Why Day Trading Systems Are Not For Slow Witted Or Thin Skinned Traders

in Trading

Day trading stocks, futures or forex is one of the best if not the best profession out there. It is the only profession where you do not answer to anyone and are your own boss. You have no employees or overhead expenses to worry about. All you need is a good charting platform, trading capital and a good execution platform. Everything else is dependent on the trader.

Day trading is also a profession where the trader calls the shots. The trader comes and goes as he or she pleases. There are no time constraints to deal with. The trader chooses his or her own working hours and dress code too. There are no employees or bosses to deal with.

That is why trading can be a boring business and not for the faint hearted. Trading seems to be a very easy profession, yet definitely not an easy one. After all anyone with a trading account can buy or sell whatever they wish to trade with the click of a mouse. The true test between a successful trader and a trader not successful is how they handle their emotions. There is no way someone who does not have a thick skin and who is not quick witted can survive the trading game. That is because in trading like in any other business there are ups and downs to deal with. Traders only have to deal with their trading losses and control them in a manner that will make them a successful trader in the long run.

To be a successful trader, one must be fast thinker and a good executioner. While trading live there is no time to think. Once a trader recognizes his or her setup they must execute it right away. Then let the market decide if they are right or wrong. Whether the outcome is a winner or loser, the successful trader moves on to his next setup without thinking of the outcome of the last trade. The successful trader knows there will be many more opportunities ahead to jump on. The successful trader also knows losses are part of the business and they consider it to be a tuition fee they pay to the market to participate in it.

In conclusion, it is very important to have a thick skin to deal with the losses in trading as they will always be there to deal with. It is also equally important to be quick witted and execute a setup as soon as it happens. These two characteristics separate a successful trade from one who is not successful. Successful traders keep executing without hesitation all the time knowing fully well that the money will be there for them at the end of the tunnel as long as they stick to their plan and trade it well.

Good luck in your trading journey.

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Edward Kingston has 1 articles online

Please visit http://www.invictatrader.com to learn more about the Watts Trading System from Ryan Watts of the Watts Trading Group and how it can be used to profitably swing or day trade stocks, futures, forex or any other liquid market and any time frame. It is the only system out there that we believe offers a lot to traders who want to succeed at trading for such a low price.

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Why Day Trading Systems Are Not For Slow Witted Or Thin Skinned Traders

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This article was published on 2010/04/02