If you want to succeed in Intraday trading, then you have to follow these 3 golden rules. These rules can be applied for each and every trade. If these rules are followed with conviction, then no one can stop you from being a successful trader. These rules will help you to earn the consistent profits from the stock market in the long run.
Discipline: This is the most important rule to be followed by each and every intraday trader. Your success as a trader in the stock market is directly related to your trading discipline. In fact, the trading discipline is 90% of the game. You can succeed only if you trade with discipline. You will fail if you trade without discipline. If you hope to achieve trading success, then you must attain discipline. You should trade with discipline everyday and in every trade. Condition yourself to behave with discipline over and over again.
Content: In order to make good trading decisions, the traders should be equipped with the market information. Content consists of all the external and internal market information. The market information collected must help the trader in making their trading decisions. Internal market information plays an important role. Internal market information is nothing but the time and price information given by the exchanges. Trading decisions will be based on time and price. In order to track the markets effectively you must have the up-to-date time and price information. It should be delivered to your personal computers through a reliable execution platform. You would be trading in dark, if you are not equipped with the instantaneous time and price information.
Mechanics: Mechanics involves the methodology that you adopt to enter or exit the trades. Its all about how you access the markets. You can enjoy the success as a trader, if you master the mechanics. If you place your trade at the wrong time, then you will loose thousands of rupees. If your trading strategy is scalping, then your trade execution must be fast and efficient. Therefore its very important to master in entry and exit process.
These rules can be applied even in the volatile stock market. You just have to trade with discipline and respect the market. When you are right, don't get too greedy and when you are wrong get out of the trade immediately.
If you feel that these rules are difficult to follow on the daily basis, then there is a way out. You can do the Intraday trading and earn profits from the stock market by taking the advice of the reputed stock advisory company which provides sure shot Intraday tips.