Day trading can be a tough business to get into and is only profitable when traders take it seriously and value their education and support system. It should be considered only as if it was a job: not a hobby. So, it should be taken seriously and as a trader, you need to be focused, attentive, and attach yourself to mental preparedness.
One tip as a trader you should take to heart is that by informing yourself when it comes to the market and its sources, you're giving yourself ammo for the battle. You need to keep up on the latest news and events and visit forex financial websites. Another helpful tip for traders is to assess how much time you’re willing to dedicate to trading, and how much time is realistic for your lifestyle. Because as a day trader, it requires time in order to be successful, and you might be considering giving up certain things in your day to make sure you can succeed your trading goals.
You need to be able to follow the market and spot an opportunity, which can come and go at any time so being able to act quickly is key. As a funded trader, you should be realistic about your profits, because a strategy doesn’t need to win all the time in order to be profitable. In fact, many traders only win between 50-60% of their trades. The key to using this information to your ability is making sure you're making more on your winning trades than losing on your losing trades.
One of the final tips I have to offer is to detach yourself completely from emotions when in the markets because if you don’t, it won’t take long for the market to swallow you whole. The market can be known to test your nerves and feed anxiety if you allow it. Shawn Lucas, the head trader at The Apiary Fund is one of the most composed traders I have seen perform in the market. He keeps his cool, doesn’t panic and is quick to reassess his situation before making any rash decisions.
The final tip I know will be valuable to many traders is to stick to the system you have in place. Or in other words, “don’t jump ship.” Successful traders have to have the ability to act quickly but don’t need to stress about overthinking too quickly because they should be following the system they have in place with discipline and not panicking for situations like this. Shawn Lucas is also very good at this strategy and following through with his system he has in place, and knowing when to trust himself.