Day Trading 101 Skills Needed To Win Big at Emini Futures

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Day trading 101
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We’ve already discussed that becoming a day trader takes building 2 skill sets. In this day trading 101 video we discuss those two skill sets in more depth.

How do you build each?

Let me tell you how I built each.

Day Trading 101 – Technical Aspect

1. Technical skill set

Figuring out the right amount of indicators that works for you is the most important thing to do first. Understand that too much can be a bad thing.

Make sure that your trading plan is complete and try not to leave out any problem areas that you might have. If there is a question about something that you aren’t too sure about make sure that you backtest it to find a good solution.

You should also find out what makes you comfortable vs. what your coach or someone else tells you to do

If you’re taking premature exits because of your emotions (fear) this isn’t good. I suggest you begin to write out your emotions during the trading day and try and figure out what is causing your uncertainly.

While you do that you need to be developing a really thorough trading plan. Now don’t overdo it but make sure you cover situations that give you problems.

Continually improve on your trading plan and add or take away things from it.

Day Trading 101 Mental Aspect

2. Building the mental part

If you’re new than that’s good because you haven’t heard all the BS stuff about beliefs, meditation, deep breathing, changing state etc.

I can tell you from personal experience that this doesn’t work.

In addition to being a trader I’ve had the opportunity to be a high stakes poker player

I played some of the highest stakes online and there was a clear advantage to those people that were able to control their emotions.

A huge misconception about emotions is that people think that they are bad in trading but this is wrong. Emotions actually provide a clue as to a problem that there is in your mindset.

So, here’s some of my best tips.

First of all make sure you prepare to trade, and also make sure that you analyze and evaluate after you are done.

Finally track your emotions during the course of the day and mark anything down that is out of the ordinary for you during the course of the day

You’ll want to come back to this spot and see what you can come up with.

Hope this helps.