Here’s a secret on how to succeed in Day Trading
Here’s a secret on how to succeed in Day Trading.
In order to succeed in the markets, you need to buy low and sell high. You need to do exactly what, at the time, is a very uncomfortable decision. Most traders suffer from Fear and Greed. Losing traders are fearful to buy when the Stock, Futures or Forex contract is cheap because they are concerned it might go even lower. This results in hesitation and buying too late. If the trader is lucky and just happens to buy lower into a trade than where it is trading now he gets greedy when it’s time to sell and take a handsome profit, as he rationalizes, “Why sell it if it’s going to the moon?” So hesitation kicks in again and the trader misses the opportunity for the optimal, profitable exit.
Losing traders also suffer from the normal human tendency to seek other peoples’ validation before making any important decision.For example a man may ask his best friend for an opinion as to whether he should marry his girlfriend before he proposes to her. A couple asks each other’s and many other opinions before making a decision to buy a home. Seeking the advice, opinions, and recommendations of other people can often be helpful in making big decision. However when it comes to trading there is no one to turn to for this type of validation.
When a Stock, Futures or Forex contract is cheap there is no clear label that tells you, “I’m cheap,buy me now.” Since there is no one to ask, and no labels posted anywhere, the trader seeks validation in other ways before he makes the trade.This means consulting one indicator after another to get a consensus decision. As in government, decisions by committee are usually poor.Since most indicators are lagging and all usually never agree, the trader gets the so-called “paralysis of analysis” syndrome. Since he is not sure he hesitates and misses the ideal entry price, misses the optimal profit exit, and so on.What is so obvious in the rear view mirror or during your weekend guru course is never so obvious or clear in real time. It takes incredible discipline and a lot of experience to succeed at subjective trading. Most of us are simply not equipped for such a challenge.
To Succeed in Trading You Need to Treat Trading Like a Business.
A business employs people who have needs and families and rely on a steady source of income. Successful businesses sell one product — or one product line – very well and have consistent selling methodologies. This is how they enjoy consistent year-after-year profits. A successful shoe store owner does not sell shoes on Monday, power tools on Tuesday, and vacuum cleaners on Wednesday. A “jack of all trades is a master of none.” Subjective traders use the whole gamut of indicators, moving averages, Fibonacci levels, indicators, oscillators, pivots, etc., and never trade any one set methodology. Subjective trading relies solely on the trader’s judgment. It’s impossible to systemize such trading because it relies on subjective judgments and ‘gut’ feelings throughout the day. Since it’s impossible to systematize judgment, the trading results can be as inconsistent as the various methods used.
How can you know what works in your trading business if you are doing things differently each and every day? Trading in this manner is less like a business and more like an expensive hobby!
One of the best ways to get rid of the problems stated above is the use of reliable trading robot software. It will eliminate all subjectivity and bring discipline into your trading, which will systematize your trading judgment and help make you a consistently successful trader.
TSUBOT by Tsunami Trading Educators, Inc. is one such robot which analyzes price volume & momentum in real time and gives out high margin 100% mechanical trading calls right from your computer’s speakers.
KW: Day trading robot, trading software, automated forex trading software, forex trading robots, tsunami trade, tsunami trading, tsunami-trade, tsunami-trade.com
Author’s Sig
To read more about TsuBot, visit <a href=”http://www.tsunami-trade.com”>day trading robot </a> (<a href=“http://www.tsunami-trading.com”> www.tsunami-trade.com </a> ). If you want you can try TsuBot in live markets for free, visit <a href=”http://www.tsunami-trade.com”> Free Trial. </a>
About the Author
To read more about TsuBot, visit day trading robot ( www.tsunami-trade.com ). If you want you can try TsuBot in live markets for free, visit Free Trial.
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