Keys to Successful Day Trading
By Toni Hansen and Brandon Fredrickson
By Toni Hansen and Brandon Fredrickson
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1. Staying Neutral
You're probably wondering away just what do I mean by that? You know the guys you see where if they take a loss of $100 the whole world sucks and if they make $1000 they are on top of the world? Well, they definitely are not neutral. They let the market control their emotions. The professionals don't let the day to day oscillations in their accounts phase them. The results in one week don't matter much, and the results even in a month. It's just a small blip of time in their career, so the day to day oscillations don't really matter. It's the average over time which is important. With great traders, it's hard to tell their good days from their bad days as their attitude remains for the most part unchanged. They don't go touting to every message board and chat room they can find how they just doubled their account and should be worshiped for their success. Nor do they whine about how the market makers or specialists have it out for them and they can never catch a break. While no one is a robot, completely devoid of emotional response, successful traders generally have learned to control the swings, thus leading to more objective trading.
You're probably wondering away just what do I mean by that? You know the guys you see where if they take a loss of $100 the whole world sucks and if they make $1000 they are on top of the world? Well, they definitely are not neutral. They let the market control their emotions. The professionals don't let the day to day oscillations in their accounts phase them. The results in one week don't matter much, and the results even in a month. It's just a small blip of time in their career, so the day to day oscillations don't really matter. It's the average over time which is important. With great traders, it's hard to tell their good days from their bad days as their attitude remains for the most part unchanged. They don't go touting to every message board and chat room they can find how they just doubled their account and should be worshiped for their success. Nor do they whine about how the market makers or specialists have it out for them and they can never catch a break. While no one is a robot, completely devoid of emotional response, successful traders generally have learned to control the swings, thus leading to more objective trading.
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