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Psychology of Day Trading

This section...

is only available in the SureFireThing MasterClass Manual.

Excerts from the chapter:-

"...Day trading is almost unique among activities in that it forces us to make decisions frequently and rapidly, and then provides feedback on those decisions almost immediately, but usually in a form that is hard to understand. Even worse, that feedback involves actual hard cash, a subject dear to most people's hearts, so the lack of specifics simply adds to the anxiety level. And most crucially of all, the decisions we make as day traders have absolutely NO impact on external events....

Emotional responses are usual, even to the extent of immediately trying to place another day trade to 'win back' what the market has 'just stolen from us'. Needless to say, placing a day trade emotionally like this is doomed to failure. This lack of objectivity usually has only one outcome, the new trader starts to develop an active fear of 'pulling the trigger', of actually placing a day trade. The fear of 'getting it wrong', or of losing capital, starts to greatly outweigh the desire to succeed..."



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