day trading or Intraday trading is a very complex way to make money in stock market .It will become easy when you spend enough time in stock market but for beginners it is very important to keep calm and gain experience before going all in with his or her savings. So today i will be talking about 6 tips that a person who is starting day trading or intraday trading should definitely keep in mind.
1. Start small in day trading.
so, when i started day trading i was very excited and invested the full amount in a single trade although i made profits in first few trades maybe that was beginners luck or something but that made me overconfident and soon i started loosing my money and within 10 days i lost all my money . I know a lot of you who started day trading have faced the same problem and you guys can relate to me . But for those who are just starting intraday trading i had to include this point . I hope you guys will be more patient with your funds.
2.having a trading plan and following it
This is a very underrated but very important tip for a day trader as a lot of people who start day trading they just binge watch some YouTube trading videos and start investing there savings in the stock market thinking they will become rich but that's not how stock market works . People who trade according to a plan are more likely to succeed in stock market . Making a trading plan is not that hard i will write a separate blog on that topic make sure check that out .
3. Risk and reward ratio management
So in the beginning of my day trading journey i lost a lot of money because i did't know how to manage my funds . I was able to make profits in 7 of 10 trades but at the end of month i was always in loss . Because i did't know how to manage risk and reward in my trades . I was the person who would cut the trade with only 5 to 10 percent profits but in losing trades i kept waiting until 50 percent loss. It's a very important point to keep in mind when starting your day trading journey that manage your risk and reward ratio and don't wait in losing trades.
4. experience is the best teacher in stock market
You must give time in stock market reading graphs and gaining experience as in the end your knowledge and your graph reading skills will help you make money . Stock market is not that easy to understand but once you gain enough experience in the market you will start understanding the graphs and it's patterns and will be able to make money out of it.
conclusion
make sure you don't invest your money some stocks because someone tells you to , just be smart and active in the market and you will start understanding it so don't be in a hurry and be patient in the market. Do check other interesting blogs for more information about day trading or stock market tips and strategies .
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