Trader Qualities for Intraday Trading (CITS)
Attitude is a winning formula for traders. Success or failure in intraday trading largely depends on your qualities and approach.
Maintaining the Right Attitude
To succeed in trading, maintain an attitude that supports discipline and minimizes anxiety. Avoid trading position sizes that cause stress and always ensure you're in the right mental and emotional state before trading.
Handling Bad Trading Days
There will be days when trades go against you, even with the right decisions. On such days:
- Exit trades and stop trading for the day.
- Avoid trading when upset, frustrated, or anxious.
- Focus on returning refreshed for the next opportunity.
Controlling Emotions After Losses
After a series of losses, reflect on your trading approach by asking yourself:
- What caused the loss?
- Was my entry or exit correct?
- How can I improve my strategy?
Success in trading begins with capital preservation. Losses are inevitable but should serve as lessons for future trades.
Common Techniques for Profitability
- Avoid overtrading and undisciplined entries/exits.
- Analyze each trade to improve future performance.
- Focus on making correct entries and maximizing profits on exits.
- Always trade with a stop-loss to control risk.
Key Qualities for Successful Traders
- Stay Calm: Avoid position sizes that increase anxiety and remain composed during trading.
- Keep Perspective: One losing trade doesn't define failure. Maintain a long-term view.
- Stay Comfortable: Ensure a good physical setup and take care of your well-being while trading.
- Slow Down: Focus on the best setups rather than forcing trades.
- Appreciate: Be thankful for aspects outside trading to maintain balance.
- Be Mindful: Observe emotions and mental processes without being driven by them.
- Abandon Stubbornness: Learn from mistakes and focus on what works.
- Conquer Emotions: Avoid decisions driven by fear or greed; rely on your trading plan.
- Move On: Accept losses, exit when wrong, and prepare for the next trade.
Important Trading Rules
- Never trade without a stop-loss.
- Do not average a losing position.
- Stick to your trading plan.
- Wait for good entry points and avoid impulsive trades.
- Follow your strategy, even after a few bad trades.
Inspiring Trading Quotes
“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.” – Randy McKay
"Be disciplined. Trade your plan. Stay consistent. Profits will follow." – Linda Raschke
Conclusion
Trading requires patience, commitment, and discipline. Accept that losses are inevitable, but with a good strategy, emotional control, and consistent learning, success is achievable. Build your skills, avoid common mistakes, and stick to proven strategies for long-term profitability.