How To Be a Successful Day Trader-2

Part – II
Updated On: 11/05/2019

It’s a continuation of Part-I if you have not read Part-I,

I request you to please read the Part-I first by clicking this link. 

Day traders should mostly think for a small and quick profit, they should not focus on big profit in a single trade or in a single day. Small and consistent profit can be a good accumulation of money over a long period of time. For this, you need a solid plan (strategy). Adopt a plan(strategy) for day trading that should be highly proven for you and tested by you.

Most of the day traders who enjoy the success in trading generally have solid trading strategies and the discipline to adhere to their trading plan.

Always remember, day trading is a very competitive task. To get success, you need to keep the focus on a set of strategies that you can implement instantly, without hesitation. Remember, a proven, strategic trading plan can give you comfort over the rest of the market.

Unfortunately, even with a tested and proven trading strategy, there is no guarantee of success. You should also maintain and adhere to discipline. A profitable strategy is useless without discipline. Successful traders must have to follow the discipline rigorously because they know that only trades which are indicated by that system have the highest chances of resulting in a profit.

If you want to be a successful day trader, then you must invest both time and money to obtain the knowledge that you need. You must have the discipline to follow the trading strategy, and the patience to wait for the 'perfect trade'.

"Before Trade, Plan it and then trade on your plan"

You also need some mindset while you trading :

1. Be Responsible and Play Above the Line: Take the responsibility of your trades and avoid blaming the market and other things. Remember, the market is not bad only the approach and the way of your trading may be bad. Nobody compels you to trade a certain market or stock. If a market/stock becomes untradable, you can change to another market/stock. And you can change your trading style and adjust your trading strategy. There are many things which you can do. As a trader, only you are responsible for your trading results, nobody else.

2. Have a Positive Attitudes: Trade with positive attitudes only, means before taking any buy/sell position in the market you should be prepared with the analysis and related news and should be 99% confident in yourself. In some of your trades, it is usual that you face losses but you should not give up. Don't lose confidence in yourself, think and rise next morning again with winning attitude. In order to achieve success, you need to focus and concentrate on attaining that success. And the opposite: if you focus on the negative – on losses – then you will probably experience losses. It is extremely important that you are positive and that you stay positive.

3. Be Honest to Yourself: Someday you will feel that you over-traded, you let your emotions overtake your mind, you did not stick to the strategy. Ok, these things are common to most of us. But don't cheat yourself, don't make excuses. Take responsibility for your actions and your decisions. Accept a mistake, learn from it, and move on.

4. Be Committed: Trading success will not come in a day or in a week. It requires commitment, time, and effort on your part. There are already too many "traders" in the market who think they know everything they need to, who think they don't have to learn anything; they believe a "magic system" will place their trades for them and make them rich. We know that this is a sure path to failure.

Time to Act Now:

Decide right now that you will have the discipline to follow your plan in all your trades, that you will play above the line in your trading, that you will maintain a positive attitude, that you will exercise honesty, and that you are fully committed to your trading success.

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