In a recent article, we talked about the main differences between the elite day traders (those that make the majority of the money) and the broke day traders (those that don’t make any money).
We came to the conclusion that there are basically certain “secrets” that the successful day traders put into action on a daily basis in order to be so successful in the world of day trading.
Secrets such as…focusing on just one type of day trading, being patient and waiting for the right trades, and going against what the majority of other traders are thinking and doing.
If you just started doing those 3 things alone, then you would quickly start to see your day trading income sky rocket. However, there are more day trading secrets that high income day traders put into action. Here are a few more of them…
Not scared of being wrong
Another habit of highly profitable day traders is that they are not scared of being wrong. At the end of the day we are all human, and nobody makes the right choices all of the time. Losses are inevitable and all part of the learning curve.
A common problem affecting many struggling day traders is that they feel they have to be right all the time.
This creates a lot of pressure on their shoulders, and every trade becomes a life or death situation. The end result of this is that they can no longer see straight. They are so tense and anxious that they automatically make bad decisions.
Millionaire traders have no such hang-ups. They make decisions without stressing out, and if the trade is a bad one they simply chalk it up to experience and get out before there are any huge losses. No big deal.
Unique trading style
If you read any of the regular day trading publications and newsletters, then you will have no doubt come across so called “experts” constantly spouting rubbish about how day trading is black and white. They will say things like “don’t trade once a big news story breaks” or “scalping doesn’t work in the Forex market.”
The fact of the matter is that things are never so black and white in the world of day trading.
Elite day traders understand this, which is why they don’t listen to these so called “experts,” and instead, work on testing things out for themselves and then developing their own unique trading style based on RESULTS.
Understand this: You don’t have to approach day trading exactly the same as somebody else does, and you don’t have to do something just because an expert says it great.
The real success in day trading always comes to those people who are willing to take elements of different strategies until they find a winning formula.
We hope you have enjoyed reading these two articles about what it REALLY takes to become an elite day trader. If you truly take these secrets and adopt them into your way of thinking, then it’s inevitable you will experience huge profits in your day trading activities.