Learning To Day Trade The Right Way
To many traders, the whole idea of learning to day trade forex is so intimidating for a lot of traders. They can't contemplate how the concept works. The sad thing is that most new traders think that there you have to be a intellectual freak of nature to be able to have success. I suppose I can understand why traders have this feeling. After all, only 5% of day traders have been able to have long term success.
But in actuality, there is no reason why you cant have any success. Trust me you dont need to have a degree from an Ivy League college.
When it comes to emotions, many traders just don't know how to handle them. It makes absolutely no difference of the kind of forex trading method which you use. If you are not going to be able to take care of your emotions when you are trading, irregardless if the trade is working or not, you will have absolutely zero chance of succeeding.
I don't think that there is any doubt that the two strongest emotions that traders have to deal with would have to be fear and greed. Greed usually comes whenever you have made some consecutive winning trades, and you have this extreme feeling of overconfidence. You think that you are able to control the market and make it do what you want to do.
Fear is the exact opposite of greed. This happens from a severe lack of confidence. They don't have a grasp of what is actually going on in the market. They don't really know the underlying reason why they are taking the trades which they are taking.
This really boils down to the fact there are so many traders who want to take themselves out of the equation when they make a trade. They would rather just use indicators instead. This separates the trader from the market by using these indicators.
This is not going to cut it. If you want to be a success in this business, you better be prepared to dig deeper and understand the underlying reasons as to what makes the market move the way that it does. This is what day trading is all about.
Start by using price action to learn day trading. This means losing every indicator that is on your charting platform. - 23229
But in actuality, there is no reason why you cant have any success. Trust me you dont need to have a degree from an Ivy League college.
When it comes to emotions, many traders just don't know how to handle them. It makes absolutely no difference of the kind of forex trading method which you use. If you are not going to be able to take care of your emotions when you are trading, irregardless if the trade is working or not, you will have absolutely zero chance of succeeding.
I don't think that there is any doubt that the two strongest emotions that traders have to deal with would have to be fear and greed. Greed usually comes whenever you have made some consecutive winning trades, and you have this extreme feeling of overconfidence. You think that you are able to control the market and make it do what you want to do.
Fear is the exact opposite of greed. This happens from a severe lack of confidence. They don't have a grasp of what is actually going on in the market. They don't really know the underlying reason why they are taking the trades which they are taking.
This really boils down to the fact there are so many traders who want to take themselves out of the equation when they make a trade. They would rather just use indicators instead. This separates the trader from the market by using these indicators.
This is not going to cut it. If you want to be a success in this business, you better be prepared to dig deeper and understand the underlying reasons as to what makes the market move the way that it does. This is what day trading is all about.
Start by using price action to learn day trading. This means losing every indicator that is on your charting platform. - 23229
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If you want to day trade forex, then you should really look at Trading In The Buff.
posted by X - Men @ 4:04 AM
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