Intraday trading opens you up for the new experience. Every day is different in Intraday trading. You must have a high degree of concentration and focus while trading. Every second matters in day trading. You would be shocked to know that nearly 90% of day traders fail eventually. But don’t worry. Here are some points which would help you to increase your success rate in Intraday trading.
1. First of all, decide what you are going to do with your money, if you are not sure about your investment plan, then take the help of the advisor. Its very important to manage your money. This will decide your success in trading.
2. Each and every business needs a plan. Even Intraday trading needs a plan. In that plan, cover the points such as research, risk appetite and time factor. Come up with the strong plan and stick to it. Don’t deviate from it.
3. When the price of the stock is falling, close the position immediately. Don’t think that your decision will never go wrong. Sometimes it will go wrong. In those times, you have to act rationally. You should not allow your ego to eat all your profits.
4. Always try to protect your capital. Don’t put all your capital in trading. If you do so, you will be in big trouble. If you run out of the capital then you will be out of the trade. So your goal should be to protect the capital and stay in trade.
5. Stock market is volatile. Don’t let volatility to dictate your mood. There will be ups and downs and quick moves which may send you the wrong message about the market direction. You should be very careful. Wait for the confirmation about the stock market direction.
6. Everyone will be having their own opinion about the particular stock, don’t follow others opinion blindly without doing your own research.
7. Bear one thing in mind. Its not easy to make money in the market. It may look like it. But in order to get profits from the Stock market you have to be disciplined in your trading.
8. Always use stop loss once you enter the trade. Stops are savior. They save you from incurring the huge losses, if your calculation goes wrong.
9. Try to diversify your capital among different sectors in order to build a strong stock portfolio.
10. If you are an emotional person, then Intraday trading is definitely not for you. In order to succeed in Intraday trading, you have to overcome your emotions.
There are many other rules to get prepared for Intraday trading . Its always advisable to come up with your own rules in order to achieve the objective of earning profits from the stock market. You can also take the help of stock advisory company which gives you the sure shot Intraday tips , and earn profits.