This is an email that I sent to a prospective student yesterday. He just could not set aside one consistent time each day to look at charts or study the market or make trades. He is a brilliant individual. Has enormous potential to be a great trader. But if he is not able to focus on one set system, and set aside at least a bit of time each day to do his planning, he can't expect great things from trading.
Here's what I told him, and I think there are a few of you out there who might benefit from the same advice. I know I needed to hear it when I started.
"Your schedule is simply too crazy. You are going to have to be able to look at the market at consistent times in order to make this work. Somehow I thought you would at least be able to watch the market at one set time each day. If you are looking at the market at different times back and forth, you are going to mix systems and methods, and really blow up. Is there any way at all that you can set aside 1 hour consistently every day at the same time? 4 times a week? Your only strategy is going to be long term trading, since you are not really going to be able to sit and watch the new york session entirely
Also, I can already tell that you have been hurt by so much reading and information in the past. One of the very best things that you can do now, if we work together, is to toss it all aside. Traders are successful when they focus. By focus, I mean, do one thing and do it like an expert because they have learrned it cold."
So there you have it. If you don't focus, and if you don't commit to follow something consistent, it is going to be very hard for you to survive long term.
