How to Get Ready for Day Trading

How to Get Ready for Day Trading
How to Get Ready for Day Trading 

Day Trading is equivalent to a Day War. 
As you know in war we need war Trained Fighters, Strategies, Weapons, Ammunition, Informers and many more things.

Similar way for Day trading / Intraday  we need 
Trained Fighters - we are (Traders)
Strategies - Buy / Sell / Long / Short etc
Weapons - Trading platforms
Ammunition - Money
Informers - News / Magazine / Internet

What we do in Day Trading / Intraday?
You will say he / she will buy or sell stock in the morning and do vice versa to close the trade before Stock Market closes.

Do you think Day Trading is so simple?
Then why we need the above things like Strategies, Informers, Weapons etc.

Don't get Confused.
We will go one by one all requirements of Day Trading. Get Ready!

Get Ready
Everyone heard from childhood and also known to everyone " PRACTICE MAKES MAN PERFECT ". This quote is also implied on Trading also. Before starting trading you need to do lot of practice and get lot of knowledge related to companies you want to do trading. In which sector company working. Is it FMGC, Banking, Pharma, Construction, Agriculture, Automobile etc. Each sectors have its pros and cons. We need to have basic knowledge of each sector and have thorough knowledge of sector in which you are going to do trading.

Everyday we need to define our strategy whether we buy a particular stock or sell a particular stock. And this strategies a based on Company information, Yesterday trading pattern, Global market conditions, Currencies position like this several internal and external factors. Knowledge of Fundamental and Technical's is also very important for strategy defining. And at the same time we need to define our Risk and Reward position limit to accept predefined Profit or Loss. And strictly stick to your strategy.

We need a up to date trading platform. In which all type of indicators are available like Bolinger Band, RSI, Supertrend etc. Trading platform should be user friendly and fast. Good Trading Platform is very important for Day Trading as we need take buy or sell decision very and fast and it need to executed with in a seconds.

Off course Money is the most important thing for Day Trading. Although in Day Trading we can get leverages upto 14 times, 8 times, 3 times from some brokers as per Category of script.
For eg - If you have Rs.1000 then you can trade upto Rs.14000 (14X ) for A category script for Day Trading only.
(This Category A, B, E and Z will discuss some other day)
But in-fact try to avoid leverage if you are going to carry on position.

As we know that for preparing a strategy we need a proper information for anything. For designing trading strategy or for making fast decision in the direction of Stock Market movement and its effect on particular stock we need information related to Political, Geo political, Global Market, Crude, Currency from everywhere very fast and in proper understandable way. For that we need to keep in touch with NEWS on TV, Internet, Magazine, Newspaper and other different mode of information sharing.

All these above thing are the basic requirement of Day Trading. We need to properly align all these required things in proper sequence and keep our all sense open. And keep on studying, do practice, gathering required information to act fast for decision making specially for Day Trading.

Get up in the Morning - Check what happen in all over the world - Check News / Event for today - Identify stock for Trade with proper reason and information for Buy or Sell - Define Risk and Reward - And start trading with Stock Market start - Take Profit / Loss as per our defined Risk and Reward.

Knowledge of World Stock Market opening timing is also important for getting the impact of opening of other Stock Markets. For that you can check my article : WORLD MARKET TIMING. Click here

So Friends Get Ready for Day Trading. All The Best.

Disclaimer : - This article is only for Knowledge and Information sharing and not for any type of recommendation.

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