All MOJO ProTraders know that patience is key to their success as a day trader. If you are impatient, don't even dream of trying out day trading, because you will inevitably lose! Patience is required, as you often need to wait for the perfect moment to execute a buy or sell, if you miss it, even by just a few seconds, you are out of luck.
There are days where patience is 100% the key to the success of the MOJO Room. If we were impatient, we would buy or sell to early, and get crushed. The market is as unforgiving as it has ever been, so make sure you give yourself your best chance to win by being patient.
2. Good Instincts:
MOJO ProTraders are proactive, rather than reactive when dealing with the stock market. MOJO ProTraders seek to be ahead of the crowd of sheep, instead of being led to the slaughter with the masses, the MOJO ProTraders are using the MOJO System and the instincts they have developed over time to know the perfect time to move in and out of trades.
This is learned through MOJO University and daily execution of the MOJO system over time until it becomes second nature and the trader can act instinctually. For instance, when MOJO ProTraders begin to recognize HEINZ Trader Play opportunities before I call it it, they have great instincts!
3. Habit of Journaling
I've said it before and I'll say it again: all MOJO ProTrader must keep a journal! It is absolutely a necessary requirement if you want to succeed as a day trader. How many times do you hear me say in the room, "How did I know to make that trade?" What is always the answer? JOURNAL! My journal never leaves my side when I am trading. If something interesting happens, I write it down. Something out of the ordinary, I write it down. This helps me analyze my trades and my results. Over the years, you will learn so much from your journaling that is is inexcusable not to keep a journal.
4. 'DGF' Attitude
MOJO ProTraders have a 'DGF' attitude when it comes to winning or losing. Don't take that the wrong way, the goal is to still profit and make money. What I mean by this is that MOJO ProTraders believe in the MOJO System and know that is is a system based around positive expectancy, so if you follow the system and execute it accordingly, the results will take care of themselves.
I tell you all the time in the room, I am not looking at my profit/loss yet, because it doesn't matter. I know my profit is going to be there in the end as long as I stick to my system and stay on the reservation, so I 'DGF' about what that P/L says in the short term. As long as I have the MOJO, I am going to be making my money, baby!
5. Ability and Discipline to Walk Away as a Winner
I can't tell you how many traders have the talent, tools, education, and skills necessary to beat the market but they lack the self control to walk away and log off when they are winning. Listen, it's simple, just take the money and run. Set your goal. Hit your goal. Log off. Enjoy your day!
That is the MOJO system and that is why we are usually finished up and done for the day by 10:30 AM. When I hit my goal, I am done, out of here! I am going to go enjoy some golf, or maybe take out the boat for some fishing. The last thing I am going to be doing is messing around in the market when I have already made my money for the day. That is asking for trouble and that is why I am constantly reminding our traders of MOJO Wave Theory. If you keep trading, you will lose 90% of the time, so make the right choice and log off and enjoy your day. Stay profitable!