Day Trading tips -There are days that are not going to be winners. It’s trading. It’s part of the of the game. I’m not saying it’s an easy part, but it is one of the most important ones to master. And I am still learning to handle the losing part of it.
The crazy thing, the big losing days will be the ones that sting the most and you remember better than any other day. Even those big winner days, the losing ones will be all you think of at times. And getting past that is the hardest part of all.
I have had three of these days so far. The first one it took me over six months to recover where I dived back to practicing each and every day.
Yes, I’ve had other days when I had losses, but I was able to deal with them well, brush it off and push forth. But the some days, the big ones, really hit hard.
In a matter of hours I literally lost half of one of my accounts. You can’t imagine how much that hurts and how it makes you feel.
Yet, that wasn’t as much of a problem as the reason why I lost. And how it is 100% preventable.
To be a successful trader there are two things that you need to have.
1. Trading Plan – this is what you live by. Every trade set up should be done by this plan. It’s called making the right decisions over the wrong ones. And fully trusting the plan that has been worked hard at preparing.
2. Psychology of Money – the best traders never think of the money. Why should they? They just follow their plan and the charts. It’s purely technical. They have their stops and profits tightly in place and no matter what they stick to them.
They might adjust their target, but hardly touch the stop. And if they get stopped out, so what. They watch the charts, find the right set ups and re-load.
1. Not following my Trading Plan – I have no idea what happened to me, but it was as though I was possessed. I literally did everything opposite of my well prepared plan.
Instead of buying with the moving trend, I was buying against it. And not just once but seven times.
2. Stops – this is probably the most important element of any plan and trading strategy. Your stops can not be messed with.
What did I do? I literally removed my stop altogether.
Yes, we all make mistakes but mine were completely out of the norm. It was as though I knew I had to get in the passenger seat of my car and drive on the right side of the road. Instead I got in and drove on the left side of the road.
Sure it’s easy to say to lick your wounds and get right back in the game. However, such huge losses can literally deflate your confidence and push you over the edge.
I tried to psych myself up for the next day, and instead took more bad trades losing even more money.
Sometimes it is best to sit it out. Get over the anxiety of the huge loss. Look at all the amazing things I have to be grateful for. And I have so many.
And then pick yourself up, practice in sim mode to get the confidence back up and get right back in the game.
Because there is nothing else I’d rather be doing.
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