The 5 Day Trading Factors Not Many Mention
Competitive. We believe that good traders are competitive in nature because it is a zero sum game. You want to grab your share of the market, and you want to win. You are reading this article because you want to know what it takes to become better in your field of trading. There is an assertion that good traders are geeks or math wizards, but that cannot be further from the truth. Most successful traders are highly industrious and meticulous people who take the time to learn the charts and sacrifice capital in real time screen trading in order to fully understand the dynamics of live market conditions.
Realization. You accept that some trades will go against you because there might be factors involved that are beyond your analysis. You also accept that if or when some trades go against you, it is not a reflection of the soundness of your method, but because regardless of your strategy, the market, at times, simply will not cooperate.
Risk Management. Taking a loss is not accepting defeat, but rather a temporary intermission where you are waiting for more favorable conditions to come in play. At times you will have to wait until the conditions are suitable again to your method. The ability to ride out this period of “no gain” is just as important as those periods where the market works in your favor.
Decision Making. Some decisions in trading are taken under extreme pressure and your ability to control these situations and trade through it will determine your success rate. Aside from mental strength, you also need to create a physical environment of peace and stability so you can maintain your focus and stick to your charts, with no outside distractions or mental diversions.
Niche. You should develop a method and build a framework that you feel comfortable calling your own and one that plays to your individual strengths. The main advantage in cultivating an environment of developing one’s own method is the reluctance to jump ship and learn someone else’s method after a bad period. You need a sense of personal attachment in order to learn from your mistakes so you can go on to develop, refine and perfect your methodology, rather than go looking for it from other traders.
You should always remember that the markets are merely a collective belief system at any one moment in time driven by perceived facts, opinions, emotions, technical, algos, economics, politics, news, etc Your biggest challenge is developing a method that combats all these factors in a manner that will allow you to ignore these external “noises” and just focus on the price action in the marketplace. You should feel every successful trade was truly a result of your efforts and understanding, not just random luck. This will help you adopt a positive belief system as well as an attitude to truly learn the markets.
THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. YOU SHOULD CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR CIRCUMSTANCES AND FINANCIAL RESOURCES.
Explore our futures trading platforms software that Futures Day Traders utilize along with the trading data technologies that drive these platforms. You can choose among of variety of trading platforms that offer different features, and many of them are free for both futures and Futures Options Trading. Feel free to demo those platforms that most likely meet your trading needs and time horizons.
