Want to succeed as a day-trader? Here are 5 secrets for you

Day trading is regarded as one of the riskiest investments. This form of market investment is akin to gambling. But if you know what you are doing and if you have the research and data to back your investments, it could truly help you turn a profit at a quick rate. Most investors have a general idea of what is intraday trading but knowing it in theory and practically trading everyday are two entirely different things. This is why you need certain tricks up your sleeves if you want to succeed as a day-trader. You also need access to some day-trading secrets, which you can find below.

1.    Set up your demat account with a reputable brokerage firm
In order to start your day-trading, you need to first set up your demat account. You must open your demat account with a brokerage firm that is specifically known for offering investment solutions. Having the best demat account, that can easily help you navigate through the interface and place orders quickly can give you the boost you need to make your investments. You also need a strong internet connection, so that you can place your orders rapidly. If there is any delay in relaying your order, it could have a huge impact on your investment.

2.    Try to keep it simple at the beginning
Most investors start only by knowing intra-day trading meaning. But even if you have read every book available, the practical experience can be quite intimidating. As such, even though you may be interested in the BSE, mutual funds, bond futures, equities, blue chip funds and so many other options ahead of you, you should focus on only one at the beginning. Get the hang of each market and proceed cautiously. The other markets and investment opportunities can wait.

3.    Be practical and realistic about your investments
The more books you read on intra-day trading, the more you will feel like you know how to conduct your trades. However, remember that authors usually put in have years of research and studies before they can crack the code of day-trading. There is no better teacher than hands-on practical experience. Of course, there is nothing wrong with reading the literature, but each investment is different so you can’t assume the ‘one-size-fits-all’ policy when it comes to intra-day trading.

4.    Hire the services of a financial advisor to conduct the trades
While having the best demat account in India can make a difference, when it comes to day trading, you will need the advice of a financial expert; someone who knows the nuances of the trading market. The role of a financial expert cannot be undermined; after all you would be placing bets every single day. One wrong bet can result in a lot of losses. So, if you are just getting started with day-trading, you should hire the services of an investment expert.

5.    Remember to formulate a risk management strategy
Intraday trading meaning and risk management go hand in hand. Even before you begin investing, you need to adopt a system to manage your investments and your risks. You have to decide when to place a stop-loss order, or you could end up putting your finances in jeopardy. Don’t get carried away by the ‘high-risk high-return’ philosophy, because the risk you can assume in this field of investment can be quite significant.

In conclusion, if you proceed cautiously with day-trading, it can be less intimidating. Open the best demat account, hire a professional and always remember to review your trades. Remember, the most valuable entity of day-trading is practical experience.

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