If you have been trading for any amount of time, you have likely heard the stat… “90% of day traders fail.” Is it true? Today, we delve into a topic that has intrigued many of us: the attrition rate among day traders. As a consistently profitable trader and trader's coach, I've witnessed the highs and lows of this challenging industry.
How Long Does it Take to Become a Consistently Profitable Trader?
Daily Trade Review - Why You’re Probably Doing It Wrong
The entire purpose of a daily trade review is to collect behavioral-performance data around specific actions that you complete on a daily basis - These actions may or may not be directly related to trading. This write up should help to provide guidance on how to structure the daily journaling and data collection.
The Importance of Self-Awareness for Day Traders
In today’s society where the average attention span is rapidly decreasing, we easily lose the connection to ourselves. The term “self-awareness” has a spiritual feel to it and most people (particularly traders) are going to lose interest in the conversation the moment you bring it up. However, I have never interacted with a successful trader who is not highly self-aware.