Trading day-to-day with all your money without any additional income is a dangerous way to be impartial.
Fearful profit is not a winning strategy. I have yet to see a trader who could live on a trading account of 5000 without any additional income.
Few Points Regarding Traders are:-
They’re patient:
It all starts with patience during your education. For a while, take the time to trade on paper. It is normal to make mistakes, but it will allow you to relax and be more confident in your trading decisions. Write down all of your mistakes. This will help you stay in the game. Please trade very few shares if you wish to do live trading. If you trade a small number of shares, it is easy to make mistakes. A single-blown stop is enough to wipe you out if you use your entire purchasing power. I have yet seen a traders, including me, who didn’t set a stop at a minimum of once. !
It is important to be patient and stay in the market for trading opportunities. Not every trading method is successful every day, as we have already stated. Sometimes you may need to wait to find a great deal. You may also experience a trailing streak.
An excellent share market traders won’t be too concerned about this and will focus on other things. It is the worst thing you can do, to sit at your computer trying to recover losses.
They are focused on the strategies that work best for them:
Many types of traders try to use too many different methods simultaneously. They think they must make money every day. My most successful traders only have a handful of methods they are very good at, and sometimes just one.
It is important to find a method you are comfortable with and that you can master. This is not something you can do overnight. You will need to look at many strategies before you find the one that works for you. Remember that not every market is the same. It is not unusual to be at the margins for a while. It doesn’t mean you have to make money every day. You don’t have to make money every day. The important thing is to trade only when you feel comfortable and to keep trading. You can gradually switch to other methods once you recognize a “bottom-line” method.
They’re great money managers:
A good day traders will never risk more than 2 percent of his trading capital on one deal. If he must stop trading, the maximum amount of money he will risk is 2 percent of his total money. This is the maximum amount you can risk. You should not attempt to peril lower than this. This is because even if you’re right 99 percent of the time, you can still immobilize loss 10x per line. This might happen every once in a while. You will only survive if you are willing to take a small risk.
Trade with Confidence:
Trade with more confidence is the key to day trading success. Only a handful of basic techniques are used by the most successful traders I know. They are based on chart patterns and simple technical analysis.
Their confidence in their deal strategy, their ability not to be influenced and their ability to execute their deals according to their observations were what made them so successful.