Stock Day Trading: More Than A Means To An End
By Ultimate Trading
How Seriously Do You Intend Taking Your Stock Day Trading?
Most traders dont spend a lot of time on the big questions.
Questions like why they are involved in stock day trading. If they
though about it, theyd likely say they trade to make money. Thats
basic reason anybody starts
day trading, and if youre not trying to consistently make a
profit, you simply shouldnt be trading. But that answer leaves us
with a deeper question. Why do you want to make money?
You may only want to supplement your existing income. Or perhaps
someday you would like to trade as a professional, which would mean
that stock day trading would provide your sole source of income.
Thats great - but hopefully stock day trading, and the money you
make, will be a means to help you live a better life: to follow your
dreams, to help others, to provide a better life for your family.
You need to always stay focused on the things that are most
important to you. None of those things should be stock day trading
itself; stock day trading should simply be a means to help you
better enjoy the things that are important to you. Whether it is by
providing more money, or by equipping you with traits and abilities
that you will have acquired to be a successful trader that will be
useful in other areas of your life.
When you are stock day trading, you learn self-discipline. People
who are successful in any area of life are able to focus on a goal
and do what they need to do to reach that goal. That can mean
refusing to take the easy way out, resisting urges or impulses, and
adhering to a routine or a plan. Stock day trading teaches you to
take responsibility for what you do, and who you are. Successful
traders understand they are responsible for everything they do, and
they act accordingly.
Stock day trading also teaches you to take a long-term approach.
Success requires perseverance over a long period of time. You wont
get rich after a week of stock day trading - trying to do so will
cause you to lose money because youll take excessive risks.
Successful traders make profits steadily, and they watch their
assets grow over a period of time.
You also learn continuously as a trader. Markets change constantly,
and so do strategies, techniques, and approaches. Successful traders
adapt, are willing to look at new ideas, and actively watch for ways
to improve and learn. Continuous learning can help you in any area
of your life.
When you are successful in
day trading, youll learned to adopt a winning attitude. Traders
who expect to lose, or who think they will probably lose, usually do
lose. If you dont think you can win, you wont put out the effort
necessary to win. People who expect to win believe in themselves
enough to do whatever they need to do to succeed. No matter what
your goals are, you should always approach them with a winning
attitude, knowing you can succeed.
You will also have learned to accept success. Successful traders
often make huge profits on individual trades. After all, thats how
you become a successful trader: you limit your losses and
consistently take and protect profits. Learning to accept success,
and to feel you deserve it, is a skill many people dont acquire.
They assume their gains were due to luck, or to circumstance, and
they become unfocused and undisciplined. If you feel you deserve to
succeed, youll stay logical and focused when you do succeed. And
success creates more success.
Remember, winners stay focused when those around them cant the
best opportunities are found when everyone else is thinking
emotionally. If you stay focused, learn from your mistakes, and
maintain a positive attitude, youll succeed in stock day trading.
And youll develop skills that can help you in any area of your
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