I used the Trading Strategy to coach a slew of day traders while I was coaching people with Eminis, Academy in the states have great potential. It wasn’t easy balancing day trading, traveling extensively while living overseas, and working with the Emini Academy to coach others, but I did it. I got to meet a great group of day traders around the world and they probably didn’t know that I learned as much from them as they were learning from me. Here is what I learned from being a day trading coach at the Emini Academy:
You Learn More From Teaching
Through my roughly 10 year career now in day trading I have noticed that you actually learn more from teaching other people than you do from just practicing. You obviously have to start somewhere and you can’t teach people right away but once you start teaching you start to see the market in a different light. It really helps when you have the pressure of teaching 40 to 50 (even hundreds) while they are counting on every word you say.
This has motivated me to start my own website about day trading where other people can learn how to day trade using my personal strategy.
It Takes Patience
I used be (and still am) one of the most stubborn people that I know. It took me longer to learn how to day trade because I was always doing other things and not paying attention 100%. If you really want to learn how to day trade you have to put aside Facebook, the kids, and even shopping site ladies, in order to really learn. If you don’t put in 100% then you won’t get out 100%.
Be Your Own Person
Understand that there many different types of people and many different kinds of personalities. I have seen a countless number of day traders try to replicate another person’s trading plan just because they make money every day. When you are day trading you should try and do what you feel comfortable with, not what someone else feels comfortable with. It’s hard for most people but when I have seen people take the time to really put thought to what they want, they succeed in day trading.
You Don’t Have To Be A Millionaire
If you want to make a living day trading understand that there is only about 1% of people that were born to do it. Some people just have the instinct for the market while most people don’t. You are most likely in the 99% of people that don’t have the instinct for the market and this is why its more important for you to be your own person. If you setup a good plan you can still make a living in the market. You will probably do better than most but it doesn’t mean you have to be a millionaire.
At the Emini Academy, Chris & I (Marcello Arrambide) brought years of back testing to the table when we started to develop the Map Trading Strategy. That is one of the reasons that I decided to begin working with Eminis, Academy in the states really have a lot of potential because they have so much back testing in their day trading careers. Its very important to do back testing when learning how to day trade because if you don’t its like driving blind.