What is something no one admits about being a day trader?
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"No trader admits that improving your mental game is the hardest part of trading and it takes a lot of discipline and time to get it down"
Commonly, no trader admits that improving your mental game is the hardest part of trading and it takes a lot of discipline and time to get it down.
You need to know your strengths - Scientifically speaking, the human mind can make 2–3 financial decisions daily with focus. After that, the decision-making qualities go down. As this quality goes down, this will start affecting your psychology and start causing you to do things like overtrade (out of greed or revenge trading to cover losses).
Remove yourself from the environment - You can prevent more mistakes from happening on a losing day by walking away. Close the charts, and leave the room. Just do something else. You cannot harm your account if you are not looking at the charts. The same methodology needs to be applied to a winning day. Don't give your winnings back. End the day once in profit. You may choose to have an RR made or a percentage rule in place to know when to walk away.
Repetition is king - As adults, we have some habits that suck and need changing. Your best way to combat these habits is to stop doing them and replace them with another. It will seem hard at first but if you can tough it out for a few months, the new habit will become a lifestyle and it will be much easier to work with your emotions because you have rewired your brain for success. No one can make you disciplined but you. It can’t be taught but the human mind is incredible and due to neuroplasticity, you can create new habits.
Get some mind exercises - Reading, chess, meditation, etc. Just like your muscles grow from going to the gym so does your mind from making it focus and solve problems.
Build confidence - This can be accomplished by backtesting, reviewing price action, and looking at your past entries, all these things can help you improve. The more you improve away from the game, the more confidence you will have in the game because you have done it so many times. This is why all athletes spend so much time practicing away from their games.
Credit: Quora