Day trading strategies: the complete guide with all the advanced tactics for stock and options trading strategies. Find here the tools you will need to invest in the forex market

CHAPTER 25:
 
 
Common Day Trading Mistakes to Avoid 
side from doing the right things, you’ll also need to refrain from
certain things to succeed as a day trader. Here are some of the
most common day trading mistakes you should avoid
committing.
Excessive Day Trading
By excessive, I mean executing too many day trades. One of the most
common mistakes many newbie day traders make is assuming that they can
become day trading ninjas in just a couple of weeks if they trade often
enough to get it right. But while more practice can eventually translate into
day trading mastery later on, it doesn’t mean you can cram all that practice
in a very short period of time via very frequent day trading. The adage “the
more, the merrier” doesn’t necessarily apply to day trading.
Remember, timing is crucial for day trading success. And timing is
dependent on how the market is doing during the day. There will be days
when day trading opportunities are few and far between and there’ll be days
when day trading opportunities abound. Don’t force trades for the sake of
getting enough day trades under your belt.
Even in the midst of a plethora of profitable day trading opportunities, the
more the merrier still doesn’t apply. Why? If you’re a newbie trader, your
best bet at becoming a day trading ninja at the soonest possible time is to
concentrate on one or two day trades per day only. By limiting your day

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trades, to just one or two, you have the opportunity to closely monitor and
learn from your trades.
Can you imagine executing 5 or more trades daily as a newbie and monitor
all those positions simultaneously? You’ll only get confused and
overwhelmed and worse, you may even miss day trading triggers and
signals and fail to profitably close your positions.
Winging It
If you want to succeed as a day trader, you need to hold each trading day in
reverence and high esteem. How do you do that? By planning your day
trading strategies for the day and executing those strategies instead of just
winging it.
As cliché as it may sound, failing to plan really is planning to fail. And
considering the financial stakes involved in day trading, you shouldn’t go
through your trading days without any plan on hand. Luck favors those who
are prepared and planning can convince lady luck that you are prepared.