Intraday Trading – A challenge to get success
Intraday trading can be a great way to make money all on your own mind strategy. It’s also a great way to lose a ton of money; all is on your own hands. When you take up Intraday trading, the accurate tips and tricks that may have helped you to get success in good stocks or find great money makers over the years, trading ‘normally’, will no longer apply. This is a challenging game with different rules and regulations. All of the methods that are used to identify stock markets that are appropriate for normal delivery-based trading are dependent on technical analysis, fundamentals or insider information.
Many times because of greed , once we have entered in any position and it went into profit then also we looses because of sudden volatility in market , then we think we should have used trailing stop loss . And will implement it from tomorrow. Day trading carries more risk than investing in stocks. Invest only the amount that you can afford to lose. An unexpected movement can wipe out your entire investment in a few minutes.
Keep Patience and Get Profits in Day Trading:
Greed and fear are the two biggest hurdles for the intraday trader. Just as trader should not flinch from booking losses when the trade goes wrong, he should book his profits when the shares reach his target. If he feels that there is more upside to the stock, he should reset the stop loss. With the availability of high-frequency trading data, market participants are increasingly interested in understanding the effects of economic announcements. The day trader’s choice of stocks or index and positions has to work out in a day. There’s no Waiting until tomorrow to see how the charts play out before committing capital. If the day trader sees an opportunity, he has to go for it now or it has gone. Things can change drastically in minutes. When it’s time to buy or sell, it’s time to buy or sell, and that’s all there is to it. Not everyone can be a day trader, nor should everyone try it. If the idea of being in charge of your own business and your own trading account is exciting, then day trading might be a good career option for you.
Advantages and Disadvantages of Day Trading:
There are numerous advantages to day trading as well as disadvantages. Because day traders make more trades than, say, position traders, there are more opportunities for error. Another disadvantage is that day traders often miss the really big moves that some stocks make. Therefore, some day traders let successful day trades develop into swing trades. Confirmed day traders, however, always close their positions before the market closes. An advantage to day trading is not holding stocks overnight. In this market, anything can happen which might cause stocks to gap against you at the open. I am wired as a day trader and just hate worrying about a position when the market is closed. Finally, if you wish to day trade, you should be willing and able to sit in front of a computer all day and monitor a trade. If you cannot, then you can trade in the intermediate or long-term time frames.
Traders who are most successful are specialists who use just one or two trading techniques and get accurate Intraday tips for achieving success in Day trading and Become experts in their execution. Focusing on one or two strategies will bring repeated success. Every time someone brings out a new strategy, we run to it, hoping for the magic bullet. Well, I have not found any magic bullets, but I have identified a number of tactics that bring repeated success. Knowing how to execute a particular strategy and being able to find the stocks that are ready to move when you want to trade is the most difficult situation facing most day traders.
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