Trade With Difference

Day Trading Essentials

Success in trading does not only mean making money but accomplishment of something that is important to you. Its identifying the behaviors that create success or failure in your trading endeavor.

Do The Following If You Want To Become A Successful Trader:

  • Learn to treat trading as your prime business
  • Learn to follow the basic principles of your personal life while trading
  • Learn to use Tick Chart, 1 Min. Chart, 5 Min. Chart and Volume Analysis
  • Learn the nuances of basic Chart Indicators like, RSI, MACD, MAs and Bollinger Bands
  • Learn to talk to and within yourself about your trading methods
  • Understand the importance of Break Even Calculation
  • Have Determination, Conviction, Confidence, Consistency, Inclination, Interest and Involvement
  • Plan your expected profit before start working on losses
  • Once you have achieved your day’s target, in one trade or multiple trades, close the terminal
  • Learn to prove only to yourself your worthiness and power, not to others
  • Learn the meaning of the most beautiful word in English: “RESPONSIBILITY”
  • Learn to accept your fate is decided by you not by others
  • Spend time to read books written on some of the renowned traders to learn from their experiences
  • Keep your trading area environment free of mosquitoes/flies

Practice If You Are Determined Not To Become A Successful Trader:

  • Have an attitude of investing today and expecting profit yesterday
  • Do not learn anything about stocks/forex trading but expect huge profit
  • Begin trading as a career to make fast buck
  • Take overnight positions and spend wonderful night with big dreams
  • Work fervantly on tips and illiquid stocks
  • Trade over the limit available in your account because your broker allows you above normal leverage
  • Work very hard to cover up your losses by going double longs and double shorts
  • Buy or Sell based on FIIs buy, sell, downgrades and upgrades of stocks, countries, economies.
  • Watch Bloomberg, CNBC, NDTV TV and other such tools prone to attract you
  • Blame after the market crashed, President, Prime Minister, Finance Minister, Fed, SEBI, Politicians, Int’l Markets, Media, Economy, Corporate results, your friends, family, star, for your failures.
  • Show your so called mood swings on trading and take hasty decisions
  • Always go against the market trend
  • Do not book profit when the market is giving indications of imminent correction and expect more profit.
  • Do hedging and trade multiple stocks, currencies and markets at the same time.
  • Watch any and all the scrips, currency pairs that are moving up or down

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