[ad_1]
Successful Day Trading Strategy is dependent on many variables, rather than just one "magic day trading pill."
The day trader's skill level, for example. Or his or her day trading experience level. Or the quality of the day trader's training. But there is one variable that is often overlooked when people assess their overall day trading strategy, and/or try to figure out why they can't seem to win a trade to save their lives.
There are many Traders out there, new and experienced, that have lost trades before they ever hit the "execute" button on their trading platform. These traders can't seem to win trades consistently. Their losses far outpace their day trading success.
They've taken the time to learn day trading, and they have what they THINK should be a winning day trading strategy, but they still keep losing. But these day traders can't figure out why (or, rather, why not).
They are doing everything right, following their day trading strategy to the "T", charting their course.
So why is that some Day Traders are so successful, and other's just aren't?
There may be many reasons why, but there is one BIG reason that is responsible for the failure of many would-be day traders.
Here is a key day trading tip - Day trading is an art, not a science. An artist's attitude and outlook is reflected in his art. If an artist has a negative attitude, a defeatists attitude, then that is reflected in his art.
Successful Day Traders have a Winner's Mentality.
They go into a trade with a positive outlook, fully expecting to win that trade. Sure, they don't win every trade. But they are mentally prepared for it when they do lose, and can overcome it, and get back on track for successful trading. But most importantly, they are mentally prepared BEFORE they ever enter a trade.
If you have a Defeatist attitude, you will lose far more trades than you win.
Why? Because your thoughts affect your actions.
Your Fear of loss will cause you to hesitate, and get into a trade too late, or miss it outright all together.
Your Fear of Loss will cause you to panic if a trade starts to go against you, and hit the EJECT button, locking in your losses, rather than trusting your day trading strategy.
Your defeatist attitude can even skew how you see the market's behavior. If you have a defeatists attitude, you might see a positive indicator as negative, and enter a trade in the wrong direction. You might misinterpret what is happening leading up to your trade, causing you to execute poorly. And your Defeatists attitude will cause you to place sole blame on your day trading strategy, rather than on yourself where that blame belongs.
On the flip side, if you have a Winners Attitude, you won't hesitate. You'll KNOW what to do in every instance. Day Traders with a Winners' Mentality also realize that day trading is an ART, NOT a Science. You don't automatically get output "X" if you input "Y".
By trading with a Winners' Mentality, you'll BELIEVE in your system. And most importantly, you won't compound losses with losses. You know that trading is inherently risky, and that there exists the potential for real and substantial losses. But with a Winner's Mentality, you can get past losses, and you can secure strong wins, much more easily than the Defeatists.
The Market presents opportunities to day traders to take advantage of. If you have a "Winner's Mentality", then you'll be much more likely to take advantage of those opportunities and develop into a Market Dominating Day Trader. But if you continue to trade with a defeatists attitude, than your success as a trader has already been determined...and the outlook is grim.
[ad_2]
Source by Christopher Call
No comments:
Post a Comment