Home Add to Favorite Contact Submit  
             28 February, 2021

Category:  Articles » Finances » Currency-Trading


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

         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
Print article      Bookmark this page
Related Articles 
Foreign exchange calculator can make your life easy (Popularity: ): The currency of each country in the world is unique and its value keeps on changing depending on its economy. An individual planning to buy, sell, do a money transfer or perform any transaction to other country of the world, is required to understand foreign currency rates. Due to advanced technologies and tremendous expand in international trades; the foreign currency exchange (forex) market has become very vast and unpredictable. People ...
Best Secured Credit Card Deal - Beware (Popularity: ): Why you should beware of a best secured credit card deal today? If you have been in the credit card market for quite a while and know how the credit industry has evolved and modified in many positive and negative ways, the answers are simple. When you do not have a clue of the ins and outs, it becomes unforgettable to many hard working consumers when they deploy their money ...
Pattern of Continuation: Descending Triangle Bearish (Popularity: ): Descending Triangle Bearish occurs when sellers force buyers to hold their orders or to yield thus making breakout in market price.Market price is trying to move downward but held by support level. Then highest prices are making descending pattern until market price could make breakout level to continue moving downward.Well, some traders use this pattern to identify sell signals. They sell at the breakout level. But I don’t recommend you ...
Pattern of Continuation: Bullish Flag (Popularity: ): Bullish Flag is occurred when market moves upward followed by a pause or sideways to lower trading for a few price bars/candlesticks, then market continues to move upward. The flag is usually too short in duration to actually have reaction highs and lows, the price action just needs to be contained within two parallel trend lines.Draw bullish trend line on chart. It is located just before the flag pattern. Then ...
Beginner Traders Information on Futures Index Trading (Popularity: ): In 1982 the Chicago Mercantile Exchange brought out the S&P 500 and the life of an index trader was possible. You could buy or sell the equivalent of the 500 largest capitalization stocks in the country, stocks on the New York Stock Exchange, on the American Stock Exchange, on the Nasdaq stock exchange all in one index of 500 different issues. This index was composed of big corporations, utilities, and ...

Related Business 
Trading CFDs (Popularity: ): Trading CFDs short term requires a professional skill set that we explain, we coach you in our CFD Trading Strategies, Money Management, so you have a clear understanding of How o Trade CFDs with a robust CFD Trading Strategy. We also place CFD Trades out every day so you can follow or trade. There is plenty of CFD Education and Trading CFDs Tools for you.
Day Trader Training Resource (Popularity: ): Day trading is traditionally defined as buying and selling stock, options, or commodities during the same trading day and be have your positions closed by the end of the trading session. In the past, day trading had been reserved for financial companies and professional investors.
Stafford Trading Company (Popularity: ): Offers two trading systems. The first is designed to trade all markets, the second is for day trading the S&P 500.
Stock Trading Software | Forex Trading Software | Track N Trade (Popularity: ): Track N Trade offers the best trading software for forex trading, stock trading and futures. Track N Trade is the best trading platform if you want to keep up to date. Track N Trade presents its future trading platform, forex trading software and stocks charting software, these put together offers the clients the best option for trading. Additional plugins are also offered to customize the calculations and news on stock.
Day Trading Software (Popularity: ): DecisionBar Trading Software issues accurate Buy and Sell signals in real-time. Trade any market. Perfect for day-traders swing traders and investors.
Fear Of Flying Help (Popularity: ): This website is provided by International Airline Training Captain Jonathan Curd and his Airline Captain wife, Jessica. They understand aviation, they fly almost every day. They know flying is safe and they want to help. This website contains information about the various causes of flying fear, the psychology of fear, airline safety, airplane travel tips, anxiety disorders, plus a list of phobias and their meanings. Fear of Flying Help offers ...
Trade Alerts (Popularity: ): If you are reading this, it is likely that the subject of financial trading is of interest for you. For the uninitiated, financial trading has always appeared to be a very attractive way to earn a living – what some have described as the perfect business! After all, you only need an internet connection. No employees, no licenses, no merchandise, and no store required. This is why thousands of people ...
Business With Trading (Popularity: ): Gain an edge over the other market participants with day trading strategies via our many resources including our Emini Futures Day Trading Support Room. Learn to be consistently profitable and have A Business With Trading. An online trading resource for traders wanting to learn day trading stock index futures. You will see Live S&P 500 ES Emini Futures Trading via our Trading Room, See Daily Market Analysis Predictions, and Correlations ...
Paradise Trading USA. Inc. (Popularity: ): Offers books on day trading, seminars, and a real time trade notification service.
Fiasco Trade of the Day (Popularity: ): Using a proprietary trading system, Thierry Martin identifies a stock which he believes will trade higher within the next few days. Free one-week trial.