Drop the tight stops and stop using someone elseâs buy and sell signals. Get familiar with a small group of stocks and trade them. Like Jayford said , no one ever loses money paper trading . One of the biggest challenges of Day Trading is the mental aspect of it. Can you think straight when you are in a losing position, or do you get deer in the headlight syndrome and panic ? Can you get out of a wining position and not be a greedy pig so that your winner then turns into a loser ? On the opposite end of that can you stay with a winner long enough for better gains or are you going to scalp for small profits and give away a lot of money to your broker ? I donât care how smart you are or how much you know about the markets or day trading , if you can not handle the mental stress of trading you will fail.
I wholeheartedly agree with that. I hope that I'm strong enough to withstand the losses and missed profits, but only time will really tell. I will keep you guys posted though
Well like some one said Follw a certain group or a certain sector and preety soon you get to know the in ,s and out of a stock I my self am going to start daytrading by 1st week of Jan And that what my mentor taught me follow a certain sector ( financial,s ) which i am following right now even do i am not trading full time. I have already failed once due to overconfidence and Just trading anything i see. So this time when i start i want to do it good
Heh, well I finally turned a positive trade today. Overslept and was super-scared in the morning, but made one trade and came away with a whopping $0.41 Many thanks to NoDoji, SchraderTrader and others who contributed valuabe advice!