Trader Qualities for Intraday Trading CITS
Attitude is a Winning Formula for Traders:
Trader Qualities for Success: Qualities decide Success or Failure in Intraday trading.
First and foremost Never ever trade position sizes that cause you increased anxiety
There is a day for all traders when all the trades or some of the trades executed goes against you, you may have made the right decision but the markets hit hard on you, or maybe because of your personal problems there may be wrong decisions totally a bad day that is when you need to exit, stop trading and retire for the day there is always another day to make profits. Do not trade when you are upset or not in your right spirit. Trading requires concentration, an upset mind, depression, frustration, anxiety leads to a disaster.
How to control emotions after a series of losses?
Asking oneself the following questions. What made the trade lose? Where did I go wrong? How can I correct it? Was my entry time correct? Was the setup right? How to overcome losses? What should I do to get even or make profits? First and foremost is How to avoid losses?. Try to answer and solve those questions.
Success in trading begins not by gaining alone but first by retaining the capital without losing it. Find your best strategy to avoid losses. Study your losses. Losses are inevitable in the beginning stages and should be converted as the stepping stones for your profit and for your success.
Some of the commonly adopted techniques that lead to profit are by avoiding losses due to over trading, undisciplined entry/exit strategy, chasing a stock. After each trade study your profit/loss by analyzing whether you made your entry right? If right, was your exit right? Irrespective of losing or winning trade, Keep a track of your win versus loss statistics to evaluate and decide future winning entries.
The setup repeats again and again and tries to make your entry right the next time and exit with more profits. Trading does not have a single rule winning formula or strategy that always gives profit.
Every good trader undergoes loss but comes back to trade after learning from their mistakes. Do not trade without Stop Loss. Know your risk and be cautious always.
Trader Qualities for Success in Intraday trading are: Stay calm, Keep Your Perspective, Stay Comfortable, Slow Down, Appreciate, Be Mindful, Abandon Stubbornness, Conquer your Emotions, Move On
Stay calm.
Never trade position sizes that cause you increased anxiety. Stay within your comfort zone.
Keep your perspective.
Keep in mind that one losing trade does not a failure make. If you are risking 1% of your trading capital, it should only be one of the next 100 trades.Stay comfortable.
Make sure you are physically comfortable and relaxed while trading. Good posture, correct ergonomics, drinking and eating correctly, and staying mindful of your wellness are all critical to your success. Visualize. Your future success is based on your current discipline and your ability to focus on trading your system. Visualize your success, and it will come.Slow down.
Only take your best entries and setups. Most stress comes from trying to make things happen when the odds are against you.Appreciate.
Being thankful for your family, friends, hobbies, and outside interests will help keep your trading in perspective.Be mindful.
Pay attention to your emotions and mental processes. Watch them rise and fall, and rather than being a captive of your internal narrative, step back and be an observer of it. This will create a space of equanimity.Abandon stubbornness.
Focus on your trading strengths and do more of that every day. Stop devoting time to the things that cause financial losses and mental or emotional pain.Conquer your emotions.
Stop making trading decisions based on fear or greed. Instead, focus on your trading plan and commit to only acting on facts and not mental fiction.Move on.
Be willing and able to exit and cut your losses when you are wrong. Move on to the next trade, knowing that each one is a new beginning.“When I get hurt in the market, I get the hell out. It doesn’t matter at all where the market is trading. I just get out, because I believe that once you’re hurt in the market, your decisions are going to be far less objective than they are when you’re doing well… If you stick around when the market is severely against you, sooner or later they are going to carry you out.”
Randy McKay
Trading requires a lot of patience, commitment, trading rules, strategy, willpower, and discipline to make profits but again, the loss is inevitable one should be able to take profits and loss in the same spirit.
Keep learning about the markets, Nobody knows the Future, The more you learn the more you can trade with a good setup, and the more disciplined you are the more success you will have.It is how you manage to avoid or minimize the losses and maximize the profits will determine your success.
Stock trading is a high-risk job and definitely not suitable for weaker hearts. One should decide whether one wants to be an investor or a trader.
A trader is buying or selling a stock for a shorter duration of time to make profits from a fluctuating stock price mostly within a day or two or few trading days taking maximum risks.,
Only a few traders succeed in trading. If you want to be in those few learn the tricks of Trading.
Never let go of a winning position.
- Never trade without a stop loss.
- Do not average a losing position.
- Follow the rules.
- Have a plan and follow the plan strictly.
- If you have a good trading strategy stick to it and do not change or look for another if you had a few bad trades.
- Have patience wait for a good entry, do not enter and wait endlessly or lose.
