Day Trading Truths From Mack
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I have received an exceptional number of comments about my “soapbox” comments from Wednesday’s YouTube video, so I decided to take that portion only from the video and add it to a new post on the website to make it easier to find. I think what makes some of my soapbox stuff work so well is that it usually it comes straight out without a lot of thought being put into it, so it really is raw data that you will not often hear traders talk about, particularly anyone that sells trading materials. It is truly unrehearsed and unbiased information that you might not hear anyplace else, and it is probably some of the best day trading truths from Mack that you will find.
This video is in the free content as well, so anyone can view it, even non members. Anyway, the video, actually audio recording is below. Enjoy!
Comments
welly192 August 8, 2014 at
Thank you as always Mack.
You didn’t mention within this time frame how much time was spent developing the method itself- I suspect this took a huge amount of time as well as resources. I know I personally spent 8 years researching profitable methods before finding you.
So- Thank you for taking the arrows and making this method available to us. You have essentially taken us to step 20 or so.
ie:
22. We start to take responsibility for our trading results as we understand that our success is in us, not the methodology.
24. As we trade we still have a tendency to violate our rules and our results are still erratic.
29. We now see the importance of following our rules as we see the results of our trades when we don’t follow them.
30. We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better.
31. We continue to trade and the market teaches us more and more about ourselves.
I don’t know where I am- Hopefully south of 20 but going through this process one thing I have learned is that I need to be able to trust myself- and that trust only comes from doing the work and training my mind about the setups that I know have high probability. Like you say the only thing we expect is 4 ticks.
The more time I spent doing the work the more I discovered- about the market and more importantly about myself.
Another thing I observed is that as I improved others would become more skeptical. Not only do you need to battle your emotions in the market but also external forces want to have a piece of you too. The world closes in very fast it seems 🙂
As you know I don’t trade exactly like you- But you provided the foundation that I could build my own style – You also provided the support and encouragement to continue and never once critisized my dumb questions. I have no doubt that you have done this for every member here every day of the year.
So once again Thank you for all that you do!
Seev2014 August 8, 2014 at
Very well said welly192! 🙂
Mary Olsen August 10, 2014 at
This lesson is AMAZING. Thanks so much Mack for this incredible heart to heart talk!!!!!!
Fritz August 11, 2014 at
[quote]Another thing I observed is that as I improved others would become more skeptical. Not only do you need to battle your emotions in the market but also external forces want to have a piece of you too. The world closes in very fast it seems[/quote]
This is so true …..
Mack August 11, 2014 at
I had to comment on this one too, as it is so true. I battle this daily almost, and finally learned that you just have to ignore the naysayers, because they will come out in droves, like termites to wet wood! Some of them are those that fail, so they can’t believe anyone else can do it, while others do have an agenda. They usually sell something trading related, and they do not like you telling the real story. In most cases, they are failed traders as well, so they have multiple agendas in many cases. Do not listen to them, and do not be deterred by them, as it’s like a cancer and it will affect you negatively!
This is a skill, and it can be learned, but it is not easy and it takes a lot of hard work, so keep that in mind.