Day Trading Psychology

Friends,
I would like to add one most crucial thing about day trading---that is your own psychology.It is YOU yourself who is provoking all the confusions all the time during trading.There is nothing confirm tips in stock market .One can say the high probability things.Probability is the correct word----there can not be any sure shot tips.And besides the technical analysis part there are other variables for your success or failures.Suppose you bought a stock @101.00 ,SL 98 Target 105.00.But the stock first went upto 103(not 105) then fell to 97 .Here if you have not booked your profit at 102/103 (waiting for 105) then you have lost at the end.So,you have to be flexible at times in your decision making process.FEAR,GREAD,HOPE are dangerous sentiments for day trading .Your decision should be based on technical analysis and money management criteria.Many of the times your intended target may not be achieved.But even if you are earning 50 paise per stock you can make lots of money.Always remember BOOKING PROFITS IS YOUR RELIGION IN DAY TRADING .It doesn't matter how much..? If you are able to book profits or protect your profits by trailing your stoploss then it's fine.Because atleast you are alive for your next trade...I think Shabbir's ebook is good enough for beginner and besides this you can see some technical analysis videos in Youtube and take tips from some good analysts.But beware of the tips also.Many of the tips go in wrong directions.You have to confirm which tip will go in favorable direction on the basis of your technical analysis intelligence.If you miss anything you can meet huge losses.But if you can controll your mind and apply the basic technicals during day trading you can earn atleast 500-1000 per day.But please do NOT start day trading without having all the required knowledge.You can search technical analysis videos in Youtube.Happy learning and please keep stoploss while trading !!