What It Takes to be a Winning Trader
Stockscores Foundation for the week ending July 15, 2019
In this week's issue:
In This Week’s Issue:
- Free Webinar – So You Want to be a Day Trader
- Stockscores’ Market Minutes Video – Trading Support and Resistance
- Stockscores Trader Training – What it Takes to be a Winning Trader
- Stock Features of the Week – Stockscores Simple
Free Webinar – So You Want to be a Day Trader
For anyone who aspires to day trade the stock market this presentation should not be missed. I will take you through my day trading method, show the tools and processes that I use and give you a list of things to know about being a day trader. Whether you want to do it full or part time, now or sometime in the future, this will give you a good overview of what I have learned after day trading for 30 years.
This webinar is free, click here to register.
Stockscores Market Minutes – Trading Support and Resistance
Support and resistance should be traded in very different ways depending on the trend leading into them. This week, I explain what that means and how you can make money from support and resistance. Then, my weekly market analysis, a search for trading opportunities and the trade of the week on CRON.
Click here to watch this week's Market Minutes video.
To get instant updates when I upload a new video, subscribe to the Stockscores YouTube Channel
Commentary of the Week – What It Takes to be a Winning Trader
Indicators, tools, processes, strategy rules, risk management techniques – these are all critical components of trading success. Yet, a person can have all these external things and still fail as a trader. Why? They are missing the parts that come from within that have a major effect on profitability. Here are five things you need to bring to the venture of trading if you want to be successful:
Hard Work
Trading is simple, but it is not easy. It takes hard work to learn. It takes a lot of time to develop rules, processes and tools. Once you get it figured out, it does not have to take a lot of your time to make the trades but if you don’t do the hard work, you will never be successful.
To highlight this fact, if I tell you I made $10,000 in a day working from home, it sounds like a nice lifestyle. If I showed you the hundreds of hours (maybe even more than 1000) fine tuning and testing the rules I put in to being able to get that performance, you would realize how much hard work goes in to trading success. It is not easy.
Determination
Learning to trade is more about learning how to bounce back from failure. Humans are wired to lose in the stock market because we approach trading decisions with our emotions involved. This means that you will face failure until you can overcome being human. How many times can you get up after being kicked in the head by the market? Most don’t succeed because the market beats them until they give up.
Independent
Good traders approach the market with a method that is their own. Yes, they can be taught the approach by someone else but failing to understand every rule and why it exists will not work. Learning how to trade from me or any other qualified trading teacher can save you a lot of time and money, but it is important to approach trading with an independent mind. Rely on me to learn but rely on yourself when you are trading.
Optimistic
Optimism has a significant effect on success. While many of us think that once we get successful, we will be happy. Those who are happy first often find success much faster.
Complaining about the market, being pessimistic about the potential to make a living trading stocks, being angry after a bad day trading – all these things are destructive to trading success. Sit in front of your trading computer with a smile on your face and optimism in your heart.
Focused
Bill Gates and Warren Buffet were once asked what the most important determinant of success was. Both answered the question the same – Focus.
It is difficult to succeed in trading if you are trying to do other things at the same time. It will take focus to learn how to trade and focus when you are trading. Our minds are not powerful enough to multi-task with something as complex as trading.
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This week, I ran the Stockscores Simple Market Scan on both the US and Canadian markets and found a couple of good looking charts:
1. T.PTGT.PTG has broken out through $1.50 resistance with volume slowly increasing. Support at $1.40. 6.5/10.
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2. AQBAQB is moving up through resistance that goes back to early 2018 aside from a brief jump at the start of March. The Stockscores have gone into the Bullish zone recently. Support at $3, 6/10.
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