How to stay focussed while day trading?

Discussion in 'Trading Psychology' started by Krushna, Dec 23, 2016.

  1. Krushna

    Krushna Active Member

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    Hi,
    trading happens to be a pretty boring job, and I learned this by paying some fees to the market, as from as much as I have experienced, one should never approach this as some thrilling adventure to make money, which was the idea I had when I started out. So now that I have calmed off a bit, I am faced by another problem -- Lack of focus.
    I request experienced intraday traders to share some tips on how they maintain focus while trading intraday. I am asking about intraday only as thats only what I do.
    Some things that come to my mind are:
    1) Start trading with focused mind, keep track of when you lose focus and stop trading there in the first week. Slowly and steadily try to increase this duration week by week.
    2) Since you are going to trade only at your trade areas, dont try to focus and spend you enthusiasm with every tick -- but just concentrate when price is near your trade area.

    I havent tried either of these, but am planning to. So request experienced day traders to give some more pointers. Also please share pros and cons of above 2 ideas, if anybody has tried them.

    Regards
    Krushna
     
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  2. vsatrader1

    vsatrader1 Banned

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    if you are making consistent money in intra trading then you will remain focused for most of the session.
    if you are making losses its difficult to remain focused for most of the time as mind try to avoid painful things like losses so it start roaming here and there. do what ever mediation blah blah. until you are making losses its just not happen.
    for eg let say u make 3k one day your mind is happy so next day you will come with very positive attitude to make more money as you have a positive exp in your recent past. let say again you make 2k. but this time around 3:00 pm. so your mind will slowly accept tht money can be made if i focus longer for the session. and if you are money regularly you will remain focused. this is very simple egs but for me it works like that.
    regds,v
     
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  3. Krushna

    Krushna Active Member

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    Murgi pehel ki anda? :confused:

    And

    “Learning is not compulsory… neither is survival.”
     
    Last edited: Dec 24, 2016
  4. howardroark

    howardroark Well-Known Member

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    To make consistent profit ... To be detached from the terminal ... to stay focused ...
    Your first liner says it all ... Trading is Boring ... It has to be THAT WAY ONLY ... BORING ..
    I have made TWO very simpler rules to stay focused ... to make my trading BORING ...
    1. Rule number ONE ... If This and This and This happens on This and This TF, I do This (Limits) and This (Stops) ...
    2. Rule number TWO ... If the RULE NUMBER DOES NOT HAPPEN ... WAIT Until This and This and This happens on This and This TF ...
    NO THIRD RULES ...
    Try these rules and update me ...
    I'm more than willing to hep ...
    Trade well ... Trade safe ... Stay in GREEN ...
     
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  5. jayakumar.intraday

    jayakumar.intraday Member

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    To stay focus select few stocks to trade first then remove all other stocks. Just keep the selected stocks and Nifty and BankNifty on screen. Now wait for the oppurtunity.

    Watch TV less :)
     
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  6. mohan.nj

    mohan.nj Member

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    My 2 cents: Why we lose focus??

    You have not lost money when somebody else has gained money.. Channels, websites, traders keep commenting on top gainers, top sectors and they show various things and project the thought that it's you who have missed the opportunity.. Now also they say that it's so easy to make the money.. just by watching them.. Actually in REALITY, all newspapers tv channels are doing things so as to increase circulation or TRP rating but project as though they are helping us to make money..; The competitive mind set in us will make us to look into these things.. and in due course of time we lose focus..; We lose focus because we are drilled by these outside things and also our susceptible mindset to get VICTORY WITHOUT EFFORT ( Short cut ).. ; We have not worked hard, we have not bet on those positions and have not taken corresponding risks, but still we expect those returns.. This is I want everything to be free (but only for me) mentality or to be precise BEGGAR MINDSET (sorry to be harsh ).. ; Now how to escape this and learn to focus.. May be this one help

    ..................

    "“People think focus means saying yes to the thing you've got to focus on. But that's not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I'm actually as proud of the things we haven't done as the things I have done. Innovation is saying no to 1,000 things.”― Steve Jobs"
    ............
     
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  7. goldenedge

    goldenedge Active Member

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    I generally have two charts open - Crude oil 5 min and natgas/nifty 5 min.

    I wait for the setups and trade if I find one. Rest of the time I just sleep in the sofa beside my table and either read some book or play a mobile game. Sometimes I browse the internet.

    Yea I will miss setups sometimes but so what? Missed opportunities are pretty common anyways.

    What I don't do : 1) Sit in front of computer all day 2) Read news/ tradingwebsites or anything else
    3) Anything that requires 'active' attention - like talking to people, doing household work for example. (sometimes I do these stuff in the afternoon, when markets are slow)


    Missing opportunities everyday and spending most of time doing something else might seem counterproductive but this is when I really started to make a lot of money. So I stick with what works. The more you sit in front of the computer, the more you get bored (trading is a boring job).

    "A bored mind is a devil's workshop." if you really need help, then hit me up. We can talk about it in detail
     
    Last edited: Jan 9, 2017
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