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Day Trading Systems: 5 Tips To Make More Money
from:Day trading systems are one of the riskiest but most exciting ways of making money in forex or stock trading. Whatever approach you take, it is vital to be able to apply your system consistently. If you keep bending the rules or abandoning systems every time you take a small loss, you will never make any money at all. This is a well known fact and very easy to say, but we all suffer from the temptation to act off center when the pressure is high.
So here are our top 5 tips to help you resist that temptation and be consistent. Combine these tips with a profitable day trading system and you should have a sure fire recipe for success.
1. First, never follow a system that you picked on a whim or even on somebody's recommendation, without thoroughly testing it for yourself. It is not enough to be told that a system works: you have to know it from experience, otherwise your confidence will fail you as soon as you hit one of the inevitable bad patches. You also have to be sure that you are going to be comfortable with the position sizes, risk per trade, etc in bad times as well as good. You must be sure that the system is exactly right for you to give you the best chance of making money with it.
2. One of the main keys to applying a system consistently is self discipline. If you tend to be a person who acts on impulse and is constantly changing your mind, you probably need to work on this. Pick an aspect of your life where you would like to be more disciplined and work on it. This will make it easier for you to apply the same principles to your trading.
3. If you find yourself giving in to temptation and opening trades that are off your system, open a separate account with a small balance, perhaps a micro account, where you can indulge yourself with 'fun' trades. You are pretty sure to lose this money but it's better than doing it in your main account and wiping out all of your funds.
4. Avoid discussing your system with other people once you have started to operate it, unless you have a mentor or are receiving support related to that particular system. Anybody following other day trading systems is likely to criticize yours just because they want to believe that their own system is better, and this can affect your confidence which in turn affects your ability to stick to your system's rules. As for discussing it with friends and family, there is generally no point. They will be uninterested at best and negative at worst, simply because they do not understand what you are doing.
5. Stay off the beer while you are trading. Alcohol and the forex market do not combine well.
If after all this you still have trouble being consistent, then perhaps you should consider using an automated trading system in the form of a robot. There are plenty on the market or if you are seriously into day trading you could have someone automate your own system. Keep it to yourself for your own profit or put it on the market to recover your development costs. There are plenty of people looking for successful automated day trading systems, you might be able to help them out.
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