Beginner Day Trading Tips for Success
By Linda Wainman
Why is it that some people are successful in trading the markets? And some people fail?
Critical Factors for Successful Day Trading
The ability to adjust to changing market circumstances is just one of the traits of a successful trader.
When money is on the line all traders emotions come into play and unless you can maintain discipline, success will elude you. The more disciplined you are in trading, the more profits you will make longer term.
Successful traders have learned to control their emotions, thus leading to more objective trading. Human emotions are always the key to either success or failure in any business. And it is especially important when trading the markets.
The simpler a system, the more likely it is to be robust in the face of changing market conditions. you need to understand your trading method, and the logic behind it, so you can execute it with confidence and discipline.
You must have an identifiable edge over the market.
Maintain self-control and discipline when making trading decisions: you must be confident in your trading method
You must execute the buy and sell signals with confidence - these signals will lead to trading success in the long run, as you rigidly adhere to your method.
Successful traders have one to three things that work and they use them over and over and over and over again for as long as they are profitable.
Successful traders protect their accounts. They respect the risks they are taking, usually no more than 2% of capital If your risk per trade is too aggressive then you run too high a risk of blowing your account, too conservative and you will not optimize returns from your system.
To really succeed at trading of any type, you need consistency, even if it's with small amounts. The ultimate goal is to keep trading over and over to eventual riches. Small but steady gains over time can add up to some truly massive numbers
You can't win if you're not in the game, and the way to stay in the game is through proper money management, risk assessment, position sizing, etc. Without these components most new traders blow their accounts out and never return to the game.
Learn from your losses - take advantage of each loss to improve your knowledge of the market.
Most successful day traders have a true love or passion about their trading activities.
Successful day traders know that many of their trades will fail to meet the original objective. They do not, however seek to blame someone else for their loss, and they don't dwell on it. They attempt to learn from their mistakes and move on to the next trade.
Successful traders do not rush into trades. They take their time to select good trading opportunities and do not place orders simply for the sake of holding a position in the markets at all times. On some market days, where few good trading opportunities exist, they are content to simply stand aside and wait.
In day trading, a great deal of real-time information has to be absorbed, analyzed and acted upon in intense bursts throughout the trading day. This requires a great deal of concentration and stamina on the part of the trader, and the ability to avoid distractions. Day trading can be very hard work and a lack of concentration can doom a trader to failure.
Exit Losers quickly. Successful traders do not hang on to a losing position hoping the market will go their way eventually.
Constantly evolve your trading edge to stay ahead of the crowd.
Robust trading method + discipline = trading success
About the Author
Linda Wainman is author of the "Keeping It Simple Day Trading System"
Get the exciting details from http://day-online-trading.com
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