I am getting up at 7:00am in the mornings. While enjoying a coffee I usually join my kids in the living room watching Sesame Street. They LOVE the show, and I am always amazed what stars show up there. This morning they had the Dixie Chicks performing.

Anyways, I am sitting there on the couch with my coffee in my hand and try to wake up. On the TV a kid tried to learn how to skate, but after 2-3 steps it falls down. The kid maintains a positive attitude and says "Practicing tomorrow I'll be better than today".

The next day the kid manages to take 3-4 steps before falling down and says "Practicing tomorrow I'll be better than today."

The kid practices every day, and every day it manages to take a few more steps. Eventually it doesn't fall down anymore and can skate. At the end of this small episode the kid says: "See? Don't give up too easily. There are some things you need to practice before you can do them. Practice every day and you will get better every day".

What a great lesson!

Many trader give up too easily: They start trading, but after a few losses in a row they give up, looking for another strategy. They fall for the old paradigm: "If you don't make money immediately, change the strategy". We talk about the flaws of this paradigm in detail in our webinar "The New Trading Paradigm". You can request the recording here.

What can day traders learn from Sesame Street?

Two things:

1. Practice!
   Don't jump with both feet into the water. Backtest your strategies. Practice on a paper trading account. Start small and trade with one contract first.
2. Don't give up too easily!
   Losses are part of our business. Don't expect to make millions in your first week of trading. "Practicing tomorrow I will be better than today." Learn from your successes and learn from your mistakes, and pledge to become a better trader every day.