Who Should Be Day Trading?

 Who Should Be Day

Trading?

Who Should Be DayTrading?

Day trading is not for everyone. Yes, there are many advantages, but there are also some “negative” factors. One of them is that you WILL face losses. As a trader, losses are part of our business. If you can’t accept that fact, you simply shouldn’t trade.

And you need a PLAN:

Traders who enjoy the most success in day trading, regardless of whether they’re in it for a living or for some extra income on the side, generally have solid trading strategies and the discipline to stick to their tradingplan.

Keep in mind that day trading is a very competitive field. In order to succeed, you need to maintain focus on a set of strategies which you can implement immediately, without hesitation. Remember, a proven, strategic trading plan can give you an edge over the rest of the market.

Unfortunately, even with a tested, proven trading strategy, you are not guaranteed trading success. It takes something else. It takes discipline.

A profitable strategy is useless without discipline. Successful day traders must have the discipline to follow their system rigorously, because they know that only trades which are indicated by that system have the highest probability of resulting in a profit.

Whether you’re new to trading or have been trading for years, it’s all too tempting to place the entirety of your trust in graphs, charts, and software. If only trading was as easy as that!

Simply purchasing trading templates and computer programs does not guarantee your success as a trader.

Too many hobby traders have tried that, and, unsurprisingly, they’ve failed. They bought the tools, but they didn’t have the knowledge they needed to succeed. As in all things, education will do wonders for the aspiring – and experienced – trader.

Of course, this is not to say that software programs and markers are not helpful when it comes to day trading. On the contrary, many traders use technical indicators which are instrumental to their success – a few examples of these are the MACD, moving averages, and Stochastics. However, though profitable day traders DO follow their indicators, they are also aware that nothing is 100% foolproof.

You will not get rich on just a single trade.

Successful traders know that trying to hit a lucrative home run on just one trade is a sure way to get burned. The key is consistency. You need to devise a solid strategy that produces consistent trading profits, and you need to learn and adapt as your experience with day trading grows and evolves.

If you want to succeed with trading, then you MUST invest both time and money to acquire the knowledge that you need, the discipline to follow your trading strategy, and the patience to wait for the “perfect trade.”

You need the following mindset:

1.) Play Above the Line

Playing above the line means taking OWNERSHIP for everything that’s happening in your trading. Rather than blaming, making excuses, or denying that there’s a problem, be ACCOUNTABLE for your trading decisions and actions, and take RESPONSIBILITY for doing something about it.

There is no “bad market,” there’s just a “bad trading approach to the market.” Nobody forces you to trade a certain market. If a market becomes un-tradable, you can change to another market. And you can change your trading approach and adjust your trading plan. There are many things YOU can do. As a trader, YOU are responsible for your trading results, nobody else.

2.) Have a Positive Attitude

Trading can be simple, but it is not easy. Along the line, you will face losses, but you need to get up every single morning believing in you, your strategy, and WINNING. Have you ever heard of “The Law of Attraction?” Basically, it states that in order to achieve success, you need to focus and concentrate on attaining that success. And the opposite applies too: if you focus on the negative – on losses – then you’ll probably experience losses. It's extremely important that you ARE positive and that you STAYpositive.

3.) Exercise Honesty

You overtraded this week? You let your emotions get the best of you? You didn't stick to the strategy? Fine – these things happen to the best of us. But don't lie to yourself, and don't make excuses. Take responsibility for your actions and your decisions. Admit a mistake, learn from it, and move on.

4.) Be Committed

Trading success will not happen overnight. It requires commitment, time, and effort on your part. There are already too many “traders” in the market who think they know everything they need to, who think they don’t have to learn anything; they believe a “magic system” will place their trades for them and make them rich. You and I know that this is a sure path to failure.

Trading is like every other profession: you learn the basics, you apply them, you gain experience and then you refine your trading. The learning never stops. Do you really expect to make millions of dollars after only investing a few hours of time into your education? You wouldn’t trust a doctor whose only education was from free, downloaded Internet eBooks, would you?

There’s no doubt about it: day trading can be a profitable and exciting way to earn money. With the right knowledge, you can radically reduce the risk, which will create even more opportunities for achieving trading success.

If you’re not willing to spend the time learning the techniques of trading, reading about new and improved trading strategies, and working wholeheartedly in a fast-paced trading environment, then day trading is probably not for you.

However, if you have the drive, dedication, and discipline, day trading could seriously impact the shape and success of your financial future.

Action Items:

✔️  Decide right now that you will have the discipline to follow your plan, that you will play above the line in your trading, that you will maintain a positive attitude, that you exercise honesty, andthat you are 100% committed to your trading success.

✔️  Start a trading journal. Most successful traders have one. Get your hands on a nice notebook and begin to record your trading progress and your feelings every day. You can start now. Write down today’s resolutions; you will NOT use day trading to get rich quick. Circle it three times and read it frequently. It will help, trust me.