.svg)
Nana's Notes
by SherylTrades
.svg)
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.
Trading doesn't have to be painful
Dear Market Flow Trader Family,
Every successful trader "learned the hard way." There is simply no easy way. But some ways are more painful, to be sure. Ask enough old-timers about their journey, and you will eventually hear, "Learning to trade has cost me houses and spouses." Ouch. I have listened to many painful stories, including from our own MFT Coach, Reven Woods, and Kevin (BumpaTrades), my mentor. And just this week, one of our members confided to me that he has lost over fifty thousand dollars, and still struggles with profitability. I wish that were the largest number I've ever heard. It is not.
"Before, I was just guessing. Where I am now versus where I was just a month ago—it's night and day. I am no longer itching to trade. I'm waiting for the A+ setups to come. And they DO come! I'm starting to think like a trader." ~T.S., MFT Member
Trading has challenged me, but it has not been painful. I credit that to having a mentor from day one. His guidance saved me from the financial pain many suffer, and in turn I'd like to save you from that pain.
Listen carefully, as I say this in my most loving, nurturing Nana Voice: If you take the Market Flow Trader Masterclass, apply the materials, follow the rules, invest in quality coaching, and TRADE IN SIMULATION, you can determine whether trading is the path for you WITHOUT risking significant capital.
Someone reading this has spent six figures trying to do this alone and is no closer to profitability than the day they started. That person tried to skip steps. You will NEVER hear Patrick or any MFT coach tell you to skip a step or go faster.
"Coach Taylor challenged me to find my EDGE. I wasn't even sure what it was, but now it's clear. I no longer trade without meeting my criteria. Game changer!" ~J.J., MFT Member
There is a learning process, beginning with the most basic concepts. Each new lesson relies on your understanding of the previous one. In math, we first learn addition, then subtraction, followed by multiplication, division, algebra, etc.. In trading, we start with basic charting, trend recognition, tradable patterns, advanced charting (drawing lines), setup recognition (tradable patterns from the lines we've drawn), market analysis, execution (or mechanics), and trade management. These lessons are not complex, but each is vital if you are serious about making this your business.
By the time you get to live trading, your premarket prep relies on your proficiency in the latter lessons: drawing your lines of choice, plot the overnight gap, note upcoming news and events, and identify the trend, (macro and micro). With practice, this takes just five to ten minutes. Then, when "building a trade," you MUST follow this order:
- Identify an actionable location.
- Determine your stop-loss (immediately qualifying or disqualifying the setup, depending on your parameters)
- Identify the trade's profit potential/targets (according to the lines you've drawn)
- Wait for a Market Flow Setup AND Trigger
- Execute your trade (with broker mechanics you've verified mathematically in SIM)
- Monitor market conditions until you exit the trade.
At the Live Trading Desk, we often have 1, 2, and 3 checked off a couple of candles ahead of time! That's because the market seems to move slower after you've been at The Desk for a while.
By now you'll have heard about the special live event scheduled for this coming Thursday: Patrick, Reven, Taylor, and Kevin will do it like Huggy Bear and "lay it out so you can play it out!" Four boss traders sharing their favorite setups in detail! Most of what they'll be sharing is straight out of Patrick's course, but layered with multiple DECADES of combined insight. It's a DON'T-MISS event!
There is always so much more I want to share. We know that Market Flow Trader Community is a special place. It's like High School shop class, overflowing with tools and materials, with experienced peers and coaches standing right beside you. There is no guarantee you'll become a master craftsman, but if you learn to trade the MFT way, you won't lose an arm on the table saw!
With that graphic image, I wish you all a Happy Halloween! I'll be home from my Kentucky trip soon and back at the Live Trading Desk as Sage lays it out so we can play it out! I hope to see you there.
To Your Success,
SherylTrades
