10 Minutes To Make Some Dough

After a needless and irresponsible sabbatical from trading, I resumed last week. It was my first trade in almost 3 months. Why the absence? Outside of the obvious "I'm an idiot" response, there's not much else to say. Somehow "I was busy" doesn't quite cut it. I could list off all the excuses, but I won't. Frankly, it was a mistake to stop trading for one day, much less 3 months. I'm back on the wagon now though, and very happy to be here. I give this as a piece of advice for prospective traders: trading is a mental game. For people like me who struggle to wake up early in the morning, one missed day can turn into 30 before you know it. It takes discipline to trade. Don't be lazy and repeat my mistakes. That's one of the biggest keys to success that I have learned from my lapse. Did you know that success or failure isn't determined by your market knowledge and analysis? In fact, that really has NOTHING to do with one's ability to continuously make hundreds or thousands of dollars in this business. It's for this reason that I recommend reading Trading In The Zone by Mark Douglas to every trader I come across. This is perhaps the most comprehensive, in-depth look at the psychology of trading. It is looked upon by many as the greatest tool to turn regular people into master traders. You'll love its simplicity and insight and immediately notice the changes it prompts in you.

So back to discussing my trades. Just as a little precursory explanation about Market Mover Trading, one of the differences with this strategy compared with day trading strategies is that we trade market announcements. These announcements occur ALL the time. Every week there are several regularly scheduled announcements that give traders tiny snapshots of the overall future health of the economy. Why is it great to have so many respective snapshots of future economic outlooks? Well, for a Market Mover Trader the answer is simple: Volatility. It is a trader's best friend (or worst enemy). See, MMT is so simple it's ridiculous. The company gives its traders everything they need to capitalize on market volatility that arises immediately following an announcement and lasts for about 5-10 minutes subsequent. It is the emotional reaction to announcements, and we make money off of it. That is why MMT trades only take a few minutes start to finish.

So my paper trade (aka practice trade, aka trade not involving real money) from last Thursday, July 29, 2010, trading Unemployment Claims, took only 8 minutes to complete. I was practicing a different strategy than the ones I normally use, and I really liked it. I plan on continuing to paper trade using that strategy until I feel comfortable enough to use it in a live trade in a few weeks. At the top of the page is a snapshot of my trade results from the trading DOM (Depth Of Market- pronounced "DOME") that I use. I will include these in every trade, good or bad, so my results are visible and transparent. That way people can see the genuine results you achieve through the education and tools MMT provides.