Most people trying to generate an income from the markets think that the solution lies in tracking down some simple technical analysis techniques that will catapult them to profitability.The truth is that stock trading is not as easy as beginners believe. It is a career, and like any job it requires a learning curve. Reading through a guide or getting a few simple "tips" is not going to transform you into a successful trader.
When researching for a length of time, it's actually not abnormal for students to start their hunt for the "holy grail". They search for more indicators, chart patterns, trainers, alert services or the newest hidden daytrading strategies and other things that can provide their solution to being successful. But here's the truth. Success lies inside you .. and this won't come easy.Believe it or not, one of my personal success guidelines is this:
"Successful people do what unsuccessful people are unwilling to do."
Let's implement this to trading in the form of my list of daytrading guidelines to Live by,. all of these have to do more with you as compared to the market.The steadiness you need is within your head, not necessarily in the market. Many on the market get discouraged because the marketplace often behaves differently than they expect. You simply can't count on the market to be consistent. It is largely a random walk. However occasionally the market does setup with a probability scenario which gives you an edge. Your job is be consistent in trading these probability setups and trade them every time they occur.Trade like a cat. Virtually all beginners over trade. It's one of the most common trading sins. Your job is to be greater than other daytraders in having the willpower to wait just like a cat in the bush till just the right moment (your high probability setup) and then jump on the trade without hesitation.Profitable trading is simply a game of not making mistakes. Keep a listing of your daytrading rules placed on the wall or on your monitor and then follow all those rules perfectly. You have to be more disciplined than the standard trader. Never depart from the rules regardless of how good a trade "looks" or "feels" to you if it violates your own objective and back-tested rules.
Only trade if you are in an optimal emotional state. Never ever trade if you are exhausted or are in an psychologically unstable situation (after a fight with a husband or wife or friend for example). Day trading is much more like athletics than academics. Trading on an extremely short time frame will require you to be able to make split second decisions, and you are risking a lot of cash when you do. Make sure that your mind is razor-sharp and your emotions are focused.
Keep a detailed trading journal. Every daytrading system I've seen has a trading log. Yet my experience in working with trading students demonstrates that less than 10% of them really use it. This is a huge mistake. Not only is it best to log every trade, but you should also record the feelings you had and everything you were thinking when you took the trade. This way your logs will become a type of "biofeedback" mechanism for you. I believe, this was the difference that made a big difference for me.
These 5 day trading guidelines are not the type of principles that you were most likely searching for. The wider public is looking for rules about indicators, price bars, when you get in and where you move out. Granted, you definitely need clear objective rules about those things as well. Yet thousands of traders have those types of rules, but still continue to crash because all those rules are about market action.These folks fail because they don't have, or do not stick to, the more essential rules are the rules about their own actions.If you find yourself resisting the power of these rules about your own behavior, know that you are among the masses who feels the same way. But since the masses fail at day trading, you must set yourself apart and act different than them.Using these 5 daytrading guidelines are what the retail traders forget to do. Not because they can not do them, but because they are unwilling to do them. And don't forget, "Successful people do what unsuccessful people are unwilling to do."
Author Resource:
If you want to find out about daytrading see this article from Rob Wessels or explore the site of Rob Wessels Daytrading .
![[Valid RSS feed]](http://www.look4articles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
![[Valid RSS feed]](http://www.look4articles.com/images/rss.jpg "XML Feed For RSS")