Are You Right or Are you Making Money? (Day Trade Management)
When of the most challenging areas of a day trade is the management itself. Oftentimes beginner day traders who are just getting started get way too focused on “what is a good entry point?”. While this is certainly an important part of any day trading strategy, it causes new traders to lose sight of the part of trading that comes after entering: managing! At the core, day trade management comes down to a simple question, are you right or are you making money? This may not seem to make much sense on the surface; however, let me show you what I mean using some actual data and trades. I will use some of my personal day trading results that I was able to capture live on video. I know some people are annoyed at learning “in theory” and they want practical and real examples. That’s what I’ll give you here! If you want to find overall success in the market as a day trader, you need to be making money, not “being right”.