There are good number of people who want to make a killing in the stock market, and there are several people who want to make day trading their source of regular earnings. but day trading is the most risky when you simply enter without having sufficient knowledge or experience . In order to make new day traders a better informed, some tips are being given , so that they may just make profits only from the day trading. Here goes the tips.
Day Trading Tips
If you are doing day trading, always remember the following tips
1.You must know about the company, you wish to trade its shares.
2.Go after only the liquid stocks.
3.Risk as little as possible in the beginning.
4.Trade stocks of profitable companies.
5.Start small, and then do big from the profits only.
6.Consider risk vs reward ratio.
7.Trade with funds you can afford to lose.
8. Plan out your stop losses carefully.
The three important rules of a successful trader
1. He is unemotional.
2. He is hardworking.
3. He is disciplined
Plan a Trade
Before you start your day trading, you must prepare a plan for the trade.
A check list is given below for such planning.
1. What is the entry point on this trade?
2. How much you will pay to gain a position?
3. What price you will sell at?
4. How many shares you can afford to buy?
5. At what price, you will exit to pull out profits?
6. At what price, you will exit to minimise loss?
7. Where will you put your stop loss?
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