Do you think Intraday tips can help you achieve success in day trading? If you have been trading impulsively, without any guidelines then no, they won’t.
A good trading plan is crucial for every trader. However, if you do not break out of your bad trading habits even an effective trading plan may not help much. You might just end up letting your losses go too long or winning trades too fast, irrespective of what your plan says.
The Intraday tips given below can help you change your bad trading habits. However, you need to also change your perspective about what success and failures mean to you when it comes to trading.
Trading is about sticking to your plan; not about making or losing money
Success for you might mean making money on trading. However, this is not to be considered as the actual definition of success. You need to see how well you stick to your trading plan every time you trade. This means even if you end up making money on a trade that is not a part of your trading plan you are to view it as your failure. Congratulating yourself on an undisciplined yet profitable trade that you probably made based on some Intraday tips, is like offering yourself a reward for doing something incorrectly. Similarly, if you lose money on a trade while sticking to your trading plan, it is not to be considered as a failure. You did what you were supposed to do; so there is no question of berating or punishing yourself.
Erase your selective memory
There may be times when you made profit by jumping in and out of the market without paying any attention to your plan. However, this is a very risky way of playing the stock market. Remembering such times may make you commit the same mistakes again and again. Instead you have to erase such moments out of your selective memory and start considering them as your failures. You should instigate some mild punishment on yourself every time you fail to stick to your trading plan. Try and remember that punishment if at all you make a trade that doesn’t fit in your plan. Don’t forget to pat yourself on the back every time you comply with your trading plan, irrespective of whether you make money or lose. Remember – you can always go back and adjust your plan if you find that it is not working.
Change your internal dialogue
Till now you have been praising yourself for making money on trading. It is now time to change that internal dialogue. Start praising yourself only when you follow your trading plan, whether or not you make money. You could even give yourself a reward. Of course you can pamper yourself when you have had a bad day in trading; but not when the bad day is a result of not following your trading plan. With time, your internal dialogue will start encouraging you to stick to your plan every time you trade.
Apart from offering youIntraday tips, Share advisor can help you come up with a perfect trading plan. Now the question is are you ready to break out of your bad trading habits?
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