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Take Your Losses When Your Signals So Dictate - Dont Make Excuses!

Riding losses is the worst thing a trader can do. Not taking a loss when you should take the loss is the worst thing you could do. I have stated repeatedly throughout this book that the single

Even if you have more than a slight amount of experience in position trading, you may still find yourself initially losing as a day trader. Although you may feel that your position-trading experience will serve you well, it may actually prove detrimental, since you have approached day trading with preconceived notions that may stand in your way, clouding issues and confounding your thinking. You will need to abandon these dysfunctional ideas in favor of those that I have offered in this book, if what I've said makes sense to you. Remember that this process takes time. Some failures at first are unavoidable. You will need to fall off the bicycle a few times before you can ride it. At first your riding will be shaky and slow. After a while, however, you will feel at home on the day-trading bicycle, and it will take you where you choose to go, provided you follow a smooth road.

How long will it take you to become a successful day trader? There is no answer other than perhaps more than 2 weeks and less than 2 years, perhaps never; however, these are certainly not hard-and-fast rules. Some of you will become successful day traders in several weeks, whereas others will never achieve consistent success.