Most successful day traders share common personality traits and behaviors to achieve their personal and professional goals. While many a successful day trader performs their trading activity from the comfort of their home, they understand the discipline necessary to be successful at their job. By maintaining good work habits, they remain focused and active during their respective trading sessions to meet and exceed their trading goals. A large part of the daily life of a successful day trader includes:
Successful day traders use reliable day trading software and never deviate from it. They understand all their positions, entries, exit targets, and stop placement before making their first trade of the day.
A successful day trader always understands the current market state before committing to any trade. Many successful traders use specific day trading strategies that follow and adapt to changing “Market Moods.” Understanding the current market conditions enable them to enter a position with the entire weight of the market behind them.
Following a successful trading plan, employing proven risk management principles, and using mechanical day trading tools enable you to control your emotions during intense trading situations.
Profitable day traders use efficient day trading tools and methods to protect their trading capital. They use the correct position size in relation to their portfolio to avoid disastrous losses.
By determining their exit target points before initiating the trade, they know exactly where they will meet their profit goals. They understand that greed has no place in day trading, as they are in it for the long haul.
Trying to copy someone else’s day trading method most likely will be ineffective for you. By using the proper tools to perform your work, you will gain a better understanding of the trading process, and you improve your trading over time.
By keeping a trading journal and writing down, detailed notes on all steps of your trades will help you analyze the technical indicators and fundamentals, along with the profits or losses they produce. Be sure also to document your emotions and thoughts during your trading day so that you can see repeating trends.
Confusion can be an excellent tool. When you do not understand what is going on, step back from the trade. Remember, successful trading is not gambling. In fact, print out this Trading Rule and tape it to you monitor:
“Process and Method Beat Winging-it Every Time!”
By taking full responsibility of how you operate your trading business and following the rules of your day trading system, you can go a long way to eliminating losses in your trading account.
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Commodity Futures Trading Commission Futures and Options trading has substantial potential rewards, but also significant potential risk. You must be aware of the risks and be willing to accept them to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.
CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS, IN GENERAL, ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
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