One interesting anecdote that he brought up was about one of his traders who, no matter what, would sit in front of the computer and watch the markets. He had set a dedicated time to sit there and wouldn't leave until he was done. According to the trader, it was important to sit and observe, even if he didn't have a position on, just to see how the market moved.
I realized that I needed to do that more. In the past, I would sometimes leave early and then I'd see moves happen when I wasn't there. I realized that in order to be more "in tune" with the markets, I should really grind it out and stay in front of the computer and just watch, even if I didn't have a position on. Yes, sometimes it can be VERY boring, but I think it's part of the experience. I need to observe and soak in everything I possibly can.
I compared it to having basketball practice back in the day. Long time ago, when I was but a little boy who was the shortest player on the team, I would have practice everyday, from 3pm to 5pm. I would always be early, and sometimes, I would stay late after practice to keep working on my shot. but I would never, ever leave practice early. It just never crossed my mind.
Of course, the circumstances are a little bit different. I was participating in a team sport and I couldn't just walk out, even if I wanted to. My coach was also my teacher, so that would have been a recipe for disaster, on and off the court.
As for trading, it really has to come from me. I realize that every trader has his own structure for learning and that for me, it might be best to make mine in the mold of "daily practice". If I just look at everyday as practice for the game (when I'll be handling a bajillion dollars - hey, a man can dream right?) then I'll know I'm working towards getting better. There will be structure, and I do think I'll feel a lil' more comfortable day trading.
This week, I think I took a little step in the right direction, as I tried my best to sit and observe the markets, even if I didn't have any trades on. Even if I didn't take a trade, I would do my post trade analysis and write down what I observed. So while I didn't make back my loss for the week, I did learn some new things. I even prevented myself from losing a trade or two, which in a way, is a win.
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