It takes a certain strength of character to trade successfully. One who can stay focused on the task at hand, and not be overly concerned with the outcome. You must simply enjoy trading for trading's sake, rather than be excessively interested in the money. Ask any successful actor, business person, athlete, etc. and they'll tell you they don't do it for the money. But that's easier said than done. When every trade represents money made or lost, how does one go about focusing on the trade itself, rather than the bottom line? Professionals do not sit and mentally calculate how much money they are making from moment to moment, so if you are doing this as a trader, you are focusing on the wrong thing.
A losing trade is not necessarily a failed trade -- make that distinction right now. If you followed your trading plan, the trade went against you and you exited the losing trade quickly (as per your rules), then that trade was a successful trade. If you didn't follow your system, whether you won or lost money, that is not a successful trade. Do not fall into the trap of being inconsistent. Consistency is the key to successful daytrading. If you have the discipline to daytrade, you have the discipline to become a better trader and this simple process will go a long way toward that end.
Many aspiring traders fail to become consistently profitable because they put too much time into trying to get rich from equities trading and not enough time into the actual process of trading. The paradox of this behavior lies in the fact that the more you concentrate on how much money you want to make in the stock market, the less money you are likely to make. Becoming a consistently profitable stock trader is the result of discipline, passion, and a willingness to recognize and conquer your own personal mental faults. As you begin to focus less of your mental energy on how badly you want to make money from stock trading and more of it on the actual process of mastering your trading strategy and managing your risk, you will find that making money in the stock market becomes much easier.
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