Futures Day Trader: David
In this Market-Mamas podcast episode, host Becky sat down with fellow trader David to discuss his trading journey, offering valuable insights for both novice and experienced traders.
David, who started trading five years ago with a different group before joining Becky under their current mentor, Jermaine, shared his initial struggles with finding favorable entries in trades, noting that exits were comparatively smarter and easier. He emphasizes that he's "still working on it" but is "happier and happier every day with my entries." Beyond day trading, David also engages in long-term stock trading, which he manages differently from his daily in-and-out trades. His primary day trading focus currently is on the Dow Jones Industrial Average (ticker symbol /YM), as is host’s Becky’s.
Outside of trading, David is a real estate investor and runs a salon business. He views his trading journey as akin to "a baby in the business," constantly learning and identifying his strengths and weaknesses. In this conversation, both traders agree that experience is key to improvement, with each day, week, and month contributing to slow but steady progress.
A significant portion of the discussion in this podcast episode revolves around recovering from losses and managing emotions. David attributes his setbacks to trading with sizes that are too large, a weakness he continually addresses. He highlighted a recent reminder from another vastly more mature trading friend to "watch for your size," a lesson he learned the hard way after a positive interaction with Top Step, a trading firm, led to him over-leveraging due to, at least partially, an inflated ego.
David's approach to mistakes is one of transparency and a willingness to learn. He openly admits his errors, even on live streams with his mentor, Jermaine, recognizing that acknowledging shortcomings is crucial for growth. He stresses the importance of not letting ego hinder learning and of embracing criticism as a means for growth.
To manage the emotional pitfalls of trading, such as FOMO (Fear Of Missing Out), revenge trading, and greed, David practices meditation, aiming for 15-30 minutes daily and throughout the day when possible. He actively redirects negative thoughts and acknowledges his emotions, which helps him stay calm and patient, especially when market candles are printing.
For novice traders, David's paramount advice is to "watch the size you're trading." He believes that consistently hitting daily income targets with appropriate sizing is vital, rather than succumbing to the allure of larger, riskier trades. He shared a poignant story of a well-known trader who, before stepping away from trading, imparted the same critical advice: "watch for the size you're trading."
David and Becky both agree that while the technical aspects of trading can be learned, the emotional and psychological management is the real work of becoming a consistently profitable trader. They emphasize that self-awareness and self-management are key to achieving consistent profitability.
This episode offers a candid and insightful look into the psychological challenges of trading and the importance of discipline and self-awareness. To hear all of David's valuable experiences and advice, be sure to watch the full episode linked above! Take care and happy trading everyone!
David’s motivation for trading stems from a long-held desire he couldn't pursue when he was younger. He expresses a deep love for it, treating it less like work and more like a passion he constantly fine-tunes. Even his wife and daughter have expressed to him that they are impressed by his consistent dedication over the past seven years.