How to become CONSISTENTLY successful Day Trader ? : Evolution stages….

By | March 24, 2018

How to become CONSISTENTLY successful Day Trader ? : Evolution stages….

To become consistently successful day trader is journey , it is not destination….It is continuous process …..Not one time event….

To become consistently successful day trader , you have to develop and maintain PROFESSIOANL traders mindset….

Every novice trader has to go through below mention stages to EVOLVE as consistently successful day trader :
Stage 1 : Developing Technical Trading Strategy
Stage 2 : Thinking from market perspective
Stage 3 : Neutralizing self sabotaging beliefs
Stage 4 : Dealing with euphoria

Let me explain step by step :

Stage 1 : Developing Technical Trading Strategy
          For the day traders only method available for price forecasting is Technical analysis. Fundamental analysis is not much useful for them.So in this stage , day traders has to develop intra day trading strategy based upon technical analysis concepts. That trading strategy should be properly back tested and forward tested. It must be profitable and practical to use. It should be suit to day traders personality.

       90% of struggling traders , stay stucked in this stage. Never evolves to next stage. Get wipe out in this stage and blames market.
      Majority of novice traders fails in this stage because they think that trading is all about technical analysis , Finding right stock , Finding correct entry and that’s all….But it is not case…..

Stage 2 : Thinking from market perspective
         Few traders who succeed to pass first stage , come across with realization that there are technical trading strategies which are profitable , Historically proved and widely used. They found such trading strategy , Back test it – got positive result, then they forward test it – got positive result. But when they start LIVE trading in their own REAL account on their hard earned real money , they are not able follow that trading strategy , not able to follow rules…..

     The reason behind not able to follow PROFITABLE and PROVEN trading strategy is not thinking from markets perspective.

     In PROFITABLE and PROVEN trading strategies you are going to experience RANDOM DISTRIBUTION between profit and loss trades. This is hard and cold reality of trading business. You understand it at intellectual level but not able to accept it at emotional level when it comes to practical utility.

     Thinking in terms of market perspective means simply thinking in terms of probabilities.

    Trading is not Game of PERFECTION ….Trading is Game of PROBABILITY…

     You will be able to develop probability mindset only when you get answer of Below questions :
1.How prices move ?
2. Who are the players behind it ?
3.How we depend upon them for our profit and loss ?
4. What are the limitations of technical analysis ?
5. How to overcome limitation of technical analysis ?

Stage 3 : Neutralizing self sabotaging beliefs
     Those who evolves to this stage , comes to realization that they had become profitable traders, making money in trading on consistent basis. But there PERFORMANCE in trading is not upto their Full POTENTIAL.
    Converting Full potential into maximum performance required to neutralize self sabotaging beliefs about
1.Money 2.Risk 3.Loss 4.Success

    There are tool and technique available to change your belief. You can convert self limiting beliefs into thriving beliefs.

    If you believe , you can then you can…
    If you believe , you can’t the you can’t….

Stage 4 : Dealing with euphoria

It is simply riskless state of mind. It is feeling of intense excitement and happiness. Once you start to make huge amount of money on CONSISTENT basis , you may face this euphoria issue.

     As trading psychology coach, while working with industries best portfolio managers I came across with realization that – most of portfolio managers are facing issue of euphoria and not able to generate that much return on their investment for which they are capable of.
    You need to develop highly sophisticated psychological skills to master the euphoria state of mind.

    And most of important thing is that – ALL PSYCHOLOGICAL SKILLS required to become consistently successful trader are LEARNABLE.

   Those who had made fortune from trading , are normal peoples like you and me , only difference is that they had understand importance of psychological skills in trading and they had learn it….That’s all……

     To become CONSISTENTLY successful day trader , you need not have to search for HOLY GRAIL trading system. HOLY GAIL is not outside in the world. It is already inside you. You need not have to DISCOVER anything new …..You just have to COVER off the COVER of ignorance….

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