Essential tips to be a confident intra day trader.
1. You don’t need to be smart, you need to have a decent and sustainable edge over the market. This is achieved through more of a discipline than gambling in stock market.
2. Ability to handle both losses and profits. Learn to accept the wins, embrace the losses.
3. Accepting the fact, you cannot become rich in just 2 – 3 years of trading. Trading takes time and patience.
4. Avoid using too many indicators, they are just distractions. Work towards developing and building your own trading strategies.
5. Cultivate a habit of observing and analysing technical charts daily.
6. Trend is a friend until it bends. Stock market is very dynamic and thus odds can change against you within fraction of a second. It is best to stay humble and never rejoice before you close all your positions for the day.
7. Learn to manage risk, without it you cannot survive the market.