8 Principles to Improve Your Day Trading
- Find your motivation: Why are you trading? What drives you to be a trader and what do you expect to accomplish from day trading? If you have enough motivation and reasons to succeed, you will.
- Get to know yourself: People are usually afraid to look inside and to see what they find. That’s why it’s so important to do so because we can’t look outside to overcome our challenges when all we need is in inside of us. In business school and in the business world we do SWOT analysis on companies, projects, and proposals. I have applied it to myself as a trader and highly suggest once goes through this process.
- Make trading and the process fun: Trading tends to make us very serious. If we are going to do it we should enjoy it and set ourselves up to succeed by creating the right environments. It is journey to become a consistent and profitable trader and we are in it for the long term. So let’s not beat ourselves up and stand in our own way of succeeding.
- Sharpen your edge: Once you have figured out your strengths, it is important to build upon them to capitalize on it as much as possible. Additionally, once aware of your weaknesses find ways to turn them into strengths for an added edge. Whatever your edge (trade setup) is continue to improve it and don’t get comfortable.
- Give it all you got: Give trading you best efforts and leave nothing to chance. Study, sim trade, read, live trading, and do whatever it takes to succeed. Mentally, this will help you build confidence and also give you a peace of mind that you have put it all out on the table.
- Be cool: To be a successful trader we have to be calm, cool, and composed. There are going to be losses and big winners. Again, we are in this for the long-term. Similar to veteran athletes that have an aura about them that comes from experience where you can’t differentiate when they have won or lost.
- Push your boundaries: There are times when trading is going to challenge you and you will want to quit. That’s when you push the hardest and have your breakthroughs. Learn and under that trading is not a comfortable job and there are going to be times when you are going to be seriously tested.
- Take responsibility: In trading it’s you against the markets. You are the one click the mouse and monitoring the screens. Therefore, man up, take responsibility and step up to be a great trader. No excuses and no blaming others. You are the holder of your own fate.
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