Lets us know the two powerful Intraday Trading tips to be successful in Intraday Trading.
Out of many, lets have a check two key attributes to be successful in Intraday Trading are Stress Management and Adaptability.
One of the most important mantra to be a successful Intraday Trader is determined by how you manage your stress. Some of the tips to manage stress are as follows: having a composed mind having good money & risk management strategy in place, which automatically keeps your stress in control Having a Trading process in place, which incorporates objectivity.
The another important mantra to be successful Intraday Trader is to be adaptable. To be a successful Day Trader, you need to be more adaptable or flexible as per the need of the situation. A tip to achieve adaptability is by having a pre-built process in place and following it religiously.
A small example on Adaptability is as follows:
Let us assume, a trader X takes 10 trades based on his strategy or assumption out of which he wins 3 of them and loses 7
of them. The win ratio of his trades is 30% and the loss ratio is 70%. Overall trader X is a losing more traders than winning and this losing money is well.
Do you know there is simple solution for trader X:
Just trader X needs to do the opposite of what he is doing? shocked. Yes! What i said is absolutely right. Just when he feels to Buy, he needs to sell and do vice versa. Else just going against or opposite to his own built strategy can win him 7 trades and lose only 3 trades. Thus, overall Trader X makes money by just going against himself or his own strategy.
All might be wondering, its very simple but its really difficult. Once you have taken a trade which hits a stop loss, can you take the next trade immediately in the opposite direction of the previous trade? question yourself. It is very difficult. Because going against yourself is one of the most toughest thing to do for any trader or human being in general. Therefore, moral of the story here is to be adaptable as much as possible.
Thus, these are two of the most powerful intraday trading tips for traders to be successful.
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