How To Become A Successful Intraday Trader ?

trader enjoying success in intraday trading

Tips to become successful In Intraday Trading 

Day trading or Intraday trading offers a level of comfort and flexibility to traders. But being net profitable and earning consistent profits in intraday trading requires top quality skills. Intraday trading is highly rewarding and the most complex trading style in the stock market. Let us understand in detail the tips and skills needed to become successful in intraday trading. 

Learn Before Starting to Trade 

To become successful in trading the golden tip is to learn and acquire market knowledge before starting to trade. Technical analysis and risk management are the key tools of intraday traders to make a consistent income from stock market. We can see that newbie traders take blind trades without any analysis and lose money in the market. So as an intelligent and informed trader, give more priority to learn and acquire skills in market. 

Strategy and technical indicators will not provide 100% accurate trades 

Traders must understand the fact that there is no tool or system in the stock market that provides 100 percentage accurate trades. Traders must build a high probable trading system and must follow the system to earn good returns in the long term. Traders can either use price action or technical indicators to increase the probability of successful trades. More importantly managing risk when the trades are going against is very prominent for a trader. 

Set Realistic Goals 

Traders must set realistic targeted returns from the stock market to achieve financial freedom in the long run. Newbie traders aim to make big returns with a small capital and end up losing money in the market. It is truly relevant for traders to keep a realistic target from the stock market to avoid overtrading and losing money in the stock market. Legendary investor Rakesh Jhunjhunwala has addressed a trader as an Emperor if that person is able to take 21% returns from stock market consistently. So, the key take away is setting targeted goals will enhance your trading journey.  

Start with small capital that you can afford to lose 

The journey of a successful trader starts when he /she can generate a decent percentage of return from invested capital rather than focusing on the profit amount. New traders in the market are advised to start with a small amount of capital and must focus on generating a good percentage of returns. Traders must avoid the mistake of focusing on profit amount rather than focusing on percentage of return. Once the trader can generate decent returns from invested capital, traders can focus on increasing capital and can earn good income from stock market. 

Stay away from stock recommendations and calls 

Traders must not take trades based on calls or recommendations to become successful in intraday trading. Traders must focus on learning and self-trading to become a successful trader in the long run. Traders are advised to stay away from telegram calls and other recommendations, without proper risk management there is a high probability for traders to lose their capital. 

Control your Emotions 

Traders must master trading psychology and remain calm in every market situation and must follow the trading system to avoid big losses in the stock market. Panic trades and revenge trades can create huge losses for traders. Traders must master not to get emotionally attached with profits and losses to stay stress free while trading and must make proper adjustments in trading according to the trading system. 

Money Management 

Risk and money management is the most prominent tool in intraday trading. In the stock market, there will be market conditions with unexpected turnarounds, huge volatility, huge weakness, consolidation etc. To brace invested capital, it is very prominent for investors to maintain significant risk and money management. Maintaining and following great money management strategy in trading is the key tip to become successful in intraday trading. Traders must stay away from leveraged positions in the market until they learn and master money management in trading. 

Patience and Practice 

Achieving overnight success in the stock market is merely impossible. Achieving financial freedom is a time-consuming process and it requires a lot of patience and effort. It is impossible for a trader to remain profitable in every market condition. Traders take high probable trades in market to remain net profitable in the long run. Trading requires a lot of practice and patience but with the right effort achieving financial freedom from the stock market is possible. 

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