Day trading is one of the few careers that will literally pit many of your mental and emotional weaknesses against you. If you lack patience in your life, you will tend to be a trigger-happy day trader. If you do not have the discipline to cut out bad habits in your personal life, chances are you will have trouble diligently following your trading system or executing trades as you should.
What trading can teach you about financial independence and career freedom does not, in the grand scheme of things, compare with what it can teach you about yourself and the personality traits that affect your personal, and in this case professional, life.
We have decided to start a series unlike most of what you will find on the Internet about day trading. Sure, there are a lot of articles, books, blogs and tutorials about “how to trade” from a technical standpoint. But if trading were as easy as following a technical checklist with ease and confidence, then everyone would be very successful at it. But the fact is, the margin of day traders that overcome their mental roadblocks and trade successfully is small. But hopefully, with a little “Dr. Phil” type help, you will be in that margin and thrive as a result.
For the new day trader that is ready to dig in and build their career, this series will help you understand many of the hurdles that you will face in your growth stages.
For the seasoned day trader that is already facing many of these demons in their trading, this series will give you tactics to continue to hone your skills and refocus your efforts.
For the guru day trader that really knows all this stuff, this series is to remind you to keep these issues at bay so they do not creep back into your work – and they will try!
If you don’t RSS this blog already, this series is a good reason to do so. These lessons will work best when they are received and applied on a consistent basis.
Hopefully this series will be as valuable to you as it is gratifying for me to write. We welcome your questions, comments and particularly suggestions on topics. If you struggle with a particular area of trading, chances are, many others do too!
Look on Mondays for the topic and tactics for the trading week. The Weekly Trading Tip topic will also correspond with this series.