Trading Rules To Become Successful Trader in 2023

Trading Rules: As you all know that whether the market goes up or down, money is made in both situations from intraday trading.

But most of the traders still incur losses in both situations. The biggest reason for this is that such traders neither have any trading plan nor any rules.

Here are some of the Best Profitable Intraday Trading Tips and Rules, which you can apply in your trading and make good profits.

Rule No 01 Mindset

Friends, the most important thing for success in the stock market is your Mindset, whether you are a Day Trader, Swing Trader, or Investor, you can never get success without a Mindset.

Mindset means that you must first prepare yourself for success. You only know that a lot of money can be earned from the stock market and that is why you have also come here and there to earn money by taking the knowledge of Intraday Trading Tips. But there is a dilemma in your mind that whether you will be able to earn money from here or not. Meaning that you do not have the confidence that you too can be successful.

So friends, tell yourself that if any work is done without Confidence, how will you get success? That’s why the first thing is that first, you prepare yourself for intraday trading.

The biggest reason for the loss in trading is that most of the traders are not able to control the feelings like ‘fear’ and ‘greed’ sitting inside them, due to this they also convert their profit into a loss.

Rule No 02 Build Your Trading Strategy

For success in intraday trading, it is very important that you should have your own trading strategy.

Trading without any strategy means shooting arrows in the dark. With this, you can sometimes make a profit but in the long run, you will be at loss.

Under Intraday Trading Tips, first, make a strategy for yourself. Now it comes to where to get a new trader strategy. How does a beginner know which strategy is good?

You must have seen many strategies on Google and Youtube, and you must have worked on many of them, so far how much success you have got in this, you must tell me by commenting.

I think most people might not have got success because often people do that trading for 1 or 2 days with one strategy and if they do not get success, they start trying another strategy the next day, and this process continues till then. Until they lose all their capital.

It is very important for a new trader to understand that you will be able to make money from any strategy only if you practice that strategy for at least 3 months, only then you will be able to understand that strategy, how it works, and which stock. Pay works very well and on which stocks it does not work.

When a strategy is practiced for a long time, then it is understood how it works under what conditions, that means how to trade if the market is going down or how to trade if the market is going up.

If you are a beginner then it has to be understood very well that there is no shortcut to success here. Success can only be achieved through hard work and practice.

That’s why you should first understand any strategy which you find easiest, then do its backtest on the chart, after that try to see and understand your strategy in the live market, when there is some confidence, then the stock should be changed a little bit. Try to make a profit by taking it in quantity.

When you practice a strategy like this continuously, after a few months you will be able to make a lot of money.

Rule No 03 Create a trading plan

Before the market opens, you should have a plan for which stocks you have to trade today. The best way is how we have to do trading tomorrow and in which stocks to trade, and make all these plans a day in advance at night.

When you are ready by making your plan in advance, then without any stress, when the market opens, you only have to keep an eye on your selected stocks and as soon as any of them appears on the chart according to your plan, you should take the trade. Is.

According to Intraday Trading Tips, making a trading plan is also a part of your strategy, when you select the stocks, you have to decide the stop-loss and target at the same time! With this, you not only avoid unnecessary stress while trading in the live market, as well as you do not have to take stress about Entry and Exit. Due to this, you are able to do trading with confidence and when any work is done with confidence, then success is definitely achieved in it.

It is very important to note here that if you make a trading plan then you should follow your plan very strictly. Sometimes it may happen that you do not get any trade on that day as per your plan, so it would be better if you close your terminal on that day.

If you do not do trading one day, you will not suffer any loss, maybe the next day you will get a very good trade.