Day Trading Is Difficult Yet Rewarding For Those Who Are Willing To Take On The Challenge
Many people think that online day trading will make them rich
. However, on their journey, they encounter many obstacles, bumps, roadblocks and pitfalls that keep them from ever reaching their goal. Because of this, the traders confidence is taken and any structure they once had is exchanged with a gambling mentality where every trade is taken in a risky unplanned manner. Once a day trader reaches this point, he either will give up on day trading or will realize it is time to slow down, analyze the problems, and discover a day trading plan that works for his personality type.Trading for a prop trading firm requires trading knowledge and that you have been educated via a reliable trading course but more importantly, you must have such control of your emotions that only a few are capable of ever achieving. Remember, you are competing with some of the markets brightest minds. But studying other traders pitfalls will help guide you on your way to becoming a successful trader. Using a trading education firm to further refine your trading knowledge will guide you on your trading journey.
Typically, traders come up against 2 pitfalls: avoiding losing trades and striving for trading profits. Both are dangerous. By trying to limit losing trades, traders will make adjustments in their day trading plan, ignore stops or use more share size to recover losses that have occurred. They will flat out pay no attention to their stops in hopes of a recovery. The danger this poses the small lose to continue into a large loss. Large losses will ruin you and will cut short your path towards trading for a living.
On the other side there are the day traders that try to squeeze each and every single cent out of a trade. They go for it all and will watch a trade go up into profitable territory then watch it drop back down and end up being a losing trade. In addition, during the whole trade they do not take any profit at all from the trade. This is done many times. Eventually, they will switch gears and take early profits even though the trade has more potential.
What is of interest in these two behaviors is that the market could care less which of the two types you are. Its only you that cares, so its you that you must overcome. You are the one major obstacle to your success. Are you afraid of success or failure? Do you possess limiting thoughts? You have to visit your inner self to find out why you are sabotaging your trading.
If you cannot be honest with yourself in solving who you really are, then stop trading until you can. You will save yourself from many losses and possibly your sanity. Its tough to accept your true inner self because you will have to confess that you are flawed which is not fun to do. Many tend to cover up their trading behaviors by switching brokers and trading systems, and extolling to others the few great trades they occasionally make. Now is the time to begin limiting your fear about yourself and your trading. Creating structure is the best way to do that. Using a good trading education and prop trading firm can help build that structure by giving you the tools, software, education, coaching and training to assist you be a professional trader.
So, think you can handle online day trading? Becoming a trader and trading with a proprietary trading firm demands a lot of skill but more importantly, it requires an emotional steadiness that only a few are capable of ever achieving. Overnight success will not happen, it requires years of diligent hard work, perseverance and patience.
On your trek to becoming the prop trading trader you have dreamed of becoming, you will discover how to minimize your losses and maximize the gains that are a must to reach profitability. You will delve into your inner self to conclude why you trade the way you do. Thus, you will discover and acquire new discoveries about yourself that will improve your prop trading results while ridding yourself of experiences that can negatively impact your trading.
Documenting all of your trades is the first step to creating structure. By doing this, you will change the way your brain works so it can help you trade more effectively, thereby letting you work on trades that are more in tune with your individuality. You will soon become diligent at a few trading patterns that will begin to advance you into profitable territory.
Finally, you will become more consistent in making correct choices thus increasing your confidence level. You will start being able to locate and execute trades with better chances of success, you will you will pick the proper moments to enter without second guessing and you will take profits as the trade goes your way. In addition, when the trade shows signs of not working out, you will accept the loss, knowing that if you do not, you will deplete your capital. The more correct decisions you make, the greater confidence you will have in yourself for making those decisions repeatedly.
Day trading is a tough venture but can be very rewarding if you are up for the challenge. You will see many pitfalls, bumps and roadblocks along the way. If you are willing to sacrifice your time & effort to beat those obstacles by controlling your fear, finding compatibility in the market, and by working hard to increase your level of confidence, online day trading may be the career for you.
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