Minutes Day
Psychological Traits needed by Swing or Day Traders to succeed at Online Futures or Forex Trading
The day trading business gives anyone with some money a chance to turn it into a lot more in quite a short period of time. That is why people from all walks of life are drawn to it. The lure of easy money is a trap that many people fall into pretty quickly. That is why only about ten percent of people who are drawn to trading succeed at it. That is because trading is a psychological game. It might not be physically strenuous but it definitely is a mental energy hog. That is why trading is 90% emotional and only 10% physical in nature.
People who do achieve currency trading success have a certain psychological structure that is not possessed by the rest of those who venture into trading. Let us take a look below at some of these psychological traits found among the successful traders.
Successful day traders do not let performance anxiety get in their way. They are not anxious or tense when they make or lose money while trading. They plan their trades ahead of time and execute them as laid out in their trading business plan in real time without being afraid to do so. They take their profits and losses as per their plan without hesitating. They never get out of a trade they are in because it might start losing money initially and never are too early to book profits or exit prematurely either.
Successful swing traders do not consider themselves as perfectionists either. They know that they cannot be right on all of their taken trades. The market is always right in their eyes and they have deep respect for the markets as they know they cannot change them or make them do what they want them to. They do not set up very high goals for themselves that they know are hard to achieve and are comfortable getting to their small goals set for themselves in a disciplined way and timely manner.
Successful traders know that excessive trading can be very dangerous. They know when to trade if they see a setup and know when to sit tight and do nothing when the market is not acting rationally. They are not afraid of losing out on an occasional trade either. They know that the market will give them many more opportunities down the road. They will never take a trade just because they are bored or take a trade that does not meet their entry rules as laid out in their trading business plan. They are not afraid to take their setups whether they trade one contract or several at a time. They build up their contract size very slowly knowing very well that the amount of risk increases with the increase of trading size.
Successful traders just pay attention to their trading and the goals that they set for themselves while trading. They do not think too much of the money they are making or losing while trading. They do not let the monetary gains and losses of trading affect them mentally. They trade the position size that they feel comfortable with. They know that if they follow a well executed trading plan then almost always profits will roll in. Traders that do not succeed are the ones paying too much attention to every dollar made or lost during live trading.
Lastly, successful traders know when to stop trading if things do not go well for them. They will walk away from their trading screens for a few minutes, days or even weeks at a time when the time to do so comes around. They know that trading with emotions can lead to losses and are account burners. That is why they will immediately stop trading if negative emotions creep into their minds. Even the slightest doubt in their mind will make them stop trading. They know that it is very important to use their brain only to recognize a setup and take it without fear and greed and for nothing else whatsoever. They always maintain a state of calm and peace while trading but are also aware of what needs to be done in an adverse situation if necessary as they are constantly training themselves to do so mentally. Just as athletes are always physically well prepared for their game, professional traders are also always mentally well prepared for trading.
About the Author
Please visit the Invicta Trader Inc. website to learn more about the Watts Online Trading System from Ryan Watts of the Watts Trading Group and see how it can be used to profitably scalp, day or swing trade stocks, futures, forex or any other liquid market and any time frame. It is the only online trading system out there that we believe offers a lot to traders who want to succeed at online futures trading, currency trading or even forex trading for such a low price.
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