If you put on a trade and your heart starts pounding, you are *not* ready to trade yet…Some people who aren’t ready to trade have other problems as well:  https://spboasia88.xn--6frz82g/

Pulling the trigger to get in

Staying with one trading strategy long enough to judge it

Letting good trades go bad

Day trading psychology plays a role in these issues, and books have been written to help traders deal with these problems, but most of them do not offer a practical solution.

In order to be successful at day trading support and resistance, you must have confidence in your trading strategy. Most traders with less than 2 or 3 years of experience, and for those who are just starting to learn day trading…well, they have nothing to be confident about. (But, there is a strategy that really helps inexperienced traders, so don’t be discouraged, we’ll talk about it in a minute.)

If your trading strategy isn’t making you money consistently, in “real time”, you can’t have confidence in it. But, how can you tell if your method is any good when you don’t yet have the nerve and discipline to trade it?

Day trading psychology involves building confidence, and consistent, profitable results will lead to confidence. Being a 27+ year veteran trader, my day trading advice for you would be to trade your strategy in simulation mode so that you can judge it rationally. The inexperienced trader (and even some traders with years of experience) has a difficult time thinking rationally when they are afraid of losing money, so take that fear out of the equation by utilizing simulation trading as a tool.

Some “professional” traders will tell you that simulation trading is useless or even, “the worst thing you can do.” But it depends on why and how you utilize simulated trading. If you choose a simulation strategy that has a defined number of setups, a fairly specific strategy for limiting losses, and you stick to that strategy like glue, never deviating from it – then simulated trading is a logical way of testing your method in real time and it will help you greatly.

Day trading psychology also involves self control. Cultivating good habits such as self control, and developing confidence while using a simulation method will help you when you’re ready to trade for profit.

Having confidence in a method you have traded in simulation mode is the most rational starting point for a new trader, or any struggling trader.

So begin the successful part of your trading career with a strategy that you personally have learned to trust through real-time trading (preferably simulated trading).

Not all trading strategies are alike when it comes to day trading psychology, and this is important to understand.

Any strategy that loses more than 60 % of the time (such as a trend-following system) will take enormous courage to trade, no matter what you do. These strategies demand a certain type of person (rich, with ice water in their veins).

By yanam49

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