Intraday trading is very fascinating. Mostly to those who are new to share market. Below I am mentioning stages which every trader goes through before becoming a successful Intraday trader.
- You will make more losses for some time.
- You will get frustrated and will decide to quit.
- You will read some books on trading.
- You will invent or follow a strategy.
- You will have perfected your entry, but still will be working on your exit.
- You perfect your exit.
- You are happy with profits and book them.
- You will earn good profits while minimizing losses.
Many retail traders are stuck in points 1–3 for a long time, and then will not be able to approach point 4. This was me some years back.
Intraday trading is for those people who are free when they sit down to trade in front of the computer with no distractions. If you are blindly going to follow some tips or recommendation, without a trading system, you are guaranteed to fail.
I’m not discouraging you. But this is the fact.
But, if you somehow manage to go beyond step 4 successfully, you will end monthly in profits for sure. Don’t be afraid of losses, be afraid of not committing to win. It is most definitely possible to end every month in profits, if you go beyond step 3!
I personally started intraday with around 20000 and to be very true I was motivated by traders and their profit snaps posted on different social media platforms. I too decide to enter with the intention to double my money in just a few trades like most of the new traders.
By end of 1st month of my Intraday trading, Reality struck. I lost all my intraday capital in just one month and in greed sold my few golden shares from holdings to get some cash for next round but this time I decided to trade on experts call. But again no luck as ended up again in loss.
But the only thing that kept me motivated and moving was that – If my entry was wrong if I made a loss then on the other side someone was correct and made a profit.
I decided to learn and learn till I am able to predict 6 movements correct out of 10. I only did paper trading for at least 8 months and just observe the scrip reaction at a specific level and price.
Next thing I do was to hold shares for around 30 days and gradually decrease my time frame for holding this really helped me to understand the price behavior. And finally restarted intraday trading with just 5 to 10 quantity and observe the result and my mistakes to improve myself.
This is my story of intraday trading. The reason why I am sharing my story here is because I don’t want anyone to lose their hard earned money. I have gone through this and don’t want others to bear this pain.
I request you all to please learn before entering in share market because it’s not that easy as it seems, else everyone will become a trader and no one will be interested in 9 to 5 job. It’s difficult but not impossible task. Trade wisely!
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