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that any particular trade will work out successfully, but you must always have a true inner confidence in the belief that it works out on balance and in the long run. This confidence keeps you going when you encounter a choppy day or are having a temporary losing streak. If you start to second-guess your trading ability and lose your confidence in the system, your chances of success are greatly diminished. |
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While confidence is necessary, when confidence becomes arrogance or stubbornness it can be fatal in the DAET arena. If your confidence evolves into stubbornness or arrogance, you will be very sorry, very fast. If you are too confident and do not quickly take your losses, you might very well get thrown out of the gamein other words, lose your capital. So while you need to be confident enough to make a decision quickly and act on it, you must also be confident enough to admit that you are wrong and reverse direction. |
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I have been electronically day-trading using DAET and its predecessors for almost a decade. It worksthe results are well documented. If you are confident enough and work the system according to the rules, you, too, can succeed. |
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Trading is a very serious business. Large sums of money are made and lost every trading minute. The ability to stay focused on the essential elements of DAET is vital for success. Constant focus on tape watching, order entry, and position monitoring should be uncompromising. Even a momentary loss of concentration can cost you hundreds or even thousands of dollars. The market continues to move whether you are watching or not. It does not stop because you go to lunch or take a coffee break. When you trade, you must be able to stay focused on your task and keep distractions to a minimum. For example, if you get distracted and lose merely an eighth of a point on 1000 shares of stock because you were late in getting in (or out), that represents a $125 loss. If it was a quarter of a point, that loss is $250. A distraction of as little as 5 seconds can sometimes cause these problems. Focus is a must. |
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Successful trading involves riding your winning transactions and immediately cutting your losses. Since winning |
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