I think it goes without having to say it, trading is one of the most humbling endeavors to participate in. As a newer trader, there are weeks where you feel that you have a good sense of what’s going on. But, then, there are other times when you feel like you cannot place a profitable trade if your life depends on it. Unfortunately, the last week has been the latter of the two emotions.
I am incredibly fortunate, however, to be down in Puerto Rico working for Sang Lucci and in an environment with a lot of successful traders. I have plenty of outlets to turn to for advice between the TTP Community and the folks around me. I have only been following the markets full-time since the end of August, so there are still many times where I’m “finding my identity” within the markets.
One of the great traits the Army constantly turns to is resiliency; no matter the circumstances, the mission has to be completed. Trading is a frustrating endeavor when you do not have profits to show for the energy spent. However, from prior experiences, I know that I have to drive on and continue working to find my identity as a trader.
Getting Help from Others
One of the best resources to turn to for advice is an educator. Last week, I sent Ronchero a message to let him know I was struggling with entering trades at an appropriate time and managing trades that were going against me. He immediately told me to set up a Zoom call and took time to see where I was at and provide guidance.
The key takeaway, for me:
Understand the big picture before you enter the trade.
The Sang Lucci Master Course hammers home the necessity to learn to “read tape.” Before entering a position, a trader must have a solid understanding of “what the tape looks like." Once Ron pointed out this obvious, yet overlooked, perspective, I had something new to work with. More experienced, successful traders in the TTP Room understand this perspective and use it to their advantage, whether they know it or not.
I was constantly making the mistake of entering a trade without a macro-view in mind. During our call, Ronchero brought up GOOGL and ensured that this picture was ingrained in my brain...
Before jumping into the 5 day chart...
Understand that GOOGL is in an uptrend, and any pullback should be met with suspicion. TTP Traders continually understand the critical levels and read tape in those places to stay in trades.
With that being said, I kept my size VERY small this week and was much more deliberate with the trades I took. Although I was not involved, members in the TTP Room caught a few significant moves in GOOGL.
The Master Course
There could not be a better time for the Master Course to start than now. I have the responsibility to assist with the execution of each class while at the same time, practice what I am learning. In addition, I can take in what I learn and reach out to multiple educators to answer the questions that I have.
Trading is an ongoing process with inevitable ups and downs. I am more inclined to get frustrated when I don’t have success due to my predicament. However, I have access to countless successful traders, education platforms, and a lot of TIME. I am not taking the opportunity for granted and am continuing to learn new things every day.