The journey to become an Intraday trader is definitely not easy. Sometimes, you would feel it like a hell ride, wheras, during the other times it would be filled with an excitement. Before starting your journey as an Intraday trader, go through the following post.
Always set the realistic goals:
Don’t expect to make millions in your first month ofIntraday trading. Its highly impossible. This is the problem with many aspiring traders. They set the unrealistic goals. Try to focus on small, but consistent profits. Intraday trading is all about the risk and rewards. You can earn higher profit if you take more risk. But its not advisable to take higher risks in the early days of Intraday trading. First figure out your expectations from trading. You must always have realistic expectations. Set small goals. Try to make 1,000/- per week on trading account of 50,000/-. That would be 4,000/- per month. Don’t be under a myth that you can achieve your goal every week. You may make less or even lose some money during some weeks. You should be able to control your risk while growing your account in the long run.
Determine the direction of the market:
Its very important to identify the direction of the Stock market. This will help you to identify the kind of strategy to be followed in a particular market condition. Always try to use multiple trading strategies. Use trend following strategies in a trending market and trend fading strategies in a sideways market. If you fail to apply right strategy, then it would be like swimming against the river. Its highly impossible to gain from the stock market without identifying its direction. Tools to be used to identify the direction of the market:
Using technical analysis in the Intraday trading is very important. It will help you to identify the direction of stock market. You can either use chart patterns or indicators. Don’t get into the dilemma of choosing the right approach. Use the approach that works for you. If you are comfortable with indicators, then use it. The ultimate objective must be to identify the direction of the stock market.
By following the above 3 steps you are all set to start your journey as an Intraday trader.
The main aim of an Intraday trader should be to earn the consistent profits. This aim can also be achieved by taking the help of the good stock advisory company which provides Intraday tips . In this way, your intraday trading will be full of fun and you can earn the consistent profits from the stock market .