Good habits of an Intraday trader

Habits define a person and his behavior. Personality and behavior is an important factor of a successful trader. A mental balance and calmness is the key factor of any successful trade. Just imagine, the mental state of yours when you are in the trade. when the price is closer to your stop loss, the intensity of your pray to god become higher. Image the regret when the price moves faster after hitting your target price. Fear, losses, greediness or profits always effects your mental state of your next move as well.

After hitting a consecutive 4 profits in a row makes you more confident to overconfident and a consecutive 3 losses in a row can put yourself in darkness. These are the two sides of a single coin. In this mental, emotional and psychological blockages you can overcome by having few good Habits.

Be an early riser.
Do some exercise, yoga or at least breathing exercise.
Read a business newspaper every morning.
Evaluate the speculation and the news from the news headlines.
Have a healthy but light breakfast.
Analyze the USA market and other Asian market before opening of the Indian stock market.
Point out the events of the companies on that day.
Analyze the pre-market and the opening price of your preferred stocks (8 minutes analysis).
Take the trade as per your preference.
Concentrate and try to check every chart pattern when you are in the trade.
Do not be fear full or greedy at any movement.
Maintain your journal.
Count the brokerage and tax calculation in your journal.
Have a light lunch.
Take a break of at least 10 minutes after closing any trade. do not search for the next trade immediately.
Maintain your money management.
Do not take any new position after 3:15 PM.
Do not watch business news all the time.
Don't take stress.
maintain your personal life differently from your trading activities.
Do not think too much, market is not going anywhere, you will get opportunity next day.
Analyze your journal in every night on daily basis and in the weekend in weekly basis.
Do not commit the same mistake twice.

All the above points are having a correlational with your trading activity directly or indirectly. Try to maintain the same and Hope you can follow the above points, and become a successful trader soon ..........

Comments

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