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15 Day Trading Guru Mantras to make profit

Posted By On 10/11/2008 01:18:00 AM Under

1. As a thumb rule let the market show its correct direction and enter in BSE and NSE trades say 15-20 minutes post opening as the true trend of the stocks will be clear and never be in a hurry to jump in a trade. One can undertake the delay time in trading if the trend of stock market is not clear else if one is clear of the trend and is ready with a trading plan than one can jump the band wagon to get the fruits of day trading.

2. Preferably be online else if trading with a broker than be present 15 minutes before commencement of tradiing. Remember day trading is a loner job and thus online trading is perfect to make money.

3. Have a trading plan ready in hand.

4. A balanced and a calm mind produces best decisions and generally first reaction is best reaction. Do not have a fight with any body before3 commencing day trading.

5. Ensure a perfect blend of personal life and stock market life and do net let the two aspects interfere.

6. Do not leave your current job for day trading as day trading is the most difficult profession.

7. Do not put all eggs in one basket and thus no more than 10% per stock during day trading.

8. Avoid margin trading and trade with own cash. results will be always better with own cash.

9. Over trading only makes brokers rich by virtue of brokerage.

10. Never fight the trend and do not try to catch the trend.

11. Stop loss and trailing stop loss is the biggest guru mantra for day trader.

12. No one has gone broke booking profit and thus do remember to keep booking the profit.

13. Never let a profit turn into a loss. Thus the importance of trailing stop loss.

14. If one is doubt regarding the trade than close the trade. A doubtful mind will always lead to loss.

15. When market is not showing correct direction do remember to avoid trading and take a break with your family.

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