Part 3: Envying Other Day Traders
By Ultimate Trading
Which Pitfalls May Hinder A Day Traders Success?
If you want to improve as a day trader, you must identify the mistakes
you make consistently so that you can recognize your own pitfalls. To
do this, look back at ten losing trades you've made in the last few weeks.
Can you find similarities? Look closely and be completely honest with
yourself. Part of being a good day trader is being able to look at things
with a clear eye and seeing what's really there, not what you wish was
Now here's the harder part successful day traders know: Look back at your
recent successful trades and find the ones that succeeded only by luck.
How would they have turned out if you hadn't been lucky? What were your
mistakes with those trades?
Identify the two most common mistakes day traders make. Identify your
most disastrous trades and identify the mistakes you made with them. day
traders must keep their psychological and emotional soft spots in mind
at all times while you're trading.
Your goal as a day trader should not be to trade perfectly all the time,
to win on every trade, or to be perfect in any other way. When day traders
put too much pressure on themselves to be perfect they find themselves
making lots of mistakes. Besides the fact that no day traders are be perfect,
there's also the fact that you don't need to be perfect. day traders can
make amazing amounts of money in the markets by being good, consistent
Day traders, are richly rewarded if they do their job consistently and
properly. Day traders will find themselves doing far better than 99 percent
of the other people trading stocks in the market, not to mention money
managers, analysts, and other so-called experts.
Instead of perfection, a day traders goal should be to control the emotional
barriers to their success. A long term day traders success is achieved
through consistency: consistently taking small losses and larger profits,
consistently rejecting trades that are too risky or that aren't based
on good reasoning, and consistently doing what they know is right instead
of acting against their better judgment. Day traders know that consistency
is a discipline, and it will serve you well in life as well as in trading.
The purpose of identifying your psychological soft spots is not to make
day traders feel deprived or disadvantaged. All day traders, even the
best, have weaknesses - they just recognize and control those weaknesses.
Instead, the purpose of getting to know your personal pitfalls is to develop
a realistic sense of your strengths and weaknesses so that you can recognize
mistakes before they happen. Being realistic - about yourself and about
the market and the trades you make - is the way that day traders succeed.
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