A successful DayTrader's state of mind.

As a daytrader we must have a positive state of mind which allows for unhesitating implementation of ones's trading strategy.This will translate into tremendous positive results.

A positive state of mind is the result of consistently processing positive verbal attitudes,beliefs, & images that will enhance one's trading performance.

The following are guides to positive processing:-
1) expect the best of yourself.
2) establish a personal standard of excellence.
3) create an internal atmosphere for success based on visual,auditory,feeling imagenary that enhances performance.
4) communicate positively & effectively......with yourself! Be yourself a positive resourceful & self-empowering.
5) Rehearse a system of personal beliefs that can enhance your state of mind immediately.

The psychological skills that are necessary to day trade successfully requires ongoing commitment & conditioning.

I have doing my own plotting of intraday chart and technical analysis from the day I started working at the stock-exchange as a trading room boy during the open outcry-system.

Technical analysis is a very important tool which you'll require.It's an important weaponary arsenal for your warfare in the stock jungle!

Even the control panel of a fighter-jet or a submarine needs plotting of a direction of some kind without which it'll be lost in the unknown.

It is not however in my opinion as important as working then the psychological & attitudinal issues of trading in general & day trading in particular.

"The Tao of Trading"......by Robert Koppel.
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Every trader knows that market truth & practise are visceral,not cerebral.Market wisdom like Samurai truth,is practical truth that can only be utilized & realized in action.It can never reside on the level of mere theory.

Don't be misled into trading that anyone can just walk to the trading room,sit down and click off some trades & be profitable. Day trading is a serious business. It is a profession & like other professionals it requires trading experience.

Your success in day trading relies on your willingness to dedicate yourself and your attitudes to learn the techniques required to be successful.

Tracking the Dow Movement on Wednesday.


An early LOW open signify overnight profit-taking & soon the bulls start charging again.There are many powerful long white candlestick bar with intermittent correction which shows that the market is still healthy.See the last 30 minutes trading,a long white candle with doji spin on top,this is called a shooting star...you must run!At the close is an inverted hammer...this is beautiful...the market is still intact and will continue. http://www.actionforex.com/articles_library/technical_analysis_articles/candlesticks_charts_explained_200605107114/











A bearish spinning top....so a mild correction is on the card but the support line is 13,227.56.