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Tsunami-trade: Master The Market
Daytrading is an industry that can become very challenging very quickly. Using the right psychology you can begin to handle some of the frustrations that are inherent with trading. When you are frustrated, you are prone to the swings that the market constantly undergoes. When things don't go your way, it is much easier to have a method to deal with the frustration than to act irrationally. Even if you have the best day trading software, being aware of certain triggers can be the difference between great day trader and average day traders. Following are some common triggers that can lead to day trading frustration.
Taking Losses Personally
Oftentimes, day traders become convinced that a loss in a position due to downward market action was their fault. Your imagination can run wild with reasons why the market is out to get you and force you to lose capital in a position. Obviously, the market is not out to get you and any losses are not ever due to bad karma and the like.
Making Trades Outside of Your System
Sometimes the market begins to move and you jump in even though your system tells you that you ...
... are not supposed to. Even worse than this, often times going outside of your system and losing results in following that mistake with three or four more mistakes in a row. You may then switch into a desperate situation where you are making moves that don't make any sense. You need to beware of situations like this and set up a system so that they don't happen again in the future. If this does ever happen, you need to take note of exactly what triggered this particular psychology to occur so that you can stop it and make sure that you know the situations that lead to it.
Holding onto Bias
You should never go into a trading day thinking that you know how the market is going to trade. Holding onto biases like this means that when things go in another direction you're left shocked and without any plays. On the contrary, if you get lucky and the day does turn out exactly how you thought it would, you shouldn't pat yourself on the back thinking that you have figured out this whole stock trading thing. Thinking like this can place you in a vicious cycle where you are blaming and congratulating yourself at the whim of a volatile market. It is impossible to keep a level head under these types of conditions.
Using Obstacles as Learning Opportunities
When you are up against an obstacle, it becomes useful to start seeing them as opportunities and not automatic failures. You need to accept the fact that you can't win every day and take responsibility for losses. In doing this, you can begin to question yourself, your philosophy and your day trading system. This type of self exploration can lead to new breakthroughs in your options trading philosophy.
Tsunami-Trade: Offers online trading software and automated Forex trading software. Our stock trading software is among the top stock market software available.
http://www.tsunami-trade.com/software.html
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