The market keeps changing all the time. It presents to us different as well as unique scenarios everyday. Nevertheless, it is basically a reflection of the investor’s ideas and attitudes. Though, every investor comes with a different mentality, but at least some things will still be common. It may be anything like getting up at the same time everyday in the morning that two people may share or having the same thing for breakfast.
And obviously these actions are repetitive. The angle may be different but the behavioral pattern is same. Human beings are creatures who are habituated of doing certain things and not doing other things. This tendency is also reflected in the stock movements in case of a href=”http://www.learnshares.com.au/index.php/More-Share-Trading-Information/General-Share-Information/Day-Trading.htm” day trading /a . And this is what makes the technical analysis the profitable as well as the reliable way to trade.
However, technical analysis may not always prove to be true. The same pattern is not followed by the stocks market everyday. For instance, take the case of the daily chart’s 3-5 day pullback in the up trend stocks for the buying opportunities. But the new traders are mistaken here. This is because every time the up trending stocks pull back 3 � 5 days, it does not mean that they have entered long.
In reality, there have always been exceptions. And if you want to profit from the day trading, then you will have to learn about these things. This is what separates the successful trader from the unsuccessful ones. For instance, in this example, all these parameters like the stocks pulling back as a primary up trend and the overall market trend do not justify taking the risk of pulling a long and it will be rewarded. In some cases, they don’t.
So, to be able to adjust to the changing situation in the market is not the only trait required for trading successfully. There are many things which contribute in making you a successful trader. In fact, it is a good idea to observe successful traders and learn from them. You can try and identify those characteristics in them which lead to their success in trading.
However, along with these, here we will list 8 common traits noticed in successful traders.
8They are always neutral.
9They always keep a business plan ready.
10They always keep with them a journal.
11They remain focused on one or two techniques that suit them.
12They manage money well.
13They are comfortable with the uncertainty and the risk associated with trading.
14They take responsibility for their trading actions.
15They risk capital for trading.
So, if you have to succeed in day trading, follow these simple tips and stay focused and alert. Happy trading!