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Dont Force Day Trades If There Are No Signals

Many traders have the personality type that thrives on action and withers on inaction This fatal flaw causes them to search out trading opportunities where none exist. If you have day-trading signals but find yourself anxiously searching through your screens and intraday charts for trading opportunities, then you're headed for a disaster. If you find yourself looking at markets that you never trade for opportunities that you have not seen previously in the day, then you are most likely headed for trouble. Do not attempt to create an opportunity where one does not exist. Be patient. There will be trades tomorrow or the next day. The market always provides opportunities over time even though none may exist today. Don't ever, ever force yourself to trade if an opportunity does not exist.

One excellent way to overcome this problem is to use a software program such as TradeStationЩ, FutureSourceЩ, Commodity Quote GraphicsЩ, MetaStockЩ or Aspen GraphicsЩ. These trading software programs will gather your intraday data for you and, once set up with your parameters and /or signals, alert you to trading opportunities. If there are no signals, then there are no trades. You will save time and errors, and you will improve your trading discipline by using such programs. I highly recommend them.

Hesitate and You Lose!

Hesitation is one of the worst enemies of the day trader. The age-old expression "he who hesitates has lost" is truer in the futures markets than in any other venture other than life-and-death situations. Since day trading occurs within a circumscribed period of time, every moment you lose in entering or exiting a position is a moment that may cost you money.

If you choose to hesitate, then do so with premeditation and calculated caution. Never allow yourself to hesitate out of fear or indecision. Hesitation subsequent to a clear trading signal or opportunity indicates a lack of confidence, and a lack of confidence indicates that you are not comfortable with your choice of systems and/or methods or with your skills as a day trader. Hesitation can be costly. Fortunately, you will know that you are hesitating the instant you do so. Use this as a trigger to let yourself know that you are about to make a potentially expensive error.



Category: Methods of Daytrading


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