Things you must do as intraday stock market trader

THINGS YOU MUST DO OR KNOW  AS AN INTRADAY MARKET TRADER

As intraday trading is one of the riskiest and fastest  way of earning capital . You can earn crores daily if you can predict market movement of next five minutes . So if you want to do trading or already doing day trading  then you should know things you musy do or know as an intraday trader

( 1) MULTIPLE SCREENS. - Some instagram trader  and youtubers say that it is not necessary to have multiple screens  ,multiple windows , you can do it by mobile only . but that is not for all conditions . multiple screens might not needed for trade but they are necessary for consistent profit in market and trading and if you are working on low hard cash and high leverage so accuracy is most important thing .

Market and economy is the reactive thing . Market reacts from other market  so you have to look on all market so that you can predict market movements and make instant decisions . "PROFIT IN INTRADAY MARKET DEPENDS ON INSTANT DECISIONS '' If price of gold has decreased 15 INR then it will going to effect price of dollar  , price of rupees , nifty , bank nifty  and some high market capital shares here if you are looking on gold chart then you can plan upcoming trades accordingly .

( 2 )PROPER MENTAL HEALTH  -

'YOU ARE CREATOR OF YOUR OWN DESTINY , TRADES AND PROFIT '
so your mind health matters all in this

you should have to be in proper mental conditions to look ,analyze and predict market .
If there is something like headache or you had suffered with big loss then take some rest and yoga and then make plans . If you are unable to think properly then profit in market is just a case of luck for you.

WHAT YOU SHOULD DO FOR PROPER HEALTH :-
(1) We should take a proper sleep of about 6 - 8 hours. proper sleep increases ,concentration and activeness .

(2). Cutting losses and book profit . loss positions in market increases depression and make you risky trader .so we should cut losses.

(3). We should setup low brightness in screen or should use negative screen or should wear lenses for computer screens to save eyes from adverse effect of screens .If possible we should always use screen in invert mode. Minimizing blue color ratio in colour settings is great if you do not prefer invert screens, continuous blue light results in headache which effect observation and decision-making plans .
(4) If possible we should 20 minute naps on regular hours. This increases thinking strength

(3)Internet :- We need good internet to receive internet as fast as we can .

Net speed is necessary for charts to get updated fastly and execute trades .Little late in execution in trade may result in heavy loss. So we should set up a good and continuous internet connection.

(4) ALERT AND NOTIFICATION SYSTEM :-Even after having screens we cannot look or track every big moment.

We should set alerts on charts indexes and Forex to get updated and notify fastly . Most trading platform provides alert system but you can also get updates from some proffesional alert and message centre sites. This alert helps a lot in Planning trade in fastest way as possible.

(5) TRUE NEWS SOURCES- News is 90% of intraday trading news Market reacts on each big newses so we should have some trustworthy news sources.

Telegram is best in this field there are some good Telegram channels which give quick newses  so you can join them . Regular news channels and business news TV channels are also good. Keep one thing in mind that rumours also run intraday market even it is not true so trade accordingly.

(6) RISK MANAGEMENT STRATEGIES :Even after following all above points there is no surety of 100% profitable trade.We should never put all eggs in one container.

 Diversification of investment is important.We should always have backup for next trade ,for diversification of investment we should invest a small amount of investment in each trades with proper risk management planning.

(7) TRADE STRATEGIES :- 

There are hundreds of shares in NSE (national stock exchange india ) but we trade on 1-5 shares at a time so there should be some criteria in mind of every trader for choosing which share to trade now as well as everyone should have some strategies and system (offline + algo ). For an example if any trader had fixed certain criteria that he will sell trade on those shares which had negative opening for first 45 minutes and now on high of at least 4.5 % , so this is offline strategy or system made by him.

So you should have your own system or strategy which you test in open market for trial capital for at least 12 days. then you should use it in market.

CONCLUSION

Intraday Trade is a game of decisions made by all previous experiences in market. You must be in proper mental condition to think ,analyze and execute decisions either it is trading or any other work . In trading we should try to get as much as information as we can and minimize risks in every possible way .

So i hope you enjoyed and learned a lot from this blog . you can always mail or comment here for any query and next blog suggestion