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transactions take care of themselves, the focus must always be on controlling the losses. That's where discipline comes in. If you are not disciplined, it will cost you lots of money. The problem is that people are very often reluctant to admit error and will not take a loss readily. A successful trader, especially a DAET trader, must be disciplined enough to take the necessary actions quickly and without emotional distress. If you can't do thisif you don't possess disciplinedon't attempt DAET. |
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People who attempted DAET and failed did so because they did not possess the necessary discipline to cut losses short. They allowed trades to get away from them to the point where they lost so much money they couldn't continue trading. To succeed at DAET you must continue to play the gameyou must continue to trade. If you are prevented from doing so because your capital is reduced too much, the game is over for you. You must have the discipline to cut losses quickly so the game never ends. |
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DAET is twenty-first-century tape watching. Not only do you monitor your trading computer screen as the market makers change their quotes on Nasdaq Level II quotation equipment, but you also monitor DOT, check SelectNet and ECNs, try to identify trends, and quickly act on your observations. This requires a good memory for changing stock prices and the ability to quickly recall and analyze the various brokerage firms' quote changes. The better you can remember and conclude, the more quickly you will be able to identify a trend and act on that trend. Since there are hundreds of stocks that potentially can be monitored and dozens of different market makers quoting them, a good memory is certainly a characteristic a DAET trader would want to possess. The many new features of an enhanced trading system can significantly help your memory by providing alerts and sorting features that will assist your personal memory and enhance your vision. |
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DAET traders on balance are driven to succeed. They can taste the financial rewards of successful trading. DAET traders certainly are not passive. They |
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