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One of the biggest challenges day traders face is caused by greed, especially when you factor in our culture of social media. It’s very common for beginner day traders who are just getting started to look around social media and see some crazy amounts of money that other day traders are, supposedly, making. When these same traders begin to see their personal results, it’s easy for them to lose perspective and think they’re not doing very well. These new traders lose confidence and don’t progress the way they should. One of the philosophies I’ve learned to use in my day trading attitude is “$500 a day keeps the day job away”. It’s not that I need to (or want to) make $500 every single day; however, it does serve as a number that helps me remain grounded in reality. You could be up $500 and then look around and see someone making $1,500 and think your day wasn’t very good. These are the little mental tricks we need to avoid! You need to trade your strategy and be grateful for the gains you get. Stop and think about it. $500 each day would do wonder in terms of keeping that day job far away!
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