In talking a lot with newbees on this forum, I have come to the conclusion that they think trading is something you develop an intuition for. I can tell you I do not have that.
Today I was talking with my broker about the same topic. He day trades the S&P for his clients and CTA account. He agrees with me… “Trading every day takes a toll on you. Stomaching the volatility of the markets is a real b*@!!” He went on to say that it doesnt necessarily get any easier over time.
Basically you try to control your emotions and stay as objective as possible during trades. That in itself takes a lot of energy. That is a state of mind all to itself. I have to fight the same emotions newbees do. I still have voices that tug. The key is to maximize your trading plan while keeping a lid on your emotions.
I seldom feel stressed during the week from my trading. I must do a good job at blocking all the feelings out. But I can definitely feel a difference on Fridays after the markets close.
Over the weekend I talked to one of my students. I tried to explain to him that it is no different to me than anything else, only you can keep an objective score. If you are a teacher, then you want your students to learn and test well. If they do well on your tests, and then state exams you know you have done well.
Well, in trading it is real simple. I just look at my account statement. No opinions. No favorites. In this business you can call yourself successful if you make money. But I dont see money. That might be the key. I see points. It is a game to me. It is the challenge and competition I like.
When I first started and lost everything I had and didnt have, I would have gone stir crazy if I put too much emphasis on that money. I was too interested in succeeding at my goal. As per the book Think and Grow Rich (Napolean Hill), I burned all bridges so success was imminent.”