Is it difficult to become a day trader? How can I learn to read stocks, what should I look for?

"Instead of taking every trade you see, master patience and wait for the setups"

Let me make the process of becoming a trader simple for you.

• Instead of focusing on the profit amounts, focus on the process. Trading is not a game to rush, ultimately patience is what pays. Success comes from embracing the journey not speeding through it. Be willing to dedicate your life to this.

• Instead of taking every trade you see, master patience and wait for the setups. You have a system, follow it. Know when and where to enter and exit. Establish strict rules, have a structured plan, and focus on one setup.

• Instead of fixating on losses, embrace the inherent risk. Trading is a double-edged sword. To make money, you have to lose money. The pivotal question - How much are you willing to risk for potential rewards? To achieve profitability, logic is the key. Reduce your mistakes, refine your edge, and trade it religiously.

• Instead of doubting every decision you make, trust yourself. Remain objective at all times. The second you doubt yourself is the second you make mistakes. You are your greatest asset, know you got this.

• Instead of going at this alone, find a mentor or join a community. Your environment and who you surround yourself with is what you become. So many traders jump from system to system thinking they need multiple strategies when they only need to master one. Mentorship helps you to avoid hardships and learn what will make you profitable.

Credit: Quora

Related Stories