There are many errors that can be happened in day trading because of excessive information. Such as, hitting the wrong button instead of a right button, entering a wrong position size, and so on. Many information is available in the market. All are not essential for you. Before daily trading, try to find out your previous mistakes. If you think that you need to make some additional changes, then do it. You need to make a chart of rules to reduce your stress.
Check Your Automated Plan
Check your pre-plan properly. The market can be changed unpredictably. You have to go with the trend. Your plan should include stop-losses. Make sure that you properly set the stop-loss and take profit. If you are using a demo account instead of a real market, make sure that you have set all things properly.
Maintain a Trading Journal
You need to learn from your mistakes. As a fresher, you can face lots of difficulties. This is very common that you will try to learn about the market. Sometimes, it happens that most of the new traders in Singapore, do not know what they need to learn. Remember that when you make try to find out the reasons behind this. Keep a trading journal so that you can see your previous faults. When you can see this, you can take steps for avoiding to do this. You will understand that if these types of situations come again, how to deal with them.
Observe the Market
You have to find out the trend of what is going on. The price movement is continuously happening.You can see uptrend and downtrend, your profit depends on the market conditions. By observing the market, you can understand how to execute your trade. You also understand that your plan is fruitful for this situation or not. If you are using a subjective system, this can be changed a bit because of the unstable market condition. To gain more observation skills, you can start dealing with the bond market. When you trade bonds online, you will know how the minor details change the course of trading.
Accuracy of Data Feed
Many brokers provide you authentic data feeds. If you have confusion about it, then, do not trade. Sometimes, the broker unable to provide an error-free data feed. If you trade by getting inaccurate data feed, you can face problems.
Keep a Note
Sometimes, the day traders continuously see losing streak in a fixed time. At this time, they need to keep a record of it. If you see that this is happening every day, try not to trades. If you take notes, this will remind you when to quit.
Stick to Your Plan
A trading plan is very crucial for your trading. You need to set a goals. The trading plan should include stop-loss, take profit, money management, and so on. You need to decide how much trade you will do in a trade. Try to maintain discipline. Sometimes, you can see that the market is going against you. Do not take decisions emotionally at this time. Take time, and observe the market. If you think, you need to make some changes to your strategy, then do realistic changes. Do not make excessive changes, it can cause great loss. You can give a trail of the trading plan through your demo account. This will help you to make a wise decision.
As a day trader, you need to maintain a routine. Before making a routine, you need to specify your trading style and the market where you trade. Then, set your requirements. Based on these, you can easily make your routine. A routine can help you to act practically. Try to blend your optimism with your realism. It will not take more time, but this will help you reduce your stress, and control yourself.