Head Stuff

When talking about day trading, it’s very easy to get carried away with details of strategy, technique, and button pressing. But all that stuff is only half the story.

The other half is actually having the discipline to do all the above. It’s what I call “head stuff”, and it’s the subject of this video:

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2 thoughts on “Head Stuff

  1. Nick

    Hi Harvey;

    Just watched and listened to another of your trade coaching sessions, and must agree that the points you express are most valid. I’ve just come off a particularly bad morning because my favorite strategy is the opening gap that occurs in some stocks each am.

    Well, one of my favorite stocks is FCX, which performs beautifully many times, like it did just awhile ago. It gapped down at the open, then declined a bit more to the $82.00 range, then reversed and slowly faded the gap upwards to where it is presently…approximately in the $85.20 range. What an absolutely beautiful move again this morning, but I froze when I should have put in an order/long at around the $82.00 dollar area. It often parallels the SPY more or less, which it did today too.

    My problem is being unwilling to proceed when the stock forms the ideal set-up on my live data feed, and pull the trigger. However, I also know that a large part of my problem is that the company I’m with has a poor execution platform, cumbersome and I have no confidence in it. I’m spending far too much time typing in the order, checking various boxes to make sure everything’s right, and in so doing all this, the trade slips away and because I’m distracted by the workings of the platform I freeze, not sure if I’ve got everything done I need to do.
    This has happened to me hundreds of times in the past, and dozens of times with this particular stock/FCX.
    From watching you trade on YouTube I see that you have an seamless, straight forward execution platform with your chart directly over top of the execution page, and your trades go smoothly. I don’t think that you made mention in this latest video of the tools that you use to get the trade done when it’s ready, etc.,.. ?

    Please tell me what you detect that I’m doing so wrong to miss all these beautiful trade set-ups like FCX this morning..? And if you please too, what is a great trading platform and who has it ..??

    Thank You Very Much;

    Nick

  2. Denis

    Hi Harvey, great video, without the correct discipline a trader cannot succeed at least not long term.

    I have been trying some other forms of controlling my inner voice and then trading my strategy.

    Some of the other traders on your list might benefit from the:

    Law of attraction by Michael J. Losier
    http://www.lawofattractionbook.com/

    You attract to your life whatever you give your attention, energy, and focus to, whether positive or negative. If you read the book you will come to understand why and how it happens.

    Simple to read, easy to follow exercises, easy to follow “how to manual”

    Denis

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