What plays major role in Intraday trading. Is it tools, market directions or trading systems. Of course, these factors will play a role in Intraday trading. But an important role is played by our emotions. We initialize the buy and sell orders from our emotions. So its very important to have control on the following emotions.
Greed is an enemy of Intraday trading. Once, you have earned the profits from the trade, don’t hold on to the positions expecting for big profits in a single trade. There is no need to make unnecessary trades in a single day. You will be having many sessions to trade.
A Intraday trader will always be having the fear of loosing money. But it shouldn’t prevent him from trading. All the day traders will have losing trades. But it shouldn’t surpass the winning trades.
3) Book your profits on the targets which you have already decided.
In order to have a successful trading, its advisable for the Intraday traders to put the limit order once they buy or short sell their trade. You shouldn’t increase your targets, if the share price start moving in your favour. Because, it could be risky.
4) Stay calm:
Its very important to stay calm during the trading sessions. You should not get over excited for winning a trade and at the same time you shouldn’t panic to a loosing trade. If you don’t control these emotions, then they will adversely affect your trading decisions.
5) Decision making:
Efficient decision making is vital for the successful Intraday trading. You should know when to enter and exit trades, you should act promptly when the trade comes along.
6) Disciplined trade:
Its advisable to maintain the trading log which keeps the details of every trade undertaken by you. This will help you to know how you have executed your trade and where you have gone wrong. Through this you can rectify your mistakes and carry on disciplined trade.
Its very important to be flexible while trading. You should not be stubborn while trading in the stock market. If the stock market is giving different signal which was not interpreted by you, then you have to go with the market direction and you shouldnt stick to your ego, saying that you cant be wrong. If you are being inflexible, then definitely you will end up losing money.
So, if you are able to control your emotions while doing Intraday trading, you will be definitely rewarded by the stock market . But , if you don’t want to take risk and you have to earn profits, then take the help of the stock advisory company which provides sure shot Intraday tips.