To become a profitable Day Trader you have to stop gambling and start managing your risk. People ask me all the time “How is Day Trading not Gambling?” The best DayTraders in the world are the best risk managers and they understand that no one can be 100% correct. Emotionally you have to understand that to really be profitable you have to focus on the best opportunities to turn the odds in your favor.
Its very realistic to turn your odds to 60/40 if you focus on the best indicators and play them correctly. You only need to be correct 60% of the time to become profitable. Keeping your loses small and focusing on the best setups will lead to consistent profits.
PATRICK WIELAND 