The number one thing about trading is CONSISTENCY (ok, there are many things important in trading, but few trump this one).
Before trading, and even into my early days of trading the one thing I was super consistent was being TOTALLY INCONSISTENT with all my decisions.
When I woke up and start to grasp the importance of this word that EVERY.SINGLE.TRADER uses as gospel, I realized that I have zero consistency in all aspects of my life.
And this was hitting me hard during my trading and also with raising my kids.
Here’s how consistency is critical with day trading – once you have discovered your trading plan (meaning you have certain trades that work more than they lose 70% or more) you need to STICK.TO.IT.
That’s what consistency literally means. To keep doing what you know is the right thing.
What happens is once you lose, and it can be a couple of times in row, you totally lose trust in yourself and your plan and immediately switch gears.
You don’t even give it a chance to truly work out.
It’s the same with kids – right – we all have great intentions of how to teach our kids to do certain things, ie go to bed every day at a certain hour, but one tiny thing and we have lost our consistency and in turn teach them there is no such thing as consistency.
To this day I battle with this all the time, but I have found that I am more consistent with everything in my life when I am consistent with my trades.