General Room Guidelines

General Room Guidelines

1) Slow down, whatever that means to you, start doing it today. Exercise before trading, sit quietly and calm your mind. SEE the day unfold as you would expect doing your job. But do something to put you in the right state of mind. This is important. I do this EVERY DAY.

2) Primary trades are our focus. Secondary if clearly trending will be addressed. Otherwise, let it go and do not worry about secondary trades. Your goal is to master PRIMARY trades.

3) Do not worry about what anyone else is doing in the room. In fact I ask you not to bother other traders and distract the room by asking about other traders. They don’t have your answers, I do. A “good job, ata boy, ata girl” is great. But we do not trade by committee and what others do is not important. Focus on yourself. Any challenges you are facing are within.

4) If a trade is worth taking I will talk about it. If I am not talking about it, please do not ask. It’s that simple. Stay with the current analysis and flow of the day. I will let you know if there’s anything worth risking money on. I always err on the side of caution. Over the next few weeks you will be asked to be more patient than you have been in the past.

5) DO NOT FREELANCE….taking trades based on what you think and beyond what is being discussed on your own. The market does not care what you think and you will find that out very quickly. Please see #4. I learned this the hard way.

6) Market/chart noise is the real enemy, we will address this at the end of next week after guests are gone Mon – Wed. I believe this will be very valuable.

7) Limit your trades/trading. If you only have 4 bullets in the gun, chances are you will make damn sure what you are aiming at and how well you are aiming. Don’t waste ammunition. Keep your powder dry.

8) It’s ok to miss _________! You fill in the blank. Stop worrying about what you didn’t get and start being grateful for what you did. Remember, traders blew out their accounts today. Don’t be one of them and as always, “give thanks”. This is very important.

9) Approach the day with a positive expectation but be prepared to take necessary action when things are not going as planned. Scalping comes to mind. Who cares if you only got 2 ticks and the market dropped 4 points. I don’t!

10) Stop pushing, rushing, trying to go so fast. SLOW IS FAST. Until you learn that you will struggle. Re-read the Millionaire Trader Friend document on the website. Patience, discipline, trust. Even if that means you don’t get anything done today.

11) Spend time reviewing your day. 30 minutes is more than enough. Make a few notes as to what you can do just a little bit better tomorrow. Remember 1% better is all you need.

12) Track what you do in a journal. This will be very revealing if you do it consistently over time. You will notice patterns of your profits and patterns of your losses. When you see the patterns to your losses, just stop doing those things. Simple? Yes. Easy, not so much. But totally necessary.

13) I will back off drawing on the charts so much. It’s not necessary. I know and you know, what levels need to break, if the YM agrees or not, and if the stoch crosses. This is all 100% visual. Either it did or it did not. Don’t make a big deal out of it. Wait for it. It will be worth the wait I Promise.

14) Keep it simple and have fun. But remember, this is a business.