Quality #6: Openness
Sometimes, being a good day trader means you have to emotionally prepare yourself for the unexpected.
As much as you feel prepared or ready… You still don’t know what the future holds.
You can have your trade strategies set up… You can have capital ready to go when a profitable trade presents itself…
But if you aren’t open-minded in your thinking, you’ll repeatedly fail as a trader.
Be Open to the Idea of Learning Outside of Trading
Inspiration and new information can come from anywhere, even in the most unexpected places. Apart from learning about day trading on a technical level…
Make sure you stay open to learning new things outside of day trading. It’s good to be knowledgeable about your craft and learn information relevant to your career.
But stay open to creative endeavors. Take time to:
- Go to a museum
- Take walks outside in the park
- Read non-fiction
The reason for this is to gain different perspectives that you can apply to your style of trading.
Be Open to the Possibility of Mistakes
Be open to mistakes. Be open to the fact that things may not go your way even if you stick to your trading metrics.
Never attach yourself to expectations but always prepare for reality.
Be open to the fact that other factors that move the market outside of your preference will happen.
This is why you set stop-losses.
When you mentally prepare yourself for the inevitable downsides in day-trading, it won’t discourage you as much when you come across those obstacles.
Be Open to Thinking about New Solutions
You will have to pivot to new solutions or readjust should some setbacks arise.
The key is to never hold on to that frustration for too long. It’s okay to get angry or let out a quick outburst.
No worries, get it out of your system. But venting or sulking for a prolonged period of time is pointless.
Do what you need to do to center yourself. However, this isn’t an excuse to go back to your bad habits. There’s a difference between self-care and being irresponsible.
A good trader knows the difference.
Now if you’d like to learn more about the system I’m using to generate $34,680.77 in trade profits every 13 days on average — AND how you can join me and follow the exact trades I’m taking — then click right here to view a free training video!