Can day trading make you rich and keep you motivated after earning enough money?
I’m a living example of earning income daily trading options in the stock market.
See market with no discipline in trading can chew you and throw you out within few days. With continuous losses and lesser profits, you are gambling and not trading.
So, you may ask, what are the traits of a disciplined trader? I’ll give you the traits very soon.
One thing traders lack sometimes is motivation. Sometimes, money-making itself is a driver, but some are not motivated by the earnings. They feel lost during trades and unmotivated to carry their day-to-day trades!
Since motivation is a factor, that is very much mandatory in trading, if you lack that, you are as good as no good trader.
So let’s talk about the following in this article:
- Traits of a successful day trader
- Motivation required for day trading
- Tools required for day trading
- Day trading mindset for success
- Can day trading make you rich?
Without further ado, let’s jump in to understand, can day trading make you rich.
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Traits of a Successful Day Trader
A successful day trader has some distinguishing characteristics. Let’s discuss them now. Shall we?
- A day trader never personalizes the losses. When you personalize your losses, you cannot personalize your profits. He lets the loss motivate him for the next profitable trade to come.
- Usually, day traders have a routine to get up early, study the markets and keep updated about the news.
- Good day traders, keep themself motivated, and have the drive to get rid of any frustrating moment which is usual during trading. As a result, they are positive about what is about to happen than what happened.
- Day traders are at any point supposed to maintain their composure and keep calm and not react negatively. Because of this, they happen to make trading a pleasant experience than their day job.
- Since day traders have no managers to keep them accountable, they maintain good records of the P/L (Profit n Loss) statements of their trades. As a result, they know their numbers very well, as to when a positive trade occurs usually. This keeps them driven and motivated after every trade.
- Day trading is a knowledge-driven job and requires your mindful presence always. As a result of this, day traders practice meditation, yoga, or mindfulness exercises.
- Day traders are very tech-savvy and know their technical analysis well.
- Always, day traders believe in their strategy and follow it meticulously, every time.
- Books are trader’s best friends. They study good books about stock markets to increase their knowledge and grip about trading.
- They learn from their mistakes and do not make them again. As a result, they keep their losses at bay.
- They know the market trend well and know when to trade and when not to trade. As a result, on the days of the announcement of any numbers or vote counting days, they don’t trade. A penny saved is a penny earned.
Motivation required for day trading
It’s normal to feel unmotivated and lost at times. We are humans anyway. Aren’t we?
So what could drive the wrong lane car to the right lane and tune it to normal mode? Just giving an example 🙂 Let’s see what makes you motivated.
- Set a SMART goal for yourself – Write down your goal and paste it everywhere you can see.
- Read the goal out loud daily – Read it as if you have already achieved it! Your subconscious mind takes cognizance of it and acts accordingly. If you want to be a millionaire, act like one. Dress and think like a millionaire daily. If you want to be a bodybuilder act as one. Walk like you already have the muscles with head high and chest up and shoulder back.
- Daily affirmations – I say and repeat 5 times daily. “Life, you are my salve. You act exactly as I tell You. I own you. I control You. Understand“. Also “I get to see all the great trades for today without any blocks. I get to trade and be the best version of myself today“
- Shout Outs – Shout loudly ” YES.. I CAN DO THIS“. “I’m the Best in the World. I’m the Best Trader in the World“. “COMMON. NOW IS THE TIME TO SHOW YOU ARE THE BEST“. These shout-outs when you feel low will boost your energy instantly.
- Meditation – I do Kubera Mudra daily for 15 minutes and keep myself motivated and calm throughout the day. Because meditation has the ability to drive you throughout the day and keep your composure.
- NEGATIVE SELF TALK – Think of anything something very bad that can happen to you if you don’t do what you are supposed to do. Something like you cannot pay the bills when your loved ones are at the hospital. You losing your loved ones for the mistake you did of not taking the next step today. This motivates me back instantly when everything else fails and I plunge to work immediately.
- EAT THE FROG EARLY IN THE MORNING – Mark Twain mentions, if you ate the live frog early on, your further day can only be better. Do the hardest thing early in the morning when you are fresh and your day will be only better later.
- Accountability – Since you know you’ve to do this, post on your social media and declare it to all that you’ll do this today. As a result of this, your friend or your loved ones can hold you accountable.
- DO IT ANYWAY – When life gives you lemon instead of oranges, make lemonade out of it. Do the work anyway, as you are destined to do this.
Tools required for day trading
A soldier going to face an enemy has many tools and ammunition to face any situation. Likewise, when you go for a day trading, you gotta have some key tools to succeed.
- Good trading software for technical analysis is the first and foremost required tool for a day trader.
- Trading account with a low brokerage for your day trading requirement with one of the top 10 brokerages.
- A good strategy for day trading is a must. As a result, it makes or breaks your trading career.
- Calm Office setup to never distract when you are trading.
- Last but not the least, a good amount of deposit money in your trading account to continue your trade even during loss.
Day trading mindset for success
You are faced with social, mental, emotional, and physical barriers daily. How to face them is what we’ll discuss in this section. Lez GO!
- The Social Barrier is the one created due to your phone and social media. The distraction can be uprooted by putting the mobile in silent mode and turning off your social media strictly using a plugin during trading hours.
- The Mental Barrier is created by your block for the day or the negative events that occurred around you. This can be lessened but can’t be driven away. So don’t trade on such days. Remember – A penny saved is a penny earned.
- The Emotional Barrier is caused due to the ups and downs of the market or today’s negative events. To get rid of this, say to yourself, “LIFE, I Control You. You follow my instructions and Drive as I Show the Path. Common”. As a result of this, you get motivated and your emotions tend to lower its influence.
- Physical Barrier is the common distractions caused due to a friend or family member disturbing you during the trade. If you are asked to go for a coffee or a sutta break, end your trade and go. Don’t leave the live trade and parse off!
- Don’t be biased for the market being positive or negative. Make your trades on both the sides. Because of this, you follow the trader’s best friend i.e., TREND!
Can day trading make you rich?
A) I will mention that it sure can. It’s possible, if you accommodate the traits of a successful trader, trading mindset, use the tools of the trade, and keep yourself motivated. As a result of this, your trades are regulated and are in control all the time.
Hope this gave you lotta knowledge to sculpt you into a motivated, good mindset day trader. And yes, you heard the answer right from me, can day trading make you rich that it’s possible.
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