| In order to become the master in day trading, you | | | | same time, we have to periodically review the |
| must remember 2 key points; to be disciplined and | | | | system especially when you found out that it has not |
| consistency. There is no easy way to make money, | | | | worked well in gaining profit. |
| in order to make money in stock market, we must | | | | The most important rule in day trading is to control |
| put in effort and time. | | | | your emotions. Many beginners in day trading often |
| Discipline: To be able to think in a disciplined way is a | | | | feel afraid and reluctant to take losses. They will act |
| very important habit for day traders, as they must | | | | on their fears, and start to sell/buy stocks without |
| follow their plan in investing; not to be too greedy | | | | referring to the trading plan. To be a successful day |
| when you are earning a lot and in the other hand, | | | | trader, you need to understand that not every stock |
| know when to stop when things are not going the | | | | trend will grow as what you expect. The only way |
| way you want. To differentiate between good and | | | | to minimize losses and gaining profit is to stick to |
| great day traders, is on how well they respond to | | | | your trading plan. |
| the losses. | | | | In the other hand, you shouldn't let greed to |
| Consistency: Be consistent in day trading, as many | | | | overcome your logical thinking. This is a common |
| decisions need to be made even in critical moment, | | | | mistake even to professional day traders. Reluctant |
| hence do not be influenced by short-term failure. Act | | | | to sell as prices rise was a critical mistake as they will |
| consistently according to pre-determined trading | | | | start to disobey the trading plan and system, thinking |
| strategy in your portfolio, to make sure that every | | | | of earning more and more as the stock price rise. |
| trade you make is in the correct path. This will be | | | | However, it always happen the other way round, |
| very important when things do not seem to grow as | | | | which cause the gains easily become roles. As a |
| expected. | | | | conclusion, fear and greed are the most critical |
| One should practice trading in a systematic way (i.e. | | | | mistake, and to become a great day trader, you |
| to establish a trading plan).Always adapt to the | | | | must overcome both. |
| system is a good habit for day traders, and at the | | | | |