The answer, simply, is yes. Day trading is profitable. How long does it take to become profitable? That seems to vary. For me, it was one of internal suffering, despair, hopelessness, and then a grace I can not describe. Then I started to become profitable.
- trade with trend - trade setup must have potential in the daily and weekly chart, for example - if the daily chart is in a downtrend or the trend is situated near strong resistance, it is not a wise decision to place a long order in the smaller time frame.(bullish reversals are seen in the regular interval in a smaller time frame, these bullish reversals Can draw your attention, but these may give you a false signal)
- trade with price action - you must spot strong support or resistance zone in a bigger time frame, suppose you trade in a 5-minute time frame, but you should spot strong support and resistance on a 30m, 1h chart.
- have a look at a related sector before placing an order -you can see some sectors like PSU, CONSTRUCTION, AUTOMOBILE, PHARMA, OIL & GAS this kind of sector is good enough or trending right now you can invest accordingly.
Here are some points that you can keep in mind before trading.
- Keep your charts simple.
- Learn about volume.
- Learn about order flow.
- Accept that losing is extremely common: like foul balls, strikeouts, missed Minnesota Vikings field goals, netball serves, etc. it is part of the ‘game’.
- Don’t trade just to trade.
- Set a daily loss limit in your software that stops you from trading anymore that day when it’s hit.
- Don’t chase.
- Don’t listen to anyone else but yourself.
- You are not alone, so don’t be alone.
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