Many people think share trading is very difficult. In this article, we will discuss that it is not at all difficult to become a profitable day trader. All you need is the right approach towards trading. Things can become super easy when you take trading as a business. Here are the top 6 skills of a profitable day trader.
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Discipline
From kindergarten, we have been taught that discipline is the stepping stone towards success. This is very true. Every trader has a trading plan. Your task is to stick to that plan no matter what. There are only two possibilities for a trader: target or stop-loss. You should not do anything in between. Moreover do not come in FOMO. You should trade only when your system signals you a trade. Trading discipline can make you a very profitable day trader.
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Patience
Almost every profession needs you to have a degree; you spend 4 years in engineering college before becoming an IT professional; you spend years in law college before starting as an advocate; however, when it comes to trading, people just jump in. They want to profit from the first day itself. You need to have patience; trade small during the initial days of your career. In trading, protecting your capital is more important that profits.
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Adaptability
Every day is a fresh start. You can use your experience but no two day will be same in trading. You need to be adaptable. You should have 6-7 trading strategies in your arsenal and as and when market gives you a trade, you should not hesitate from trading. It may happen that the day before was a heavy loss; however, you should not allow that to hamper your today.
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Mental toughness
You need to develop very strong mentality to be successful in trading. This develops with experience. You will have to take some tough decisions while on your trading desk. Take for example, suppose you had a heavy loss in your last trade, this loss should not deter you from trading your signals. You should jump into the trade whenever your system signals you. The result of the last trade should not have any impact on a new trade.
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Independence
In your initial days you can take help from a mentor to assist you in trading. However, you should understand that no one will be able to hold your hand forever. You need to be independent to be successful in trading. You should not copy other’s trade ideas. Do your research, develop a plan of action and trade your plan.
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Humility
No matter what, no one has ever been able to beat the market. When you enter into trading, develop this attitude from the very first day: Market is supreme. You can trade your plan to the best of your abilities but market will not work as per your wish. You need to develop as per the market.
To sum up
If you inculcate these simple tips you would be a very profitable trader in the long run. You can open a trading account with 5paisa and kick-start your career.
