If your goal is to become a successful trader, then you have to engage in some self improvement. You should never get locked in an opinion and refuse to admit that you could be wrong about the direction of the market. The successful trader realizes that he could just as easily be wrong as being right.
You can watch and observe the stock market with clear point of view, only if you let go of the fear of being wrong. If you are unable to let go of that fear, then it will lead you to make mistakes and worstIntraday trading decisions. This is mainly because if you concentrate on your fear, it will cause your subconscious to act out that fear and give you the losses you are trying to avoid. This is how it works. What you think is what you get.
In order to improve as a trader, you have to set some defined trading rules which could guide your Intraday tradingbehavior. You should learn to adhere to these rules. You may get tempted to break them, but you should avoid breaking your rules. You will not be acting in your own best interest if you break the rules.
Another important thing about self improvement is to learn to be objective and avoid indulging in illusions. If you blame the stock market or some other factor for your mistakes, then you are obviously indulging in illusions. In such case, self improvement becomes difficult. Be honest with yourself. Always remember that only you are responsible for your results. If you blame the stock market, the broker, the floor traders and others, then you are just going to delay yourself improvement. It will be much easier to make good Intraday trading decisions if you believe in less illusions. When you believe in less illusions, you will get clear about the market.
Its quite obvious that nobody likes to admit their mistakes, but if you are willing to improve yourself, then learn to admit your mistakes. If you don’t confront your mistakes then you will simply keep repeating them, and they will become stronger habit. Definitely you would like to avoid that situation.
Learn to take the responsibility for your actions. This is the first step to self improvement. If you blame others, then it will just slow down your learning process.
You will improve yourself a lot when you simply take up the responsibility for your results. Confront the conditions that exist in reality. Don’t live in illusions. Identify your weakness and work on it. It is not as hard as you think.