Advice for Intraday Traders
Sticking to the process is the most basic and important part of trading and investing. The process involves setup and instrument selection and ensuring that you don’t trade without stop-loss identification or risk management calculation.
As an intraday trader, one should sit a maximum of 1.5-2 hours in front of the screen. There are specific timings during the day wherein there are increased chances of detecting an intraday trade opportunity. These timings are well-explained during ASTA programs.
Also, it’s important to do sufficient trading preparation and book profits at the right time. Once you have executed a successful trade, it’s important to close your laptop or any other trading platform so as to avoid attempting another trade out of greed.
As an experienced intraday trader, I have realized that you are more likely to incur losses if you continuously keep taking trades. It’s well-advised to wind up after 1-2 trades a day and not succumb to greed.