One of the biggest questions we get at Gorilla Futures is "how many trades should you be taking each day"? Now there is no right or wrong answer to this, due to the fact each trader is different. But we do like to suggest anyone who is having issues stick to one good trade a day and one setup. Let's explain!
First off what do we mean by one setup? If you are a Gorilla Futures Member you know we have a few different go to setups, check out chapter 7 & chapters 14-16 for more details. Pick one of those setups and that will be your one setup a day.
Now if you are not a Gorilla Futures Member yet here is a link to become one! The idea behind this, the trader will focus on one setup and learn the in's and out of it. This means that the trader will be able to correctly identify the setup and properly manage the trade once signaled in.
The idea behind this is, less is more. If you are trying to identify 10 different entries you are most likely going to mix some up and you may even take the wrong signals at the wrong time. As Bruce Lee said "I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times." Same thing goes with trading, the person who learned one entry signal and uses it 10,000 times, is probably in a much better place then someone who has taken 10,000 different signals. Remember less is more!
Next up is one good trade a day. As Warren Buffet says "I could improve your ultimate financial welfare by giving you a ticket with only 20 slots in it, so that you had 20 punches — representing all the investments that you got to make in a lifetime. And once you’d punch through the card, you couldn’t make any more investments at all."
Same thing goes with day trading, if you got one punch a day you would wait for the perfect signal to enter into a trade. You wouldn't be in a rush to take a not so good signal. This is the mentality all traders need to acquire.
Now adays traders can place hundreds of trades throughout the day but just because you can do something doesn't mean you should.
By focusing on one good trade a day and one good entry signal you will be very picky and very specific about the trades you take and you won't settle for so-so trades.
It's simple, pick a signal stick with it and look for one good trade a day.