Steps to Take If You Are Losing Money As a Day Trader

So, you are losing money as a day trader.

The question is what to do from here.

In fact, there are a few questions you will need to ask yourself.

You may be a true beginner in the market and just establishing how to trade and still learning or perhaps you have been trading for a while and you have become a little complacent and started changing the way you are doing things or are getting experimental with how you trade. Whatever the case, the following are good questions to consider:

Are you really suited to the fast paced environment of day trading? Do you experience the emotional highs and lows that often comes with the territory for most personality types? Maybe you need to change your trading strategy if you are stressed from this style of trading.

Does your lifestyle get impacted negatively by having to sit in front of a computer all day? Would you really rather be out doing other things instead of watching the market all day but you still really want to trade?

Are you really disciplined. I mean REALLY disciplined. The day trading environment means that you will be making snap decisions and usually when ‘bullets are flying’. Disciplines required are where you have strict rules that you are disciplined to stick to, throughout the volatility of the trading day.

Are you focused? Have you one strategy that you have back tested and committed to? Or are you always looking around for a new or better way to trade?

Are you passionate about trading and want to be successful and you will do whatever it takes to ensure you are successful?

Do you have someone who you trust and is assisting you with your mindset? Are your prepared to work on yourself and what is holding you back from being that successful trader? Are you aware of the limiting beliefs that you may have that are holding you back?

Are you motivated to study and learn more about the market? Can you admit your mistakes and ensured that you are learning from them?

In consideration of the above questions, you may find that the answers will start to draw a picture for you. A picture that may be a bit smudged around the edges, but will begin to get clearer as you work through them and answer them honestly.

It may be that you have just lost some confidence in some areas and maybe you have hit a plateau which meant you changed the way you did things as you could not see that you where advancing. You may just need to regroup and identify a way of trading and stick to it.

Going back to paper trading to test and to feed your unconscious mind with success, is always a good idea in this scenario. Your confidence will build up again once you have tested that you can make money again in day trading.

Another important consideration, is to find the right coach and/or tools to help you identify and work on areas of yourself that are holding you back. Your limiting beliefs can cause self sabotage but can be dealt with easily when the right tools and knowledge are used and can have a huge impact on your trading results as well as your life in general.

It may be that you are trading the wrong strategy and day trading is not for you. You will know in your heart if this is not really right for you. Especially if you are day trading for the wrong reasons  RightPane. you have heard that the best money can be made day trading. Where there is huge profit potential there is also huge risk. Maybe it is time to look for a strategy that works better for you, that suits your lifestyle and personality.

There are two key steps to make any trading strategy work

Develop a Trading Plan

and stick to it!

Find the right strategy for you. Back test that strategy to ensure it is a real workable strategy. Develop a plan around that strategy.

Stick to your plan! Constantly work on yourself. Get every bit of help you can to ensure you are the disciplined, focused and passionate trader that turns you into a hugely successful trader that keeps on making money!

Hope this information is useful for you. For more detailed information on providers, kindly refer to the Right Pane.