If you put on a trade and your heart starts pounding, you are *not* ready to trade yet...Some people who arent ready to trade have other problems as well: 织梦内容管理系统 1. Pulling the trigger to get in 本文来自织梦 2. Staying with one trading strategy long enough to judge it 内容来自dedecms 3. Letting good trades go bad copyright dedecms 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. 织梦内容管理系统 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 tradingwell, they have nothing to be confident about. copyright dedecms If your trading strategy isnt making you money consistently, in real time, you cant have confidence in it. But, how can you tell if your method is any good when you dont yet have the nerve and discipline to trade it? 织梦好，好织梦 Day trading psychology involves building confidence, and consistent, profitable results will lead to confidence. Being a 23 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. 织梦好，好织梦 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. 内容来自dedecms 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. 织梦内容管理系统 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 youre 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. 织梦内容管理系统 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). 织梦好，好织梦 Not all trading strategies are alike, and this is important to understand. 织梦内容管理系统 1. 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). 织梦好，好织梦 2. Thousands of strategies force you to place a fixed stop and wait to see if it gets hit. These are difficult to trade with confidence even IF you can find one that wins more than 65 - 70% of the time and makes money in the process. Thats a big IF. You can spend a career and thousands of dollars searching for success with this kind of strategy, most unfortunately end in failure. 织梦内容管理系统 3. My method for support and resistance trading is rarely talked about, but aside from making money for me on a consistent basis for more than 20 years, it just happens to have a rational approach to day trading psychology built in.
Heres what Im talking aboutThe fear of trading is associated with the lack of control. 织梦好，好织梦 With most strategies you can control only a few aspects: 织梦内容管理系统 1. You can learn to control your entries through discipline and strict setups. 织梦好，好织梦 2.You can limit the size of each loss somewhat by using fixed hard stops. 织梦好，好织梦 3. You can control your overall chances of success by finding a strategy that works for you in simulated mode BEFORE you trade it with money. 织梦好，好织梦 4. You can control the days and times of day you trade. 织梦好，好织梦 5. You can control the number of contracts you trade, placing more money at risk on your highest-probability setups, and less on your lower-probability setups. 织梦好，好织梦 BUT 织梦好，好织梦 Most traders day trading dont know how to control the overall size of their losses. Learning how to do this is the most rational way of dealing with fear, greed, and other problems of day trading psychology, and its the main key to my own success as a trader. dedecms.com Remember this simple rule that will build your trading confidence like nothing else: 织梦内容管理系统 ** Exit any trade that doesnt go your way immediately. ** 内容来自dedecms Forget about the commission, forget about how many hours you waited for the setup, forget everything except this rule. I know its radical, but just do it.
Then YOU will be in control of the one factor that most traders dont believe can be controlled the downside outcome of the current trade youre in. 织梦好，好织梦 The first rule is used in combination with the second rule 内容来自dedecms ** Every trade starts out as a scalp until proven otherwise. ** copyright dedecms This means that if you get 2 or 3 ticks gain and the market pauses and moves a tick in the wrong direction, you get out immediately with 1 or 2 ticks gain. No questions asked.
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