(6) Keep Records Of All Winning & Losing Trades
It is one of the most critical & basic day trading rules for intraday traders. Every trade is important for a new as well as experienced trader. Your trade performance report is a good measure of effectiveness of your trading strategies.
Although, your past performance is not a guarantee for success in present scenario but you can learn a lot of things from your mistakes.
You can carefully avoid repeated mistakes during intraday or margin trading. It can also help to deal with stock movements in a much better way.
Writing down about each & every takes is also a good way to make you responsible for your right or wrong trades. You should not surprise if perhaps you start learning more from your losers than your winners.
[Read Also: 25 Basic Rules For Investing Money In Stock Markets]
(7) You Don’t Have To Trade Every Day
It is one of the most important & basic day trading rules for intraday traders. Share trading is a form of tricky & risky business.
You can get success in day trading only when you are physically & mentally prepared for it. You don’t have trade every day just because markets are opened. You should only make your positions when you like to do so.
Some of the reasons when you may not like to trade include your are mentally not prepared, physically tired, not feeling well, feeling uneasy about markets, or you just don’t feel like it & even because you are not finding any profitable strategy.
You should never make a position just to show off your talent or impress others. Positions in a script formed under external force are much likely to cause losses. Sometimes, it is better to avoid trading until markets are stabilized.
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