What do you do on slow days - do you have adjustment game plan?
Some days the stockmarket just does not deal you many hands to trade. Some days they just can't stop coming your way. Same goes with poker, some days the cards are hot and some days the cards are cold.
On the days when the market is cold or the cards are, how do you respond?
Do you respond by getting bored or frustrated? Do you start trading anyhting and hunting for trades and do you playing trash hands like King 3 (lol)?
MOJO Traders NEVER do that - That would be the worst strategy possible! MOJO never responds with an emotional reaction. Sit back, relax and let the trades and hands come to you! If you let your frustration get a hold of you, you are going to lose your equity and copmpound losses and in poker lose your chip stack very fast!
Some days, you log into the MOJO Day Trading Room and everything hits! There are plenty of opportunities for HEINZ Trades, Green Giant Plays and Lemon Squeeze Plays. The MOJO Team does not trade with the intention of making big scores. While we do occasionally hit big scores, we are all about consistent profits. For a $5,000 account trading leverage $200 to $500 profit per day over the course of a month is $4000 = 100% profit per month. Don't get greedy that's great money and a nice, steady income! You can’t force big scores in poker or big trades without putting yourself in the way of massive risk and variance.
Just as some days are full of positive expectation trade opportunities, there are also days where not much is happening in the market. For example, yesterday and today were just slow days. Not much was going on and there weren’t many opportunities to make money.
So how do you respond on slow days? You have to learn the value of not trading. Remember, trading is a marathon, not a sprint. Some days, the best strategy is to patiently wait for opportunities to present themselves. If you see a certain trade play you like setup - for MOJO that is called the Heinz Trade Play , by all means, take advantage of it, but if you don’t see anything, don’t trade. Remain patient. Let the market come to you. There is always tomorrow, and you can’t lose money by not trading.
Look at this way, if you own a restaurant and it is a slow Tuesday night, do you still have the cooks making food like it is a jam packed Friday night? Of course not! Why? Because you would be wasting tons of food, and in turn, wasting! You would be forcing your cooks to produce meals that will be going straight into the garbage because there is nobody there to buy it!
That is what happens to traders who force trades on slow days in the market. They are raising with trash hands in poker with bad cards because they are bored. They are chefs cooking a steak dinner when there are no customers.
The MOJO Day Trading Team is full of ProTraders who understand this principle and that is why they are able to experience long term success with their day trading businesses.
Check out today’s video recap to see how ProTrader Mike and the MOJO Day Trading Team managed to still profit on a slow market day: