Advice to a Trader!
Focusing, paying attention to your position, and having a predetermined, fixed exit strategy on the right side of the market & the wrong side will enable you to succeed and have many more winning trades.
Note: I am not in favor of using stops since the market is too transparent. I believe a trader should get in and out of the market without a predetermined public announcement.
Your trading objective should be to complete each day and most importantly each week with money in the bank.
Have a daily upside goal where you discontinue trading from $250 to $500; and a downside number that says your day is over from $250 to $500. Upon reaching or coming close to the predetermined dollar amount, you may cease trading. Adhering to the aforementioned program will enable you to experience success more frequently. You do not and must not end the day precisely on the number, for being close is enough i.e. $220 OR $410 - YOUR BODY WILL TELL YOU WHEN IT IS TIME TO STOP.... Make certain that you listen.
Determine as quickly as you can each day whether or not you are in cadence with the market.
On the days, you are out of sync or the market is out of sync with you, which is possible, discontinue trading.
Returning to trade the next day, rested with positive energy means the difference between finishing the week up or down money.
"Fighting the market" and using excessive energy on any given day can and will hurt one's trading on the following day(s). Lethargy and tiredness derails one's ability to think clearly, thus impeding execution
Trading is all about you and managing money. Trading is not all about the strategy used or the commodity traded. Trading is about the trader executing ideas, admitting and exiting trades when the trades are not working.
About Me
- Mickey Hoffman
- Chicago, Illinois, United States
- Dr. Mickey Hoffman, a registered trader and broker with the National Futures Association, is a 30 year member of the Chicago Mercantile Exchange. In 1992, he founded the University of Trading for the sole purpose of introducing students to the career of futures trading. His extensive background in education and trading enables him to provide his students with an experience that is truly unique. Dr. Hoffman was a successful high school and college athlete, high school teacher, head coach, vice principal and summer school principal . His experience as a trader, broker, teacher, futures and options firm owner and author enable him to teach, counsel, and guide inexperienced students and experienced traders. Mickey enjoys working with new students as well as those who who are having a difficult time trading. Many have called Dr. Hoffman a "LIFE COACH"!
