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Are you a day trader? If yes, here are top 7 factors to consider for wealth creation.
The key to successful day trading is being consistent and doing things which are repeatable. Hence tone down your expectations, if you are generating between 3-4 percent return per month,
One of the very few luxuries markets offers is ‘Time’. Think about it - if you buy a stock today, and it goes down tomorrow, you can still give it ‘time’ with a hope that it will bounce back.
However when you day trade, the luxury of time is taken away from you. Each day the scores are settled, forcing you to be fair and square for the day. This makes day trading a very tough profession, with a need to be highly consistent and disciplined.
Many traders live with a notion that they can double their money every month. This is equivalent to a fairy tale in the markets. This can’t happen. Even if one manages to do this, they should attribute a large portion of this success to luck.
The key to successful day trading is being consistent and doing things which are repeatable. Hence tone down your expectations, if you are generating between 3-4 percent return per month, trust me you are doing a phenomenal job.
There is a difference between the two. Trading requires you to design a strategy. Every design has a reason behind it. If you cannot find a valid reason to trade, then you are blindly speculating on everything that moves in the market, which is a sure shot recipe for disaster.
Typically the valid reason to trade should be a ‘trade signal’ from a trading strategy. The strategy can as simple as a price volume breakout, moving an average crossover or as complex as neural network algorithm. The point here is that you need a strategy to trade, without which you are simply speculating.
There are certain costs involved while day trading, make sure you keep these costs under control. Some costs like STT, Stamp Duty, and Service tax are beyond your control and there is nothing much you can do about it.
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