Day trader and persistence
This is probably one of the most crucial qualities that a trader must possess.
Trading is an art which requires the ability to continue trading even when results have not gone according to plan. Due to the characteristics of the market, bad trades are normally followed by good trades. Some of a traderÂ´s great results occur after a string of losses. This is why it is essential for a trader to continue to stay persistent with his/her trading system for a period of time.
The individuals who quit too soon, will not be involved in the markets when their system begins to work, those who quit too late will run out of trading capital.
The only way to be persistent is to really push yourself to consistently follow your plan.
It is also important to have a trading plan which includes an evaluation section. What I mean is that whenever you enter a trade, you must have a trade log sheet, which covers:
1. Why you entered the trade
2. Did you follow your plan
3. What changes will you make next time
4. The conviction of the trade you entered
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