ilmscore | 5 MUST HAVE Skills for Day Trading Success

Predictions from this Video

Total: 16
Correct: 0
Incorrect: 0
Pending: 16
Unrated: 0
Prediction
Topic
Status
The speaker will outline five essential skills for success in day trading, which are also linked to achieving financial independence.
"I'm going to share with you the five skills that you need to have in order to stand any chance of finding success as a day trader or enjoying the financial Independence that comes with success as a day trader."
Day Trading Skills
Pending
Typing without looking at the keys is identified as a key computer skill that will improve a trader's speed in executing stock trades.
"I think an ability number one to be able to type without looking at the keys is an asset it's going to help you move in and out of stocks faster"
Computer Proficiency for Trading
Pending
For traders who struggle with emotional impulses and escalating losses, practicing mindfulness meditation on discipline is recommended to help manage emotions.
"if you're someone who currently struggles with that maybe you're great in all aspects of life but when it comes to trading you find yourself getting emotional giving into those emotional impulses next thing you know you're spiraling you're averaging down the losses are getting bigger and bigger and bigger so if you're that type of person here's a technique that I'm going to share with you that I think will really help you can go on YouTube and you can search for mindfulness meditation on Discipline Do meditations on discipline"
Emotional Regulation in Trading
Pending
Situational awareness in trading involves recognizing patterns like a series of losing trades, which signals a high probability of the day being a 'red day' (unprofitable).
"and in trading it's very important so situational awareness in the first instance is if you recognize the profile of a red day and for me a red day typically starts with a losing trade and it often leads to a second losing trade and a third losing trade so if I have three red trades back to back to back my situational awareness should be telling me Ross there's a really good chance today is going to be a red day"
Situational Awareness in Trading
Pending
Situational awareness extends to identifying when the market is favorable ('hot') and it's opportune to increase risk, lean in, or double down on trades.
"but the situational awareness also comes in the form of being able to know when to put the pedal to the metal when the Market's hot when things are heating up and we've got some great action that's the time if there was ever a time to take more risk to lean in to double down and to take your trading to the next level"
Trading Decisions Based on Market Conditions
Pending
A strong personal drive and self-motivation are crucial for day traders to continuously improve their skills in computer proficiency, emotional regulation, and situational awareness.
"you need to be very self-motivated you have to come to the table wanting to improve your computer efficiency to improve your emotional regulation to improve your situational awareness to get really good at this thing"
Personal Drive for Trading Success
Pending
Beyond financial gain, having a deeper purpose or a 'why' behind trading is important for sustained motivation and success.
"I think for a lot of people it's important to have a deeper meeme and so a deeper purpose and so when I think about the purpose for me when I got into trading yes I had a goal of a certain amount of money that I was going to make but what was that money going to achieve for me"
Deeper Purpose in Trading
Pending
For some individuals, trading can serve as a means to subsidize their pursuit of other passions, such as art, especially during the early stages of their careers.
"and what they really liked about trading was that and helped in a way subsidize them being able to continue to pursue their art for just as one example and what they really liked about trading was that and helped in a way subsidize them being able to continue to pursue their art"
Trading as a Stepping Stone to Art
Pending
The speaker found trading practice more rewarding than video games because success in trading translated into financial gain.
"for me I just found that the time I was spending playing video games I would rather spend that time practicing in a simulator that for me was a game that was more rewarding because if I was successful at it I would make money"
Finding a Rewarding Activity
Pending
Discipline is highlighted as a critical skill, directly linked to emotional regulation, with a lack of discipline evident in extreme emotional reactions.
"discipline is so important I can't say it enough now discipline does tie back into emotional regulation when I see someone who's blowing off the handle and you know losing their temper and smashing stuff you know you you kind of you may not think it but this is someone who's obviously not a very disciplined person certainly in those moments they're letting themselves have these huge huge reactions"
Discipline in Trading
Pending
A key to progressing from break-even to profitability in trading is to reduce the frequency of significant losses by spacing them out.
"the only thing I needed in order to just be making money was to screw up less frequently and if I could just space out those losses a little bit more that that was a difference between just going up and down to being break even and actually making progress"
Reducing Frequency of Losses
Pending
Traders have a choice between executing trades based on quality setups or trading low-quality setups, which leads to financial loss.
"you can trade them the right way or you could trade lowquality setups and you can lose money"
Trading Low-Quality Setups
Pending
While trusting one's gut is important in trading, a beginner's intuition is not yet refined and will improve with experience.
"getting better at trusting your gut is important but but naturally as a beginner Trader your intuition is not great so your intuition will get better with more experience"
Trusting Intuition in Trading
Pending
A PDF resource detailing a 'small account strategy' will be made available for download, allowing users to practice it.
"I'm going to put a link I'm going to put it to the top of the comments and put it in the description where you can download my small account strategy as a PDF resource you can print it and you can start practicing it on your own right now"
Small Account Strategy Resource
Pending
A download will include the speaker's 'Five Pillars of Stock Selection' to help identify stocks with high potential for significant price movements.
"I will also include with that download My Five Pillars of stock selection so you can start learning how to identify the stocks with the highest potential to make big moves"
Stock Selection Criteria
Pending
The speaker's trading strategy focuses on volatility and trading breaking news, with detailed criteria provided in the download.
"I'm the type of Trader that focuses on volatility I focus on trading breaking news and I'll walk you through my criteria for stock selection in that download"
Trading Volatility and Breaking News
Pending