I received this email from an improving new trader. It’s a terrific anecdote on two lessons learned by a developing trader making progress:
I just wanted to send a quick note to thank you for all you do to help new traders, you have helped me immensely!
Your book One Good Trade has been a tremendous influence on my growth as a trader. In fact it was the biggest factor in giving me the confidence to get started with live trading. I have read it cover to cover a few times and some sections 10 times or more. As I have gained some experience in live trading different items standout and “speak” to me that initially did not grab my attention before I had truly tangled with the market.
Starting my intraday trading career this April I have been trading nearly everyday. My results have been steadily improving and I just closed out my 10th profitable day in a row today. Those profits are still small as I have been trading small lot sizes and still need to work on holding my winning trades for the real move but I know I am on the right track.
I know you have a large audience of aspiring traders and would like to tell you what have been the two most important lessons for myself as an at home trader. First was reviewing all of my trades after the market close, I could not believe the errors I was making in the heat of the trading day that were completely obvious when I had a clear head and no pressure. By reviewing all of my trades I have become much more effective at making decisions under fire during the day eliminating many of my early mistakes and saving myself plenty in “tuition” to the market. Second and most difficult for me was learning to obey my stops. I finally had to set a rule for myself at the end of July that if I did not obey a stop I would shut my trading down for the day. If I could have convinced myself to obey my stops from day 1 that correction alone would have made me net positive in my trading almost immediately.
Keep up the great work, and thanks again for all you do for the trading community.
You can be better tomorrow than you are today!
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