What do successful day traders "get" that most people don't?
TRADINGFEATURED
"Quality over quantity - Sometimes the best trade is no trade"
Successful traders understand that the idea is to avoid the lower quality setups and go for the higher quality setups. The longevity in this game is avoiding the need to take every setup. You don’t need to be in every move. Focus on reducing losses and the profits will come.
Quality over Quantity - Sometimes the best trade is no trade.
The mental game - Focusing on profits causes greed to come out, and focusing on proper setups causes discipline and patience to come out. Greed turns into gambling real quick. Focus on waiting, less is more.
Covering losses - If you take every single trade you see including the low probability stuff, that’s just more losses to cover and less profits in the long run. Test your edge, find out where it works best, and only look for these types of setups.
Survive manipulations - I often see people taking too tight of stops. You might get the bias right but it wicks you out and then runs to the target price. Give your trades room to breathe. Either have a point of invalidation or give it extra room to breathe.
Data-driven decisions - What does your data tell you? What days of the week did you make more money? How many trades do you take on your green days vs your red days? How many hours are you at the screen on green days? If you don’t yet have this data, this is the perfect time to start journaling.
Credit: Quora