Day Trading tips

Sometimes a reality check is necessary! I can guarantee that if you made $250 from a trade you would pocket it sooner if it came out of the computer as out of a hole in the wall (a cash dispenser). Equally, a loss would have a more salutary effect if it meant that every time it occurred you had to reach for your wallet. I believe I have a solution to this psychological dilemma. I place a glass pot before me and whenever I make a profit, I put it into the pot and whenever I lose, I take it out. It may seem simplistic and naive but it illustrates the aim of the game graphically.

Would you believe it, the most difficult Day Trading rule is to stop the guy in the driving seat (you) from cutting corners.

A trading partner can be a real asset. It's easier to give advice and criticism to someone else than yourself. Being completely on your own, the chances are greater that you will deviate from your planned strategy and never establish a trading rhythm.

Don't hesitate to take your profits, for they can slip through your fingers like grains of sand.

To Day Trade you have to be in good physical and mental health. You should never feel under compulsion or hassled which inevitably undermines clear perception and your ability to function optimally.

When Day Trading is still quite novel you must avoid developing the tendency of repeatedly making trade after trade to satisfy an unhealthy inner need rather than because it is a sound business opportunity. Don't mirror the 'drinker' who is always having one last one for the road.

If you want to be a successful Day Trader you must first define what success means to you. Thereafter you will see if it is practically attainable.

See what is, and not what you want to believe.

I value technical indicators because they can verify what you see and more importantly, point out what has slipped your attention. When you then make a decision you have greater conviction.

When you question yourself, your method, ability and so on, you end up confronting fundamental feelings to do with you as a person. Do you only believe in yourself when you know the outcome will be successful. Are you thereafter surprised how easy it is and that your introspection was too critical and harsh. To boost your confidence halve your stakes it may ease your anxieties.

Day Trading is no longer to me a mere hobby, it is a multifarious game and I hope it always so remains.

Though Day Trading is a very serious business it's not the money that is of prime important but how you utilise your knowledge and how skilfully you play the game.

Necessity is the best motivater to get you winning.

Successful Day Trading is not difficult and complicated but don't confuse "simplicity" with "ease" and never with "mechanical" As long as you carefully calculate the risks before entering into a trade chances for success will be favourable.

Sometimes your wisest option is to stand aside, watch and wait.