How good are you at losing?
In any other context, that sounds a bit absurd doesn't it. But in day trading, it's everything. Even the best strategy falls apart if you fall apart and smolder each time it loses. Then if you try to trade again to show the market who is boss, it will show you otherwise. If that causes you to abandon whatever strategy you were using, then the failure is complete. Let's turn that around. You have a new PA account and are using a simple 2:1 strategy with a proven 48% win rate. The first three trades lose. You handle it well. You win once and lose 3 more times. Then win and lose again, then win 3 times in a row. And then you lose another and win another. Presto, even though it doesn't sound like it, you now have a profit even through all those losses. We all lose frequently, even whilst using a proven strategy. But 98% of day traders fail because they can't handle losing, so what's left is the 2% of us. Let's stay in that tiny group of good losers, shall we? How do you handle losses?