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             28 February, 2021
 

    
Category:  Articles » Finances » Currency-Trading

 

Day Trading Having "No Fear" to Take the Next Trade

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         Views: 1427
2006-11-09 00:06:50     
Article by Linda Wainman

If you can master this single element, taking the next, the next and the next trade, you will be ahead of 99% of all traders. Having the discipline to repeat your proven strategy, day after day, is the single most important facet of successful trading.

"When it comes to trading, your fears will act against you in such a way as to cause the very thing you are afraid of to actually happen."
Mark Douglas, Trading in the Zone

The main reason why people lose money in day trading is because they fear loss.
Courage is moving ahead even though you're afraid.
Discipline and emotional balance is critical to success.
Above all, you need to be able to trust your system completely. You have to feel completely comfortable.

If you have a simple method that will produce a steady, though small, profit regularly - and follow it religiously - you will be the trader who walks away consistently winning. By simply changing the amount of capital you risk in your day trading, you can turn a system from returning 10% to returning a 100% per annum.

Once you have tested and refined your system, it is then possible to enter the market with realistic expectations. It is when we begin modifying our systems without first testing the changes that we risk unknown dangers.

Don’t try to predict outcomes. Just take every clear trade setup. Do not seek ‘certainty’ on trade outcomes, because certainty does not exist in markets.

By taking all of your clear trade setups, the odds are rigged in your favor.

Concentrate on just one or two good setups at the most to make trading more manageable, which will help you to trade better.

When the strategy has too many indicators and conditions, the day trader can be easily confused, and a confused trader has almost no chance of executing successful trades. Use strategies that are powerful, but easy to apply.

Constantly feed yourself with information which helps improve your trading.

Many traders experience stress and frustration because they are trading poorly and lack a true edge in the marketplace. Working on your emotions will be of limited help if you are putting your money at risk and don’t truly have an edge.

Stop loss pricing is the key to becoming a successful day trader. Always focus on limiting your losses, not maximizing your profits. Never add to a losing position. It is a prescription for disaster.

Traders are just as susceptible to overconfidence during profitable runs as lack of confidence during strings of losers.

The surest path toward emotional damage is to trade size that is too large for one’s account. Understand what your personal edges might be. Having an edge in the market isn’t just a slight advantage; it could be the pivotal difference in your success. So it’s very important to list your edges in your business plan.

Have a positive attitude towards the market. Look at the market as a wonderful source of financial freedom, rather than “the market is out to get me”.

There are many things you can do on a regular basis to really improve yourself. And if you have the commitment to really doing them, you will be unstoppable.

Specialized in: Beginner Guide To Online Day Trading - Day Trading Futures - Day Trading Online - Day Trading Education - Emini Day Trading System - Beginner Day Trading - Day Trading System
URL: http://day-online-trading.com
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