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Nana's Notes
by SherylTrades
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I knit, I fish, I Nana. Retired microbiologist turned day trader, going on three decades with the markets.
This newsletter does not constitute financial advice, and reflects only the personal views of the author. Making money with day trading is notoriously difficult; please see MFT's earnings disclaimer here.
Greetings From Chicago!
Dear Market Flow Trader Family,
Visiting Chicago this week, I reconnected with my college roommate, who played flute with me in the University of Kentucky Marching Band (Go Cats!). We were both capable players by then; ten years of lessons, theory, and practice through elementary and high school developed reliable muscle memory. As a beginner, I dreaded performing. The stress and anxiety began weeks before a performance. By college, the flute was as familiar to me as my own hands. The stress of playing was gone. I could just play and enjoy the music we were making.
I remember my very first lesson. Mr.Tully explained that each note had a recipe: finger placement, embouchure (the shape your mouth makes), and proper airflow. Not complicated, right? Simple, but not easy. Being completely aware of the perfect recipe, taught by an expert player, did not make me an expert. I was, of course, horrible at first. And I was horrible for a long time. If you have a child taking music lessons, you know it is a slow, torturous process. Hang in there.
That said, all the practice in the world will not help someone totally devoid of musicality. Quite like trading, many fail. But as Patrick reminds us, “Some will put in the work …focus on the process. You will fall down and you will get back up. You will keep learning and growing as a Trader. It won’t happen overnight, and it will happen at different speeds for different people.”
Also, while on vacation, I had the absolute pleasure of meeting some fellow members of the Market Flow Trader Community. We met at a brewery in Schaumburg and got to know each other, with conversations spanning coconut farming in Mexico and gardening, to hunting and fishing, teaching, and real estate. BumpaTrades (my trading partner) and I shared some nuggets to help folks focus their energies before ending the evening with hugs all around. These traders are still relatively new to the community and will have more questions to ask. I know our MFT family will help out in any way they can.
When I first found Patrick on YouTube, I was amazed at how unsophisticated his trading is; he draws some lines, interprets the Bookmap, and makes the trade. “Certainly,” I told myself, “I can mimic his setups and be successful.” That was not initially the case. Even with a solid foundation in trading, adding a new process takes practice. I paper-traded for a few weeks, posted my charts into the Market Flow Chatter, and took notes as Reven (SageFT) critiqued my process. I practiced risk-free in replay until I felt confident enough to trade live. If there is one quality that benefits a new trader more than any other, it is humility. Pride has no place in the learning process.
“We can’t solve today’s problems with the mentality that created them.” ~Albert Einstein
If you were inconsistent in your trading prior to joining Market Flow Trader, that will continue until you let go of your pride and your old way of doing things. Taylor S., MFT’s Consistency Coach, will always ask, “Why did you take that trade?” Your response, per the Socratic Method, should detail how your list of entry criteria was fully met. Win or lose, trading your process the same every time is the only way to develop and validate your EDGE. If you struggle to adhere to your rules, or if you are still developing your rules, Taylor’s group coaching is a great place to get that tough love and accountability.
Your journey is going to be very individual to you, but I want to share this post from C.R., who finally decided, “Enough is enough!”
"Passed the 50k combine today…sticking to (my) edge, patience, and most of all, discipline. It is not trying to predict the next move, but waiting for the setup. Thank you, Sage, Pat, and everyone else who has helped along my journey." - C.R.
Wait for the setup. That’s the recipe. If your finger placement, embouchure, and airflow make sour notes (like I made for YEARS on the flute), it is not the fault of the recipe, but the execution. I urge you to join us at The Live Trading Desk, where Sage is in no way ambiguous about the types of setups you should be looking for. If you are ready to say, “Enough is enough” too, I will be looking for you among us tomorrow morning, pre-market.
To Your Success,
SherylTrades
