Today's Quote: “Time wasted is existence; used is life.” Edward Young.

There are several good books out there about trading that should be on every trader’s must read list. If you were forced to choose one and only one, the only possible pick would be “Tools and Tactics for the Master Day Trader”. We are going to run a series of excerpts from the best selling book for the next series of lessons. Now in the words of the master trader himself, Oliver L. Velez…

LESSON #8: TIME EQUALS MONEY

A recent study revealed that we, as parents, spend less than 60 seconds a day with each child when they are the most receptive to valuable input, right before they go to sleep. This is not only unfortunate, it's a high crime as far as I'm concerned, the victim of which is not only the child but the parent(s) too. While it is very easy to recognize the tremendous importance of time well spent with our children, life and its myriad details do, at times, make it difficult to do. But difficulty is not, and cannot ever be, an acceptable excuse. Not regarding our children. They're just too important. Any caring parent would agree with that. But let's turn our thoughts to trading. My question to you today is, "How much time are you spending each day developing yourself to be a better trader?" If the child's mind is most receptive after the activities of each day, then the trader's mind is the most receptive after the market's close. Are you spending quality time after the closing bell, collecting your thoughts, reviewing your actions, analyzing your trades, preparing for tomorrow, and/or taking notes in your personal journal? Or are you one of those traders who dash out of your of lice, your home, or your chair at 4:01 p.m. (EST) like a wild bat out of hell, looking for relief? Most would-be traders don't readily recognize that becoming a successful trader requires hard work. It's a long evolutionary process that takes place ever so gradually over time. Most do not recognize that spending quality time reviewing their actions at the end of each day helps season the mind and fatten the purse. Frequently committed mistakes are left alone to rob the trader of his or her future, because less than 60 seconds a day is spent developing into a better trader for tomorrow. If you want to be a winner, you must spend time planting the seeds of improvement each and every day. Time, in this case, really does equal money. Spend a little on your future.