Daily trading in the financial markets is difficult because of the psychological impact. Some traders have a feature that allows them to overcome these specific difficulties and make the daily trading process easier. Such people have an ability to accept losses and never let them harassing. The majority of people have an unpleasant feeling when they make mistakes. Nobody had a pleasure from the words: “You know, I am completely wrong about this”. The main problem here comes from Ego in the psychological sense which is the opposite of self-respect, in contradiction to the Ego’s philosophical meaning. Ego (or fake pride) tells on the subconscious level: “I can not be wrong ever. I can not make a mistake because I am a great person. If I made a mistake in any judgment, I would not be respected”. However, people are not gods and traders are not omniscient, they must be wrong at least sometimes. It would be illogical to deny that.
In order to become a daily trader, you need to have a self-esteem feeling as well as the healthy sensation that you are competent and worthy. You would not be able to execute your deals in a proper way without the confidence in your own judgments. In order to trade successfully, you need to accept losses, thousands of losses. But still, you need to come back and trade again with the confidence in your own power. Just remember: do not let you fake pride to take place of your self-esteem feeling.
Ideal daytraders are deeply introspective people and they know who they are as deep as possible. Being a profitable daily trader means being always fair and truthful to yourself. If you can not be truthful to yourself, just forget about this article - daily trading would not be possible for you. You have to be on a stage when you do not allow lying to yourself. It is completely obvious that sometimes you will lose. You should not ignore that fact, you should not hide behind the typical defence mechanisms. You just stand up and say: “I was wrong”. This confession does not mean that you are silly or incompetent. Being wrong is just a part of this business as well as the part of this life. You are the only enemy for yourself in daily trading; you are your own boss, you identify your own destiny.