Forget about scared money
Don't think about the potential of loss. Learn to use stop orders. Also, you should only trade with money you can actually afford to lose. Otherwise you end up making decisions not based on knowledge, experience and skills, but simply based on the fact that you're scared of losing your money. Day trading without a doubts has loads of risks in it and if you can't take them, don't. It will only lead to catastrophy.
Learn to deal with losing
In addition to scared money, it's normal that we hate to lose, especially multiple times in a row. However, taking loss in day trading is as normal as making profit. Just get used to it. And learn from it.
If the ship starts to sink, don't pray, jump!
If your trade is losing a lot and it starts to reach your stop limit, don't go lowering the stop limit. Stick to it! Otherwise, by the end of the day, you'll end losing a lot more than you thought you are willing to. Of course, there are exceptions, but they are not worth mentioning. As we all know, without exceptions there wouldn't be any rules. And that means every rule has its exceptions.
When you've achieved your top speed of 500mph, it's time hit the breaks.
The main forces moving the markets are fear and greed. Fear of losing the money and greed that makes you want it more and more and more. However, once you have managed to earn enough profit, enough being the expected number where you had previously set your profit limits, stick to it. Forget greed. It's seldom a good thing.
Continued in Part III.
