A few years back, I was in the breakeven stage (no profits and no loss)
A few years back, I was in the breakeven stage (no profits and no loss).
I was taking active intraday trades every day, but I had a tough time making profits.
But the good thing is I was not losing money, so I knew I was just one step away from success.
I was fortunate to meet a successful day trader at this stage, and I talked with him regarding my problem.
He made an interesting case. He said he started making killing profits in day trading once he felt bored about his system and execution.
It's tough to digest his statement. But he explained that whenever we are excited about trading, emotions conquer our minds and trouble the decision-making process in the live market. But if it is boring (it can come only after constant practice), and if we follow the plan without missing it, we can make a lot of money.
After that, I started using the same technique (detaching emotions and increasing conviction), which showed promising results in my trading.
The thing to remember about intraday trading (in any system) is that you use it as your vehicle for generating income. Income has the potential to make you richer if you've chosen the right strategy.
You are addicted to intraday trading if you feel any of the following symptoms:
- Uneasiness during weekends
- Checking SGX Nifty a few times in the night
- Increased use after a quit attempt
- Checking profit screen many times
Be aware that addiction is dangerous, and the more addictiveness increases, so do the negative impact on your life (and trading).
Trading addiction can be deadly, and it's important to be less emotional with this because emotions really corrupt decision-making.
Emotions should be less in trading because it is hard for humans to think logically under stress which might be caused by excessive amounts of emotions involved with trading.
In Bhagwad Gita, Krishna tells Arjuna that acting with detachment means doing the right thing for its own sake. Because it needs to be done, without worrying about the outcome (success or failure).
I know detachment is difficult. But the right effort without any attachment gives the best results in life!
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