As a beginning trader, one of the first pieces of advice you may receive from more experienced day traders usually revolves around learning as much as possible, oftentimes from books written from expert traders.
At MOJO Day Trading, we understand this and wanted to save you some time from taking a trip to the local book store by providing you with a list of the best trading books on the market.
These books are all very well regarded and written by respected and experienced traders who can teach beginning traders many of the fundamentals and concepts that are vital to your success as a trader.
However, at MOJO Day Trading, we consider the books “The New Sell & Short Shell” and “The New Trading for a Living” by Dr. Alexander Elder, to the must read of all day trading books.
Many of the key principles and concepts in the book overlap with what is taught in MOJO University. These concepts help MOJO ProTraders learn and develop the skills and tools necessary to beat the market and run successful businesses. While many of these high level conceptual ideas are the secret propriety information of MOJO University, I did find a few select and meaningful quotes to share with you!
What major MOJO trading concept does this quote make you think about? JOURNALING! Great minds think alike and all profitable traders recognize the undeniable power or journaling and record keeping. Journaling is an absolute pillar of MOJO Day Trading and MOJO University, and like Dr. Elder says, it is the factor that integrates and brings all the others together! Never trade without your journal!
Again, Dr. Elder touches on the importance of journaling, but he also touches on something much deeper and more powerful here. The idea of self-sabotage. Take a minute to think about your worst trading losses in your personal trading career. Now, be honest and ask yourself “was that loss a form of self-sabotage?” Were you overtrading? Were you trading premarket? Did you trade after you had hit your daily goal? I would bet good money that your biggest personal trading loss is a direct result of self-sabotage and breaking rules that directly conflict with the core MOJO Principles of Trading!
This concept really just furthers the importance of journaling and keeping ACCURATE and HONEST records of your trades.
Why do you think ProTraders values transparency so deeply? Because you need to be 100% honest with yourself to be a profitable trader. When you write in your journal, you need to be able to identify and recognize where you succeeded and where you failed. If you were trading premarket only to lose, guess what? Self-sabotage. If you tried one last trade after hitting your goal for the day, guess what? Self-sabotage by going directly against MOJO Wave Theory!
Remember, it is ok to make mistakes in trading, it happens and it is a part of growing and getting better. However, make sure you are honestly journaling your notes and discussing your mistakes with ProTrader Mike to ensure that you grow and improve as a trader. Do not repeat your trading mistakes, rather combat them through journaling.
How often do you hear ProTraders preach the important of patience? Easily 10 times every single day. It is no coincidence that PATIENCE is a key concept in the announcements in the MOJO Day Trading Room every single morning.
Further, Dr. Elder points out that a profitable trader must eliminate greed. This is exactly why ProTrader Mike has set one of the rules of trading with MOJO as: “Hit goal for day, shut it off!” When MOJO ProTraders hit their goals for the day, they are gone. They close down the trading room, shut down their trading platform and they go enjoy the day. ProTrader Alan has been able to maintain his phenomenal winning streak because he immediately shuts it down for the day when he hits his goal. Why should he be greedy? He comes to the MOJO Day Trading Room every morning and hits his goal every morning. Why risk it on trading once MOJO Wave Theory has taken effect?
Like Dr. Elder says, the goal is to trade well, not to trade often.
MOJO ProTraders make their livings off just executing HEINZ trade plays. They ignore all other trading opportunities and only enter a position when the HEINZ set up is right. That takes extreme patience and will power, however those ProTraders understand that the goal is not to make a lot of trades, the goal is to make a lot of money!