike Carter down who won the trip to come trade with us for a week.
Then we headed down to the tri-country boarder of Colombia, Peru, and Brazil… and headed off deep into the Amazon Jungle. This trip was nothing short of amazing. During the day we tracked jaguar, went fishing for piranha, and climbed through the Amazonian Canopy.
We had two big MAP trades before the Philadelphia Fed Survey was released at 10:00am EST this morning. We don’t try to guess the reaction to news items in the markets. Because of this, we like to be out of the market most of the time before that news breaks and in this case that worked to our advantage. Check out the video below to see these trades and to also see some charts the members sent into the trading room.
We had an incredible month down in Colombia – doing everything from paragliding, day trading, and trekking through the Amazon Jungle. And congratulations again to Mike Carter, who won an all-expenses paid trip to trade with us in Medellin. I know he learned a lot about the MAP Trading Strategy, and got first-hand experience at what it’s like to day trade and travel.
Mike was a great sport even though he had a near death experience paragliding. In the video below, you’ll see Mike slam into the ground inches from the edge of a 150 foot cliff. Fortunately, they caught an updraft at the last minute. Even the guide looked a little freaked out. Either way, I’m thankful Mike made it out alive!
While the stock indices started out a little slow with a lot of weakness evident this morning, the Gold market gave us some great opportunities with a whole lot of follow through. Check out the video below and congrats to Heath who pulled out $2,880 on this trade this morning! (his chart is the last of the 3 under this video)
First off, thank you thank you thank you to everyone who applied for this trading trip! I’m extremely humbled by all the responses, and wish I could take everyone! We are already planning a couple more trading trips this year, so if my team didn’t pick you this time, there’s still plenty of opportunity to come trade and learn with us…
Congratulations to Mike Carter, who is the winner of the 2013 Colombia trading trip. Mike is a relatively new member of our MAP Trading Program, and has shown an incredible desire and commitment to become a trader. After trading options for a while, Mike saw the benefits of trading with a rules-based system in the e-mini markets.
I’m looking for someone who’s motivated and hungry to become a trader!
The winner of this contest will get a round trip flight to Medellin, Colombia and stay with me in our beautiful condo for an entire week of trading e-minis with the MAP Trading Strategy.
Apply here and my team will pick someone to fly down this weekend to next Friday…
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